Kuwaiti oil output at 3million bpd - Minister
Kuwait's oil output is in the range of 3 million bpd, the country's oil minister has stated.
The Kuwaiti Oil Minister, H.E. Mr. Hani Hussein , described the factors that triggered off a four-percent drop in oil prices last week as "transient factors."
He listed such factors as US economic data and unemployment rates 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.
However, he expected demand for OPEC oil to continue to be stable in the vicinity of 3 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.
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