06 Feb '12, 11pm

Kuwait says oil prices to stay between US$100-US$115

KUWAIT CITY: Oil prices are expected to stay between $100 and $115 a barrel until mid-year, barring "surprises and geopolitical changes," Kuwait's Oil Minister Mohammad al-Basseri said on Monday. "Oil prices are not expected to slide below $100 a barrel or go above $115," throughout the first six months of 2012, "barring surprising events or geopolitical changes," said Baseeri, cited by the state-run KUNA news agency. He said all indications show that the oil market is balanced and that prices are suitable for consumers and producers, adding that "Kuwait production remained unchanged" at around 3.0 million barrels per day. Earlier, a top Kuwaiti oil executive said oil prices could soar to as high as $160 a barrel if tension over an Iranian oil embargo persists or in the event of conflict. "If the embargo on Iranian oil persists, or in case of a military move over the closu...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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