By Osama Jalal
KUWAIT, Sept 22 (KUNA) -- The current rise in oil prices is owing to a host of geopolitical factors, not only supply and demand, a senior Kuwaiti official said here on Sunday.
Speaking to KUNA, Assistant Undersecretary of the Ministry of Oil for Economic Affairs Nawal Al-Fezai ascribed the hike in oil prices to consumers' concerns over oil supplies under the current circumstances in some producing countries, especially Middle East nations.
The State of Kuwait is carrying out many infrastructure projects in order to boost its oil production, said Al-Fezai, who is also Kuwait's representative at the OPEC.
But, she said her country still needs more capital to invest in the oil sector, in addition to technology, efficient and skilled manpower.
As China and India are major strategic markets in view of growth, China's economy is growing and there is increasing demand for all types of energy, mainly oil, she said, adding that Kuwait is considering how to meet this demand as oil trade with China has become very significant to Kuwait.
Kuwait exports crude oil and byproducts to China and India, and wants to export oil to any country which has a growing economy, Al-Fezai pointed out.
But, she reassured that rising shale oil production and growing unconventional oil projects pose no threats to conventional oil. (end) asj.afh.mt KUNA 221507 Sep 13NNNN