Kuwaiti Minister Ali al-Omair:

Oil prices' decline won't affect development plan

GMT 14:10 2014 Tuesday ,28 October

Arab Today, arab today Oil prices' decline won't affect development plan

Kuwaiti Minister Ali al-Omair
Kuwait - Arab Today

Oil Minister Dr. Ali Al-Omair said Sunday oil prices' decline "has no impacts on the development plan," as current prices were over USD 75 per barrel, the benchmark value set by the general budget.
His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah has affirmed that the government was "committed" with the plan presented to parliament, Al-Omair, also Minister of State for National Asembly Affairs, told reporters following a dinner banquet hosted by Parliament speaker Marzouq Al-Ghanim for members of the legislative and executive authorities.
It is normal that oil prices' decline affect the financial surplus that the government seek to increase thus invest for future generations, said Al-Omair, but drop in prices was not restricted to Kuwait but the entire world.
He hoped oil prices would be stable at levels benefitting producers and consumers.
Asked about halt of oil production in the divided zone with Saudi Arabia, Al-Omair cited Foreign Undersecretary Khaled Al-Jarallah who attributed cessation of production to "pure technical not political reasons." Al-Omair hoped these issues be addressed through dialogue.
Meanwhile, Al-Omair said His Highness the Prime Minister underlined during the dinner banquet that the government would spare no effort to bring about success to relations with parliament within the constitutional framework.
His Highness Sheikh Jaber said criticism of ministers was useful to avoid mistakes, he said, who hoped the next legislative sesson would be full of achievements.
Source: KUNA

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