Kuwaiti Minister of Commerce: Oil exceeded $100 ignites speculation

Al-Shariaan considered that the price of a barrel of oil exceeding $100 would “ignite speculation,” describing the current prices of crude as “exaggerated, and their rise is linked to geopolitical tensions.”

The Kuwaiti minister expressed his belief that the appropriate price of oil for the consumer and producer ranges between 65 and 80 dollars.

He explained that the price of a barrel of oil, according to Kuwait’s budget estimates, ranges from 65 to 70 dollars per barrel.

Fahd Al-Shariaan added that Kuwait’s budget allocated 2.6 billion dinars to support the housing sector, and also achieved significant reductions in the expenses of exceptional and non-essential items.

With regard to government support for goods and services in Kuwait, Al-Shariaan said that “there will be no prejudice to government support at all.”

He referred to expected decisions about offering industrial land plots to investors within two months in Kuwait.

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