Oil May Hit $160 Amid Tension: Kuwait Official

[Purveyor]

By Agence France-Presse
Monday, February 6, 2012 3:42 EST

Oil prices could soar to as high as $160 a barrel if tension over an Iranian oil embargo persists or in the event of conflict, a top Kuwaiti oil executive said in remarks published on Monday.

“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,” Kuwait Petroleum Corporation board member Ali al-Hajeri told Al-Seyassah daily.

Hajeri said such a price would not last long, however, and would return to “normal levels” once the reasons for the rise disappear.

The European Union has slapped an embargo on Iranian oil imports, and Tehran has repeatedly threatened to shut the Strait of Hormuz, a strategic waterway for Gulf oil exports, if it was not allowed to export its crude.

MORE...

http://www.rawstory.com/rs/2012/02/06/oil-may-hit-160-amid-tension-kuwait-official/

[abelenkpe]

1. Should read:

We plan to make any short term profits possible due to tensions in the area.

[Warpy]

2. With a large helping of wishful thinking

"Hey, they are going to piss off every nuclear power in the world, but wow, think of the money rolling in along with the fallout!"

[INdemo]

4. Any excuse to raise price for higher profits...

Last edited Fri Feb 10, 2012, 03:07 PM - Edit history (1)

A few months ago a young lady spilled a quart of oil while adding it to her cars engine at our local gas station..Shell Oil got wind of it and within hours the price of oil jumped $25.00 a brl. ... it is amazing how sensative our oil commoditie market is....

[louis-t]

3. Consider the source Mr. "top Kuwaiti oil executive".

"It will only last long enough for us to shove a few more billion in our pockets and will be fueled by the speculators who will also pocket billions while you struggle to pay for groceries."

[MindMover]

5. wishful thinking by traders who hype story lines to line their own pockets with gold......

[Mnpaul]

6. I think the sanctions may hurt us as much as Iran

More demand for other sources = higher prices

[thelordofhell]

7. Oil may hit $85 when tensions ease

See how easy it is to hype