FINANCIAL NEWS

Kuwait’s development plans not affected on falling oil prices

07 Dec 2014

(MENAFN) Kuwait’s Oil Ministry said that the drop in oil prices will not have an impact on the country’s developmental projects, particularly the projects which are focused on the services of health care, and education and infrastructure, Arabian Business reported.

Kuwait, which has one of the strongest fiscal positions among the Gulf oil exporters, currently produces about 2.7 million barrels per day though it said that it is looking for ways to diversify its economy so that it would not be reliant on oil as it is now.

“We have not so far witnessed a budget deficit, but it may appear in the future if the oil prices continue falling. Kuwait will not take a single decision or harm its interests through cutting its oil production,” Kuwait’s Oil Minister said.

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