The oil price drop to four year lows will not affect Kuwait's output plans or rate of production, the head of its state oil company said on Thursday.
Speaking to reporters, Hashem Hashem, chief executive of Kuwait Oil Co, said
Iran, in a change of tack, is saying it can live with lower oil prices, moving closer to the views of Saudi Arabia and other Gulf Opec members and reducing the likelihood of any collective cut in Opec output to support prices.
Kuwait has maintained a wide discount between the crude it sells to Asia against a comparable Saudi Arabian grade for November, amid increasing signs that Gulf producers are engaged in a price war to compete for market share.
Nearly 3 per cent of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency (IEA) said.
Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world's top oil exporter Saudi Arabia is determined not to make the same mistake again.
As Iraqi militants advanced on Baghdad with M-16s and stolen tanks in June, most investors and traders in the jittery oil markets believed oil prices would spike even higher. But not so, Francisco Blanch, a Bank of America analyst who pre
Global oil prices lost more than a dollar on Monday in early Asian trades, as Kuwait said Opec is unlikely to cut ouptut to support prices and Saudi Arabia privately told oil markets that it is ready to accept oil prices perhaps down to $80 a ba
Kuwait, Saudi Arabia's traditional Gulf ally, is leading the challenge to its bigger neighbour in an increasingly competitive battle for market share, selling oil to buyers in Asia at the widest discount to a comparable Saudi grade in 10 yea
As oil production swells, demand falters and prices slide, the global oil market appears on the verge of a pivotal shift from an era of scarcity to one of abundance.
Oil prices have fallen as much as 20 percent since June, despite
Oil prices hit their lowest level since June 2012 on Thursday, with benchmark Brent prices dropping below $92 a barrel, as price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data.