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    Tuesday, August 5, 2008

    Kuwait sees oil prices remaining over $100

    ABU DHABI — Kuwait envisions crude oil prices staying above $100 per barrel.

    Khalid Budai, a member of the Kuwait Supreme Petroleum Council, said oil prices would stabilize over the next few months. But Budai said he envisioned prices to remain around $100 per barrel on the strength of increased demand by China and India.

    "I don't think that prices will return to the record level, nor will they fall below $100 per barrel," Budai told the Kuwaiti daily A-Siyassa on Aug. 3.

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    Kuwait has been a leading Gulf Arab oil exporter and locked in a dispute with parliament regarding projects to develop energy reserves near the Iraqi border, Middle East Newsline reported.

    Parliament has disputed the government's contention that proven oil reserves were 100 billion barrels.

    In 2006, Petroleum Intelligence Weekly asserted that Kuwaiti reserves were 48 billion barrels.

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