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Kuwait says possible hike of oil prices above 100 ceiling not useful

KUWAIT, May 31 (KUNA) -- It is not in OPEC states best interests to hike the prices of oil above the level of USD 100 per barrel, says the Kuwaiti Minister of Oil.

Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, also the Minister of Information, said it is not in the interest of the oil-producing member states of OPEC to see the prices of the oil rising above the level of USD 100 pb, for such an eventuality would result in global economic recession.
Necessity warrants giving the international economy a sufficient opprtunity to recover from the financial crisis, and it is favored that the price of the barrel of crude does not exceed USD 70-80, Sheikh Ahmad said in a statement after today's parliamentrary session.
Asked on the causes of the current hikes of the oil prices, he said the oil market operations, currently, are not based on authentic facts, but rather on some psychological factors. He affirmed that his analyis is based on the fact that the prices of the crude are rising despite a glut in supplies.
On his forecast with regard of the prices, the minister said that they would rise in the winter, as a result of prospected hike of the demand. (end) ms.mz.jy.ws.rk KUNA 311907 May 09NNNN