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Fuel card news: Kuwaiti minister 'satisfied with oil prices'

26 August, 10
A Kuwaiti politician has dismissed suggestions that the cost of oil could be hampering the progress of the global economic recovery and suggested further increases could be in store.

Speaking to AFP, oil minister Sheikh Ahmad Abdullah al-Sabah said he sees no need for action to be taken to reduce the cost of crude oil, which has hovered between $70 and $80 per barrel for the majority of the year so far.

"We do appreciate what's happening in the international market and the international economy and we are satisfied with the current oil price," he told the news provider.

Sheikh Sabah hinted that more misery for motorists could be on the way and predicted the price of the commodity will experience further sustained gains during the fourth quarter of 2010.

Yesterday (August 25th 2010), Purvin & Gertz analyst Victor Shum hinted in a Bloomberg interview that the oil market had remained resilient, in spite of concerns about the global financial outlook.

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Posted by Nick JenkinsADNFCR-2675-ID-800040670-ADNFCR

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Fuel card news: Kuwaiti minister 'satisfied with oil prices'