Kuwait Oil Minister Says Crude Price At Unexpected Levels

Kuwaiti oil minister Ali al-Omair said on Wednesday oil prices had fallen to unexpected levels, state news agency KUNA reported, with crude continuing a rout that extended to a nearly six-year low this week.

Global oil prices tumbled nearly five per cent at one point on Tuesday and declined further on Wednesday, having sunk about 60 per cent in the last six months in an oversupplied market.

The price fall affects Kuwait and other oil-producing countries, KUNA said, citing Omair as telling parliament.

“We harbour no ill will towards anyone, and it is not possible for Kuwait to participate in what others see as oil price wars,” Omair was quoted as saying.

His comments came a day after Iranian President Hassan Rouhani said countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop.

KUNA said the price of Kuwaiti oil had fallen by $2.39 in Tuesday trading and ended at $38.90 a barrel.