FINANCIAL NEWS

Oil demand to go up in 2011’s Q3

28 Jun 2011

(MENAFN) Kuwait’s Oil Minister, Mohammad Al-Busiari, said that in the third quarter of this year, a stronger demand for oil in the crude market would be witnessed, reported Arab News.

Al-Busairi added that his country, the UAE and Saudi would be the only countries to have the output capacity that would meet the additional global crude needs; moreover, the Gulf oil exporters wouldn’t reduce oil production since they supply around 80 percent of their oil to Asia where demand would increase.

On the other hand, in an attempt to reduce oil prices and strengthen the global economy, industrialized consumer nations announced the release of 60 million barrels of oil from strategic government stockpiles.

It is worth noting that western International Energy Agency’s (IEA) member nations decided to increase oil output to compensate the loss of Libyan crude due to the political unrest in the country.

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