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REPORT: Kuwaiti Oil Minister says OPEC won't increase production until prices hit $100/barrel

America might get most of its oil from Canada, but the moves that OPEC makes still reverberate here. Thus, a statement by the Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah to reporters yesterday probably won't help decrease domestic gasoline prices any time soon. OPEC's al-Sabah said that the organization will not consider increasing production until the price of a barrel of oil reaches $100. Currently, the price is around $70 a barrel – up almost 60% this year, but way, way down compared to the highs of 2008. Oh, and when the ... Read more →

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REPORT: Kuwaiti Oil Minister says OPEC won't increase production until prices hit $100/barrel 5 months ago on Autoblog Green

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