(MENAFN- The Peninsula) A top Kuwaiti oil executive said the energy-rich Gulf states are not worried by the slide in oil prices after Brent crude slumped to a 17-month low yesterday.
"We are not worried at the drop in oil prices; we expect it to rebound to its previous levels soon. We are optimistic," the acting oil undersecretary, Ali bin Sabt, told reporters on the sidelines of a Gulf meeting in Kuwait City.
But he acknowledged that the drop in prices "affects Gulf economies and requires coordination among the Gulf Cooperation Council (GCC) states," which heavily rely on oil exports.
Sabt was speaking as senior GCC energy officials prepared for a regular meeting of oil ministers today.
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