Economic crisis threatens Kuwait
Kuwait-Gulf, Economics, 4/27/1998
Sheikh Saud al-Nasir al-Sabah, the Kuwaiti minister of petroleum, warned yesterday that an economic crisis will take place in Kuwait should petroleum prices fall further.
Sheikh Saud had criticized OPEC's decision late last year to allow output to increase for member countries, describing the decision as a mistake.
The Kuwaiti minister called for not adopting resolutions that allow OPEC member states to exceed their production shares, a practice that is widely adopted, saying: "We are currently selling petroleum at $10.5 per barrel."
Though the drop in oil prices may have been compounded by OPEC's action, an warm winter in North America, and a slump in east Asia have been additional factors in effecting the price of oil.
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