OPEC meeting to discuss deteriorating oil prices - Kuwaiti oil minister

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) asj.tg KUNA 111701 Jun 12NNNN