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Kuwait oil output remains at 3m bpd – Min

By Osama Jalal KUWAIT, April 7 (KUNA) — Minister of Oil Hani Hussein said on Sunday Kuwait’s oil output was still in the range of three million barrels per day (bpd).
Speaking to reporters on the sidelines of an oil workers ceremony, the minister said the factors that triggered off a four-percent drop in oil prices last week were “temporary factors.” He listed such factors as US economic information on unemployment and economic indices in the European Union (EU) member states.
He added that Kuwait is interested in the outlook of oil prices in the medium and long term future, hoping that the oil market would see some stability soon, given that oil is a strategic and significant commodity that is subject to many factors.
On an OPEC meeting due in late May, the Kuwaiti oil minister said there is a need to monitor events in April and May, noting that the supply and demand factor is rather balanced.

However, he expected demand for OPEC oil to continue to be in the vicinity of 30 million barrels per day.
On the North Korea-US row and Kuwaiti plans to fend off possible reflections, he said Kuwait has a great promotion agency that can handle efficiently in the event of crises.
On recently approved incentives for oil workers, he said he was so happy at this step which was taken following careful studies.
He added that such a step would certainly contribute to boosting the number of national workers in the oil sector.
For his part, CEO of Kuwait Petroleum Corporation (KPC) Farouk Al-Zanki said the four-percent drop in oil prices last week was not so worrying on the basis that the KPC has a long-term strategy.
Speaking to KUNA on the sidelines of the oil ceremony, he said: “The drop in prices could affect revenues a little bit, but the KPC has a long-term vision. It has set out a strategy running until 2020.” On supply and demand, he said: “There is stability as far as supply and demand is concerned. But, there are unconventional factors that could cause some effect; including geopolitical events.” He added that the rise or drop in oil prices depends on the developments of influential factors.
On the other hand, he said his corporation seeks to boost the percentage of Kuwaiti workers in the oil sector up to 25 percent.

Zawya, Apr 08 2013

http://www.zawya.com/