Gulf leaders unconcerned about declining oil prices

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Gulf leaders unconcerned about declining oil prices

2010-05-26

As oil prices continue to fall, OPEC members in the Gulf said they were not planning to change output levels. Prices fell below $68 per barrel Tuesday (May 25th), and fell $20 the past three weeks over concerns about Europe's financial crisis.

Saudi Arabia's oil minister has said that oil prices should stay in the $70 to $80 per barrel range. "We have had lower prices many times before. The price reflects market conditions," said the UAE's Oil Minister Mohammed al-Hamili. Kuwaiti Oil Minister Ahmad al-Sabah said he was not concerned about falling prices.