Kuwait city: Kuwaiti Minister of Oil Tareq Al-Roumi stated that controlling global oil market prices or subjecting them to a fixed equation is uneasy, describing the current fall in market prices as a "sudden drop". He made these remarks to reporters following the 115th ministerial meeting of the Arab Energy Organization (AEO).
According to Kuwait News Agency, Al-Roumi expressed that the oil market is perplexing, as previous studies indicated a rise or stability in global oil market prices, which contradicts the current situation. Despite this, the Kuwaiti minister of oil anticipated that world oil prices would increase in the coming days.
Al-Roumi also expressed hope for new oil discoveries in Kuwait, citing very positive exploration indications. In terms of potential major petrochemical projects, he mentioned looking forward to implementing several initiatives, including a petrochemical acquisition contract signed in the People's Republic of China and a proposed petrochemical complex in the Sultanate of Oman.
Earlier in the day, Al-Roumi chaired the 115th ministerial meeting of the Arab Energy Organization (AEO).