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Global financial crisis will not cause crash in oil prices -- Kuwaiti expert
Power & Materials    11/2/2008 4:57:00 PM
 
KUWAIT, Nov 2 (KUNA) -- A Kuwaiti expert on oil expects that the global financial downturn will not lead to a crash in oil prices around the world.
Former Chief Executive in the Kuwait Petroleum Corporation (KPC) Hani Hussain said that the fundamentals of the global supply and demand of oil will protect the market from any unexpected collapse.
On the recent drop in oil prices, Hussain mentioned that speculators were largely responsible for the previously witnessed rise, which vanished after their absence affected by supply and demand and market needs.
He said that on the mid-term scale, he objectively viewed that supply will be less than demand which will in-turn create a balance in prices.
On the financial crisis and predicted state of recession in larger oil consuming countries, Hussain said that the state will affect consumption but not to a large degree, particularly in countries like India and China who have evidently witnessed a rise in oil consumption over the past few years as a result of economic growth.
In the meanwhile, regarding Arab Gulf states being affected by the price decrease, he said that "there is no doubt they will be affected especially after prices have plunged by more than 50 percent to what they were in July, although the drop has to come to an end at some time or another." (end) ahj.aa.sd KUNA 021657 Nov 08NNNN
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للاستفسار والتنسيق ومزيد من التفاصيل :

1-    مكتب مقرر اللجنة الإعلامية:
هاتف: 22462289
فاكس: 22462296

2-    البريد الإلكتروني:
kuwait5020@media.gov.kw
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