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Expect $160/barrel crude oil: Kuwait Petroleum

Commodityonline.com -- Crude Oil prices could soar to $160 if tensions in Iran blow out of proportion, an executive at the Kuwait Petroleum Corporation (KPC) said. KPC is the state-owned entity responsible for Kuwait's hydrocarbon interests throughout the world.
In an interview with the local Al-Seyassah newspaper, the board member of the KPC, Ali al-Hajeri said that "If the embargo on Iranian oil persists, or in case of a military move over the closure of the Strait of Hormuz, oil prices are expected to soar to around $150 to $160”. He also went on to add that such a price will not be sustainable and will drop as the reasons for the price rise disappear.

Hajeri believes that $100-$105 level is a fair and acceptable

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Submitted Feb 06, 2012 By: Cakes77

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REPLIES (newest first)

gawxnative All-Star Author Atlanta Posts:507 Points:185,430 Joined:Aug 2006	Message Posted: Feb 7, 2012 5:09:13 AM Ignore gawxnative Report Abuse Just damn..(memory fades after 20 years)
cheapmonkee Champion Author Portland Posts:27,605 Points:2,806,560 Joined:Jun 2004	Message Posted: Feb 7, 2012 4:04:44 AM Ignore cheapmonkee Report Abuse ingrates
Jeff4U Champion Author Atlanta Posts:6,551 Points:1,488,470 Joined:Nov 2004	Message Posted: Feb 7, 2012 1:26:29 AM Ignore Jeff4U Report Abuse No way, it'll never happen. A couple of years ago they were saying crude could hit $200 per barrel.
Papa_Gallo All-Star Author Houston Posts:912 Points:234,775 Joined:Mar 2011	Message Posted: Feb 6, 2012 4:20:48 PM Ignore Papa_Gallo Report Abuse Keep printing worthless dollars and see infinity is the limit. Shocking to see how many people think their money is worth something.
ziyulu Champion Author Oklahoma City Posts:6,647 Points:1,263,525 Joined:Aug 2007	Message Posted: Feb 6, 2012 10:39:22 AM Ignore ziyulu Report Abuse But Shell expected $70 a barrel. Who should I place my bet on.
leraar2 Champion Author Massachusetts Posts:1,940 Points:427,820 Joined:Mar 2011	Message Posted: Feb 6, 2012 9:50:48 AM Ignore leraar2 Report Abuse the iran problem will only create a temporary spike.
MustangRacing Champion Author Virginia Posts:1,123 Points:333,650 Joined:May 2011	Message Posted: Feb 6, 2012 9:33:37 AM Ignore MustangRacing Report Abuse We should have contracted a fair price for Kuwait crude way back when we saved their buts form Iraq.
rjojo40 Champion Author Las Vegas Posts:4,579 Points:721,710 Joined:Feb 2004	Message Posted: Feb 6, 2012 9:25:35 AM Ignore rjojo40 Report Abuse What? I figure $50 to $60 dollars a barrel is more then fair enough.
doeslayersr Champion Author Illinois Posts:5,804 Points:508,150 Joined:Dec 2010	Message Posted: Feb 6, 2012 8:46:15 AM Ignore doeslayersr Report Abuse Ok, who sets the barrel prices? The oil producers or the speculators????
TXRanger09 Champion Author Dallas Posts:1,410 Points:627,990 Joined:May 2009	Message Posted: Feb 6, 2012 8:01:06 AM Ignore TXRanger09 Report Abuse You want to see a decrease in gas consumption world wide?
Reishman Veteran Author Illinois Posts:364 Points:245,665 Joined:Sep 2006	Message Posted: Feb 6, 2012 8:01:03 AM Ignore Reishman Report Abuse Iran oil sucks.
amoshins All-Star Author Trenton Posts:947 Points:309,080 Joined:Apr 2011	Message Posted: Feb 6, 2012 8:00:34 AM Ignore amoshins Report Abuse Agree w/fair & acceptable - not $160
dorisntx Champion Author Fort Worth Posts:1,252 Points:333,700 Joined:Apr 2011	Message Posted: Feb 6, 2012 7:23:47 AM Ignore dorisntx Report Abuse figures...
bigmoo63 All-Star Author Kalamazoo Posts:881 Points:56,300 Joined:Nov 2009	Message Posted: Feb 6, 2012 7:21:38 AM Ignore bigmoo63 Report Abuse Just another smoke and mirrors tactic by OPEC and the people in their pockets. A last ditch push for maximum bang before November. Before most of these crooks get retired by the voters.
GingoutMD Champion Author Maryland Posts:2,659 Points:544,405 Joined:Jan 2010	Message Posted: Feb 6, 2012 7:20:00 AM Ignore GingoutMD Report Abuse Spike caused by speculation (so they can make bank), then dropping since the cause is only Iran (who mean so little in this world).
uglytom Champion Author Florida Posts:6,190 Points:1,289,790 Joined:Jul 2007	Message Posted: Feb 6, 2012 7:12:59 AM Ignore uglytom Report Abuse Who will buy it?
Evilmaddog Champion Author British Columbia Posts:1,444 Points:594,505 Joined:Aug 2010	Message Posted: Feb 6, 2012 6:59:52 AM Ignore Evilmaddog Report Abuse ?????