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Volume 41 Issue 7
9
OAPEC Member Countries
Kuwait
Kuwaiti Oil Minister and State Minister for National
Assembly Affairs HE Dr Ali Al Omair said that oil prices are
expected to extend a rebound in the final quarter of 2015 thanks
to a drop in stockpiles and fewer drilling rigs, “We have reached
a stage where a drop in oil prices is unlikely,” he said, cited by
the official KUNA news agency.
The Minister added that improved oil prices are bound to
improved global growth in many countries around the world in
East Asia, the Americas, Europe and the Middle East. He noted
that the Organization of Petroleum Exporting Countries (OPEC)
has seen a decline in excess crude supply in the international
market which will push prices up.
HE Al Omair reviewed a number of mega petroleum projects
in Kuwait including the clean fuel project, and Al Zour refinery,
which would now be reassessed financially. The Minister said
the Al Zour refinery project’s new estimates would be presented
to the Supreme Petroleum Council, the highest decision-making
body on oil, to secure approval for the additional funds.
HE Al Omair
Forecasts: oil prices to improve in final quarter of 2015