Egypt prepares to tackle seasonal air pollution in Nile Delta    Egypt's Sports Minister unveils national youth and sports strategy for 2025-2032    27 Western countries issue joint call for unimpeded aid access to Gaza    Egypt, Jordan to activate MOUs in health, industrial zones, SMEs    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt, Uganda sign cooperation deals on water, agriculture, investment    Egypt–Jordan trade hits $1 billion in 2024: ministry report    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Edita Food Industries Sees 72% Profit Jump in Q2 2025, Revenue Hits EGP 5 Billion    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Trump orders homeless out of DC, deploys federal agents and prepares National Guard    Egypt, Germany FMs discuss Gaza escalation, humanitarian crisis    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



World economies can handle $100 a barrel for oil
Kuwait's oil minister has said that the world economy can cope with oil prices of $100 a barrel as demand continues to soar
Published in Ahram Online on 25 - 12 - 2010

The global economy can withstand an oil price of $100 a barrel, Kuwait's oil minister said Saturday as other exporters indicated that OPEC may decide against increasing output through 2011 as the market appears well supplied.
Analysts have said that oil producing countries are likely to raise output after crude rallied more than 30 per cent from a low in May because they fear high prices could damage economic growth in fuel importing countries.
European benchmark ICE Brent crude closed at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008.
Arab oil exporters meeting in Cairo this weekend said they saw no need to supply more crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.
Asked by Reuters if the world economy could stand a $100 oil price, Kuwaiti Minister of Oil Sheikh Ahmad Al-Abdullah Al-Sabah said: "Yes it can."
Iraq's new oil minister and the head of Libya's National Oil Corporation both told Reuters that $100 was a fair price, while Qatar's minister, Abdullah Al-Attiyah, said he did not expect OPEC to increase production in 2011.
"I do not expect an OPEC meeting before June because oil prices are stable," he said.
Some delegates even called for exporters to comply better with agreed production limits. OPEC members' compliance with promised cutbacks reached 56 per cent in November, according to Reuters estimates.
When asked if output could be raised, Kuwait's Sheikh Ahmad said: "No. More compliance, more compliance".
Market "Well supplied"
The Cairo meeting of the Organization of Arab Exporting Countries (OAPEC) brought together Arab members of OPEC, including top exporter Saudi Arabia, which has traditionally been viewed as a price moderator, as well as non-OPEC countries Tunisia, Egypt, Syria and Bahrain.
OPEC cut output drastically after the global financial crisis struck in 2008, to prop up collapsing oil prices.
As demand has risen steeply in 2010, and is expected to rise further in 2011, the market is watching closely whether OPEC can release at least some of its spare capacity to prevent prices from soaring to around $150 per barrel as they did before the crisis struck in summer 2008.
OPEC's most influential oil minister, Saudi Arabia's Ali Al-Naimi, said Friday he was still happy with an oil price of $70-80 a barrel and there was no need for an extra OPEC meeting before the next scheduled one in June.
Others in the group have been pressing for a higher price, arguing that quantitive easing and a weakened US dollar that spurred gains across financial markets mean oil price strength is partly nominal.
Egyptian Oil Minister Sameh Fahmy said the current increase in oil prices was the result of higher demand on heating fuel because of the cold weather in Europe.


Clic here to read the story from its source.