(MENAFN- Kuwait News Agency (KUNA)) Kuwaiti Oil Minister and Minister of National Assembly Affairs Dr. Ali Al-Omair voiced hope Wednesday that the 166th OPEC ministerial meeting, due here the next day, will reach a deal to restore the stability of the oil market and protect the interests of importers and exporters on the same footing.
Speaking to KUNA upon his arrival at Vienna International Airport, Al-Omair expected that the ministerial meeting to have positive impacts on the oil market and stop the downward trend of the princes.
"A number of factors contributed to the remarkable decline of the prices in the recent months, including the decline of demand as a result of slowing economic growth and redundant supplies," he said, noting that cartel, that produces 30 percent of the world's total crude output, is not the sole responsible for the plummeting of the prices.
"The discussions during tomorrow's meeting will focus on ways to restore equilibrium between supply and demand and serve the interests of oil consumers and exporters," the minister pointed out.
Al-Omair noted that his is in contact with the OPEC Secretary-General Abdullah Salem Al-Badri to keep abreast with the developments and the outlook of the oil market, noting that the OPEC member states have a common interest in stopping or reversing the downward trend of the prices.
"The increasing utilization of shale oil contributed to the decline of oil prices as it made the United States, the world's biggest energy consumer, less dependent on oil imports," Al-Omair said, noting that four million barrels of shale oil were produced in the last four years.
He denied reports that the decline of prices resulted from some OPEC members exceeding their respective output quotas.
"The only new factor is that Libya's oil exports went up to 70,000 bpd and Iraq's output also grew in the recent months," he said, affirming that slower growth of the world economy and redundant supplies were the main contributors to the decline of prices.
Al-Omair said the OPEC, which experienced similar situations in the past, is able to make the proper decision to restore stability of the oil market during Thursday's ministerial meeting.
He affirmed that the decline of the prices had negative impacts on neither Kuwait's oil investments nor state budget, saying the budget is in an appropriate situation.
The ministerial meeting is expected to discuss, inter alia, the world oil outlook in Q1-2015 and the abidance of OPEC members by their respective quotas.
Al-Omair was received by OPEC Secretary General Al-Badri and Kuwait Ambassador to Austria and permanent delegate to UN agencies in Vienna Mohamad Sadeq Maarefi as well as other Kuwaiti diplomats.
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