KUNA Issues Fourth Edition of Seasonal Oil Report

Source: KUNA 1/3/2012, Location: Middle East

Kuwait News Agency (KUNA) released a new edition of its quarterly oil report, which reviews the oil industry in the State of Kuwait and oil prices in light of the global financial crisis, geopolitical events. The report, compiled by KUNA Department of Economic Affairs, also tackles oil transport and renewable energy. It includes a series of interviews with economists and oil industry experts.

The report highlights the various influences affecting the oil prices and its future outlook. KUNA seeks, through these reports, to follow up the state development plan for the coming four years which was approved by the National Assembly in February 2010 at a total cost of KD 30 billion.

The report is subdivided into three chapters. The first chapter focuses on oil transportation and includes an interview with Chairman and Managing Director of Kuwait Oil Tanker Company Nabil Bouresli who reviewed the most important features of the strategy of Kuwaiti oil tankers. The report introduces a historical overview of the history of oil tankers industry in Kuwait. The second chapter tackled the oil prices development in the third quarter of 2011 and the factors affecting it.

The report showed that the average price OPEC oil barrel fell in the third quarter of 2011 to USD 108.51 dollars, down USD 3.64 or 2.3 percent against that of the second quarter of the year. It underlined that oil prices remained quite high in Q3 which always witness decline in oil demands. The third chapter was allocated for the renewable energy and its future.


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