Kuwait, the world’s fourth biggest exporter of oil, has said that the price of crude could drop to $60 a barrel because of the continuing global economic problems. 

Nawal al-Fuzaia, Kuwait’s OPEC representative, said on Sunday that that a price of $70 to $80 per barrel was fair to both producers and consumers, but that the dipping price of oil was ‘correlated’ to the overall global economy.

The price of oil was $87 per barrel at the beginning of May but recently dipped to below $65 a barrel.  The falling price is thought to be a result of market worries over the debt crisis that Europe faces in Greece.