LOC17:01
14:01 GMT
Kuwaiti Oil Minister Hani Hussein
KUWAIT, June 11 (KUNA) -- Kuwaiti Oil Minister Hani Hussein said that the
meeting of OPEC ministers in Vienna next Thursday will address the latest
developments in the oil market, noting that this market has become "strange"
at the moment.
Hussein said in a press statement here before leaving to Vienna to attend
the meeting that a number of OPEC member states have expressed concern about
the oil prices which must be tackled with their partners.
It is noteworthy that there is anticipation in the global markets of the
resolutions and recommendations that will come out from the prospective OPEC
meeting that will reflect inevitably on the price of the primary commodity in
the world and, consequently, will have an impact on the global economy in
general.
In parallel, differences over the new OPEC Secretary General will
overshadow on the meeting's deliberations after Iran and Iraq have officially
nominated their candidates for this position against a contester from Saudi
Arabia.
The price of oil has deteriorated significantly over the past few days
where the price of Kuwaiti crude oil had lost more than four dollars in a
single session while futures contracts for US oil at the end of last week hit
their lowest level in about eight months to continue to decline for a fifth
week in a row. (end)
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