Oil ministers from Saudi Arabia and Iran have recently voiced concerns about oil, remarking that its price is not based on fundamentals and that the world is well supplied. On Tuesday, Kuwait joined the chorus. According to a report from Bloomberg News, the country's finance minister, Mustafa Al-Shimali, said that a reasonable price for oil would be “more or less $100 (U.S.)” a barrel.
This concern with prices is likely not related to overflowing coffers and bloated soverign wealth funds, but could have to do with concerns that high oil prices are beginning to hit economic growth and demand. Maybe the oil ministers have been reading reports that General Motors Corp. is retreating from pickup trucks and making a splash with the Chevy Volt electric car - frightening developments for an oil exporter