Kuwait Oil Min.: It's uneasy to control world oil prices

KUWAIT, Dec 14 (KUNA) -- Kuwaiti Minister of Oil Tareq Al-Roumi said Sunday that it is uneasy to control global oil market prices or subject them to a fixed equation, terming the current fall in market prices as a "sudden drop".
Speaking to reporters after chairing the 115th ministerial meeting of the Arab Energy Organization (AEO), he said, "The oil market is perplexing, as previous studies showed a rise or stability in global oil market prices, which contradicts the current reality." However, the Kuwaiti minister of oil expected that world oil prices would rise in the coming days.
Meanwhile, Al-Roumi hoped that there would be new oil discoveries in the country amid very positive exploration indications.
Concerning Kuwait's possible major petrochemical projects, he said he looks forward to implementing several projects, pointing out a petrochemical acquisition contract signed in the People's Republic of China, along with several future projects being under consideration, including a petrochemical complex in the Sultanate of Oman.
The Kuwaiti minister of oil chaired the 115th ministerial meeting of the Arab Energy Organization (AEO) earlier in the day. (pickup previous) maa.mt