Kuwait, Saudi Boosted Oil Output to Ease Prices

Source:

"'Without this measure, oil prices would have shot above current levels causing a global crisis and contributing to a recession in the global economy.'"

AFP

OPEC members Saudi Arabia and Kuwait boosted their oil production in August to prevent prices from rising sharply and negatively impacting on the world economy, Kuwait's oil minister said Sunday.

"Had not a number of OPEC members, including Kuwait and Saudi Arabia, increased their oil production, prices would have jumped way above the current level," Mohammad al-Baseeri told the official KUNA news agency.

"Without this measure, oil prices would have shot above current levels causing a global crisis and contributing to a recession in the global economy which is still recovering from the impact of the 2008 crisis," he said. . .View Full Article

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe