Oil prices at USD 70 encourage completion of OPEC projects - Al Badri.
Al-Badri said here Monday that the oil prices at USD 70 enabled member
countries in the oil cartel to "revisit" the projects that were halted. Al-Badri told reporters ahead of the two-day 12th ministerial-level
International Energy Forum (IEF), which kicks off here on Tuesday, that "now
since the price is in the range of USD 70 this has encouraged our member
countries to revisit all the delayed projects," which he indicated were 150. He added that the range of prices between USD 70-80 "is a price that
permits us to invest."
He said that the oil prices "went out of control in late 2008 because of
speculation," during which prices reached about USD 147 per barrel in July
2008 before dropping to less than USD 35 in December 2008. Furthermore, Al-Badri stressed that OPEC is "working hard with consumer
countries to help avoid the risk of excessive oil price volatility."
Kuwaiti's Minister of Oil Sheikh Ahmad Abdullah Al-Sabah is heading a high
ranking delegation to the IEF and the Fourth International Energy Business
Forum (IEBF). The Kuwaiti Minister will be chairing the fourth and final session of the
IEF, which is about "The Global Energy Dialogue: The Way Forward", during
which he will present a speech. Up to 65 countries will be taking part in the 12th IEF and 37 companies in
the 4th IEBF, including the Kuwait Petroleum Corporation (KPC), in addition to
14 international organizations, such as OPEC, the World Economic Forum (WEF)
and the World Bank.
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