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Tuesday , November 20 2018

Current price of oil reflects level of demand and supply in market

OPEC plays vital role in controlling prices

KUWAIT CITY, July 23: Oil expert Muhammad Al-Shatti is of the view that the current price of oil reflects the level of demand and supply in the market, coupled with recovery of Libyan oil production and announcement by OPEC members and other oil producers to increase production by one million barrels, reports Annahar daily.

He pointed to the difficulty in predicting oil prices for the next period due to recent ban on Iranian oil and political instability in the oil production zones but expected the price of Kuwaiti oil to reach between $70 and $75 per barrel in the coming months. He also stressed the important role OPEC plays in preserving oil supply and controlling prices as well.

Al-Shatti revealed that countries signatory to the agreement on reducing oil reduction are jointly committed to increasing oil production to meet market demand. Meanwhile, the Ministry of Public Works has announced completion of the design of three buildings for students with special needs in Jahra, Egaila and Hawally at a total cost of KD4,281,000, reports Al-Rai daily.

The ministry expects that the tenders for these buildings will be floated in December as it has contacted the Ministry of Finance in this regard. In addition, the ministry has forwarded its report to its education counterpart; stating that it has coordinated with Kuwait Municipality to fix the roads leading to these buildings. Furthermore, about 200 lorries loaded with power generators coming from Kuwait arrived in Iraq recently to supply electricity there, reports Al-Shahid daily.

The Iraqi Ministry of Electricity has announced that Kuwait will supply fuel to operate the power stations. The ministry added its Kuwaiti counterpart will also provide Caswell fuel to operate the generators, which stopped functioning, as per the instruction of HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

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