Kuwait Oil Minister Says Lower Oil Prices Won’t Affect Development Plan

Kuwait’s oil minister said there was no negative effect on the country’s development plan from lower oil prices, state news agency KUNA reported on Sunday.

KUNA cited Ali al-Omair as saying that he hoped oil prices would stabilise at a “level that benefits producers and importers”. He did not specify what that level might be.

Brent crude futures extended declines to below $86 a barrel on Monday after Goldman Sachs cut its price forecasts for the contract and for U.S. oil by $15 for the first quarter of next year.

KUNA cited Omair as saying that the current prices still covered the OPEC producer’s general budget, which the report said was based on an estimated $75 per barrel.