Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Kuwaiti Oil Minister reportedly says OPEC won't increase production until prices hit $100/barrel]]>http://www.autoblog.com/2009/06/11/opec-well-let-oil-get-to-100-a-barrel-before-we-increase-prod/http://www.autoblog.com/2009/06/11/opec-well-let-oil-get-to-100-a-barrel-before-we-increase-prod/http://www.autoblog.com/2009/06/11/opec-well-let-oil-get-to-100-a-barrel-before-we-increase-prod/#commentsFiled under: , , ,



America might get most of its oil from Canada, but the moves that OPEC makes still reverberate here. Thus, a statement by the Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah to reporters yesterday probably won't help decrease domestic gasoline prices any time soon. OPEC's al-Sabah said that the organization will not consider increasing production until the price of a barrel of oil reaches $100.

Currently, the price is around $70 a barrel - up almost 60% this year - but way, way down compared to the highs of 2008. Oh, and when the $100 price per barrel threshold is reached, only then will OPEC "maybe" consider putting more supply into the market. The organization sees the recent rise in prices as the result of investors looking for good places to put their money, not because demand for the product is rising. Over the middle-to-long term, many expect forecasters expect prices to easily surpass $100 a barrel once again.

[Source: Bloomberg | Image: David McNew/Getty]

Kuwaiti Oil Minister reportedly says OPEC won't increase production until prices hit $100/barrel originally appeared on Autoblog on Thu, 11 Jun 2009 16:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>al-sabahbarrel of oilBarrelOfOilgas pricesGasPricesKuwaitKuwaitioil priceoil pricesOilPriceOilPricesOPECSheikh ahmed al-abdullah al-sabahSheikhAhmedAl-abdullahAl-sabahThu, 11 Jun 2009 16:57:00 EST<![CDATA[Shaken, Not Stirred: Aston parent company reportedly defaults on $100M Islamic bond]]>http://www.autoblog.com/2009/05/12/shaken-not-stirred-aston-parent-company-reportedly-defaults-on/http://www.autoblog.com/2009/05/12/shaken-not-stirred-aston-parent-company-reportedly-defaults-on/http://www.autoblog.com/2009/05/12/shaken-not-stirred-aston-parent-company-reportedly-defaults-on/#commentsFiled under: ,



Investment Dar, the Kuwaiti firm that owns part of Aston Martin, has reportedly defaulted on payment for a $100 million Islamic bond that was due on April 27. In the process, Bloomberg says it has become the first Persian Gulf company to default on an Islamic bond.

In December of last year, Dar was considering selling a 20- to 30% stake in Aston Martin in order "to profit financially or technically" it said at the time. It was also trying to refinance its short-term debt, attempting to tap banks for 200 to 300 million Kuwati dinars ($691 million-$1 billion U.S.), the upper end of which being more than Dar paid for its share of Aston Martin in the first place.

According to Bloomberg, Dar remains open to selling peripheral assets to shore up its position and it is working with Credit Suisse to restructure. The investment firm has another big Islamic bond maturing in September, and even though the Kuwaiti government is working with national banks to assist them in the downturn, Dar probably doesn't want to be seen setting a pattern of stumbling. Thanks for the tip, Bo!

[Source: Bloomberg]

Shaken, Not Stirred: Aston parent company reportedly defaults on $100M Islamic bond originally appeared on Autoblog on Tue, 12 May 2009 16:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>aston martinAstonMartinbanksfinancialsinvestment darInvestmentDarkuwaitmiddle eastMiddleEastTue, 12 May 2009 16:40:00 EST<![CDATA[The Midas Touch: gold-plated Bugatti Veyron delivered to Middle East]]>http://www.autoblog.com/2009/04/02/the-midas-touch-gold-plated-bugatti-veyron-delivered-to-middle/http://www.autoblog.com/2009/04/02/the-midas-touch-gold-plated-bugatti-veyron-delivered-to-middle/http://www.autoblog.com/2009/04/02/the-midas-touch-gold-plated-bugatti-veyron-delivered-to-middle/#commentsFiled under: , , ,



Bare carbon fiber, chrome, French racing blue...Bugatti's done just about everything to the Veyron but plate it in gold. Oops, look like we spoke to soon, as our favorite Orwelian supercar has proven once again that all Veyrons are special, but some are more special than others.

Like the gold-plated Rolls-Royce Phantom DHC, this gilded Bugatti was ordered for delivery to the Middle East. But unlike the myriad Veyrons in the United Arab Emirates, this one has been purchased by a Kuwaiti customer just up the Persian Gulf coast, who reportedly actually drives it in between the occasional $10,000 detailing jobs and storage in a climate-controlled chamber.

Generally speaking, we're not big fans of this particular brand of wretched excess, but as far as gold-plated, seven-figure supercars go, the gold-and-tan combination is relatively tasteful.

[Source: Motor Authority]

The Midas Touch: gold-plated Bugatti Veyron delivered to Middle East originally appeared on Autoblog on Thu, 02 Apr 2009 18:29:00 EST. Please see our terms for use of feeds.

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Click above for high-res gallery of the Kuwaiti cop-issue Chargers

Choosing them for their portrayed image of "strength and power," officials in Kuwait have ordered 150 Dodge Chargers to be modified as police vehicles. As the Charger is the leading volume vehicle for Chrysler LLC in the Middle East, the choice doesn't come as much of a surprise. Delivery of the cop cars, however, isn't expected to take place for another couple months. In the meantime, the lot of them are heading to Canfield Equipment Service in Michigan where they'll be fitted for their new Kuwaiti roles in traffic, security, and emergency response. (Here's hoping none of our readers get a chance to check them out from the back seat once they're in service).

Gallery: Dodge Charger Kuwait Police


[Source: Chrysler]

Continue reading Kuwait orders 150 Dodge Charger police cars

Kuwait orders 150 Dodge Charger police cars originally appeared on Autoblog on Wed, 03 Sep 2008 17:03:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ChargerCop CarCopCarDodgeKuwaitLaw EnforcementLawEnforcementMiddle EastMiddleEastPolice VehiclePoliceVehicleWed, 03 Sep 2008 17:03:00 EST