Kuwait will follow its own best interests, as crude prices are unexpectedly dropping very low, Oil Minister and State Minister for National Assembly Affairs Dr. Ali Al-Omair stressed at Wednesday's National Assembly session.
In yesterday's trading, the price of Kuwaiti crude oil dropped by USD 2.39 to hit USD 38.90 per barrel as it did in 2009, as the global economic crisis unfolded in 2008.
The drop of oil prices is not only affecting Kuwait but also other oil producing countries in the region, Al-Omair said.
The minister pointed out that Kuwait has "no enemies" when it comes to the oil file, especially since Kuwait's production ceiling amounts to a mere 3.1 percent of global production, reiterating that Kuwait is "only looking after its own interests." In its November meeting, OPEC decided to keep production levels unchanged, despite calls from some from within the 12-member bloc to curb output to boost prices.
Source: KUNA