Arab Today, arab today kuwait parliament adopts recommendations on dwindling oil prices
Last Updated : GMT 21:38:38
Arab Today, arab today
Arab Today, arab today

Kuwait parliament adopts recommendations on dwindling oil prices

Arab Today, arab today

Arab Today, arab today Kuwait parliament adopts recommendations on dwindling oil prices

Crude oil
Kuwait - KUNA

The National Assembly has adopted a host of recommendations mainly purposed to stem the tide of uncontrollably dwindling oil prices following relevant presentations by Minister of Oil and Minister of State for National Affairs Ali Al-Omair and other oil officials.
The assembly recommended continuously promoting Kuwaiti oil, ensuring available world markets, overhauling the oil sector and taking every possible step to transfer Kuwait into an oil industry hub.
It also advised carrying out all oil projects that are intended to update local oil industries, cutting production costs, retain Kuwaiti efficient employees in the oil sector and use the help of the private sector in revamping the oil sector in line with the Build, Operate and Transfer (BOT) system.
Resolving political differences with other countries on oil fields and employing and training Kuwaitis in the oil sector, adopting strategic alternatives to state resources, reducing reliance upon oil were also among measures advised by MPs during a parliamentary session held today to discuss several issues, primarily the current fall in oil prices.
Furthermore, fresh political and diplomatic methods need to be created in order to ease out the fallout of the uncontrollable dip in international oil prices.
Addressing the session, Minister of Oil and Minister of State for National Affairs Ali Al-Omair said Kuwait's current oil production exceeds 2.8 million barrels per day, while world oil supplies are estimated at roughly 96 million barrels per day.
On the suspension of oil production in Khafji joint oilfield, the minister said it was due to technical reasons and efforts were being exerted in order to resume production there.
Asked if the present fall in oil prices could lead to a drop in pay and bonuses in the oil sector, he confirmed that the salaries and benefits of all oil employees would remain intact.

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Arab Today, arab today kuwait parliament adopts recommendations on dwindling oil prices Arab Today, arab today kuwait parliament adopts recommendations on dwindling oil prices

 



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