"The falling US dollar has reduced the purchasing power (of oil producing countries) and is a matter of some concern to us."
Head of OPEC's research department, Hasan Qabazard, said Monday at an energy conference in Kuwait City. Qabazard said oil prices, which last week hit a record just above $90/b for US light sweet crude oil futures, were being influenced by geopolitical concerns, a tight products market and speculators rather than by supply and demand fundamentals. OPEC ministers would consider market developments when they meet in Abu Dhabi December 5 for an extraordinary meeting, Qabazard said when asked whether the producers' club would consider raising production beyond an agreed 500,000 b/d increase, which comes into effect November 1.
"We have an agreement with ExxonMobil to develop that heavy oil. We have signed a heads of agreement and we hope to sign the final agreement in July."
Khaled al-Sumaiti, deputy director for Kuwait Oil Co's northern operations said Monday, after signing a heads of agreement with ExxonMobil to develop Kuwait's heavy oil reserves with a production target of 900,000 b/d by 2020.
Updated: October 22, 2007
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