Kuwaits Foreign Minister, Sheikh Mohammed Sabah Al-Salem Al-Sabah, has announced his government h...
New York crude reached a record high of US$49.40 on 20 August.
In a statement Mohammed said, “We would like to see stable, lower oil prices [and] we are producing at maximum capacity, hoping to stabilise the prices.”
The Minister, however, warned the high prices were not due to the lack of oil in the market.
“The oil prices have been driven up by speculation. It’s been driven by people who are outside the Middle East,” said the Minister without elaborating further.
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