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Kuwait says oversupply pressuring oil price, hopes for recovery

Published November 29, 2015 Updated November 29, 2015 12:02pm
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By Imad Uddin
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imageKUWAIT: Kuwait's Oil Minister Ali al-Omeir on Sunday said the drop in the oil price was a result of excess supply and a decline in the global economy.

The recovery of the oil price is dependant on the recovery of the global economy, Omeir told reporters in Kuwait.

"We know there is a decline in prices as a result of excess supply in production and the result of a decline in global demand and the global economy. We hope that the indicators will improve."

Copyright Reuters, 2015

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