News Column

Kuwait anticipates oil prices' stability

July 3, 2014

Minister of Oil and Minister of State for National Assembly Affairs Dr. Ali Saleh Al Omair

KUWAIT, July 2 (KUNA) -- Minister of Oil and Minister of State for National Assembly Affairs Dr. Ali Saleh Al Omair has anticipated stability of oil prices on the international markets in the near future.

Minister Al-Omair, who doubles as Chairman of Kuwait Petroleum Corporation (KPC), alluded the recent limited hike of the crude prices to jitters resulting from dramatic events in Iraq and Libya.

This bullish trend of the oil prices will continue and they will stabilize, said the minister, in remarks to journalists during the KPC Ramadan gathering, held last night.

The prices of oil have already started to restore their regular levels, minister Al-Omair added.

"We are not pleased with the events taking place in Iraq but thank God they have not negatively affected the oil supplies and they have been kept as usual," he said The events in Iraq neither affected the crude prices, nor the petroleum supplies, he re-affirmed.

Turning to other issues, the minister touched on the new indemnity law, saying that it would not be applied to the currently employed personnel, and would be only effective for those to be hired in the future.

Minister Al-Omair indicated that the government and the parliament did their best to be fair in the allocation of salaries and allotments in the oil sector. "We will maintain all the privileges and rights of our brothers the employees," he stressed.

He also re-affirmed that the incentives for the youth to seek jobs in the oil sector will be kept. (end) osj.tb.rk

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Source: Kuwait News Agency

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