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Kuwait Says Oil Over $100 Is Too High; Support Saudis Ladane Nasseri and Matthew Brown June 17 (Bloomberg) -- Kuwait followed Saudi Arabia in saying crude oil prices are too high as evidence mounts that energy costs are restraining growth and accelerating inflation. ``I think it's high,'' Kuwait Finance Minister Mustafa Al- Shimali said in an interview in Isfahan, Iran, today. A reasonable oil price would be ``more or less $100,'' he said. Crude oil for July delivery fell 60 cents to settle at $134.01 a barrel on the New York Mercantile Exchange at 3:04 p.m., after touching a record $139.89 yesterday.
(Article continues below) Saudi Arabia, the world's largest oil exporter, has said the surging price of the commodity is ``unjustified'' and will host a meeting of producers and consumers in the coastal city of Jeddah on June 22 to help stabilize prices. Saudi Arabia will increase oil output by 200,000 barrels a day next month, King Abdullah told United Nations Secretary-General Ban Ki-Moon on June 15, according to a UN spokesman. Oil prices fell 2.7 percent last week as Saudi Oil Minister Ali al-Naimi began to organize the meeting between producers, major industrial consuming nations and banks. State-owned Saudi Aramco said June 13 that it would start pumping oil from its 500,000 barrel-a-day Khursaniyah field within a month, a project that's been delayed since December. ``I would like to see these prices go down and in parallel also have the price of goods we import go down,'' Kuwait's al- Shimali said.
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