Costs of oil cargo insurance has slightly increased recently but exports of the Kuwaiti crude and oil derivatives have not been affected and have proceeded as regular, affirmed the Minister of Oil.
Hani Hussein, in remarks to journalists on sidelines of a Ramadan "Ghabqa" meal held late on Wednesday, affirmed that despite the marginal higher costs of insurance, Kuwait's sales, exports of crude oil and bi-products have proceeded as normal.
On prices of the crude, Hussein said they have been affected with jitters resulting from global economic slump, noting that the prices have stabilized at the current levels despite drop of Iranian oil exports.
On prospects of decline of global demand for the crude as a result of the international economic slowdown, Hussein, who doubles as the Acting Minister of Awqaf and Islamic Affairs, indicated that such a prospect might be examined at a possible extraordinary meeting of the Organization of Petroleum Exporting Countries (OPEC).
However, "we have not received any invitation for taking part in such a meeting thus the next regular meeting of OPEC would be held as scheduled in December," he said.
Acknowledging that geopolitical events have played a role in maintaining state of instability for the oil prices, the minister cautioned against drastic hike of the prices of the crude for such a measure would lead to dire consequences, such as drop of energy consumption.
Hussein confirmed that Kuwait is relentlessly pursuing the process to hike the daily output of the crude to four million barrels, and indicated at major joint oil ventures in China and Vietnam.
KUWAIT CITY: Kuwait Petroleum Corporation (KPC) announced on Thursday prices of the Liquefied Natural Gas (LNG), propane and butane, for August.
KPC said in a statement propane would be sold for $775 per metric ton in the current month, a rise of $200 compared to July's $575 per metric ton.
Butane will be also sold for $775 per metric ton during August, an increase of $155 compared to $620 per metric ton last month.
The prices of propane and butane are affected by international oil prices and rates of the major currencies, namely the US dollar.
Rates of the gas are also influenced with political and security upheavals throughout the world, namely events in the Middle East, amid fears over possible shortages of crude supplies from the region to the world markets.
Propane and butane are used for cooking, heating, and production of petrochemical substances.
Price of Kuwaiti crude oil increased $0.29 to $101.55 per barrel (pb) on Wednesday compared to $101.26 pb the day before, said Kuwait Petroleum Corporation (KPC) on Thursday.
The slight increase of oil prices was due to a meeting of the Federal Reserve coming amid speculation over whether the US central bank will do more stimulus packages.
### Source: www.menafn.com ###
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