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Kuwait to continue development regardless of oil price - minister
September 28, 2015, 5:53 pm

Minister of Oil and Minister of State for National Assembly Affairs Ali Al-Omair stressed that Kuwait is keenness on implementing major projects regardless of the drop in oil prices at the global markets.

Al-Omair said the oil prices cannot be predicted due to the instability of market data. The varied assessments of the prices dominates the predictions, as some institutions see that prices will decline further while the other institutions expect a rise, he added.

The forecast of rising prices is based on reports that there was growth in the US economy, which has been followed by an improvement in the economy of China and Japan, In addition to the decrease in the number drilling rigs in the United States, it is what will limit production and reduce oversupply, Al-Omair said.

Regarding a possible conference to discuss the prices between the Organization of Petroleum Exporting Countries (OPEC) none-member countries, Al-Omair said that attempts to hold such meetings was not new, pointing out that OPEC is always eager to stabilize the market.

Source: KUNA


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