• SA cities need foreigners

    We need to protect our cities' cosmopolitan nature, says Mzwandile Jacks.

  • Am I a racist?

    Does hating government's arrogance, nepotism and greed make me a bigot, asks Anton Ressel.

  • Recipe for disaster

    Malema's flames of frustration are fuelling white extremism, says Leopold Scholtz.

Loading...
See More

$100 a barrel 'a fair price for oil'

May 08 2012 08:27 AFP

Related Articles

Sasol falls as oil price falters

Oil prices extend losses

Shares, oil slump after EU elections

Statoil to drill on Russian shelf

Argentina nationalises oil firm YPF

Investors fret after Greek, French polls

 

Kuwait City - Kuwait's Oil Minister Hani Hussein said in comments published on Tuesday that $100 a barrel is a "fair" price for oil justified by market forces, but that geopolitical events were pushing the price higher.

The majority of experts are "unanimous that supply and demand fundamentals indicate that $100 a barrel is a fair price (for oil) justified by the market," Hussein told Al-Rai newspaper.

"But geopolitical events could impact the price and push it higher," the minister said.

Oil prices were mixed in Asian trade on Tuesday on fresh worries about the eurozone debt crisis after leadership changes in France and Greece underscored massive public anger over austerity measures.

New York's main contract, West Texas Intermediate (WTI) crude for delivery in June was down 13 cents at $97.81 per barrel while Brent North Sea crude for June gained 18c to $113.34 in morning trade.

The Kuwaiti minister said the oil-rich emirate's current production is 3.1 million barrels per day up from around 3.0 million bpd since September.

"Kuwait's production has steadied at 3.1 million bpd including its share from the neutral zone," shared equally with giant Opec member Saudi Arabia, the minister said. This makes Kuwait Opec's third largest producer.

opec  |  oil

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Must see: The world’s most expensive timepiece

At $40 million this is the most expensive watch in the world.

 
 

Luxury living

Ridiculous demands people with too much money make
8 of the priciest places to dock your yacht
Habits of the world’s richest people
The rich dogs of Instagram

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Government’s call for the private sector to add power to the grid is:

Previous results · Suggest a vote

Loading...