Page 19 - MEOG Week 26

MEOG n e W s in B rie F MEOG

Special 95 will cost Dhs1.8. 25 percent for the current five-year plan have depressed most economic sectors in the
Diesel will also continue to cost Dhs2.06 a because of the spread of coronavirus, a senior world, including oil and gas.
litre. Kuwaiti oil official was reported on Tuesday “This should motivate us to work hard to
Oil rebounded from record lows of below as saying. face these challenges and pursue efforts to
zero in April, only to fall in two of the last The reduction will affect projects in achieve our goals,” he added.
three weeks, in a grim reminder of abating 2020 and the remaining four years of the reUters
demand and potential fear of a second wave of development plan, said Hashim Al-Hashim,
the coronavirus. CEO of the Kuwait Petroleum Corporation Price of Oman oil rises
Prices would have dipped further, if not for (KPC), which manages the Gulf emirate’s
the OPEC+ alliance to stall production in an hydrocarbon industry. The price of Oman oil has increased, with
attempt to stabilise market forces for demand. “KPC and all its affiliated companies prices for delivery by next August reaching
GUlF BUsiness have taken serious steps to rationalise capital $42.11 uSD on the Dubai Energy Market on
expenditure for this year and through the Tuesday.
five-year plan,” he said in a statement marking A statement issued online by the Oman
oil the reopening of the country’s oil sector after a News Agency (ONA) said, “The official price
3-month lockdown due to Coronavirus. of Oman oil on the Dubai Energy Market for
Kuwait cuts oil project local publications, said operational spending delivery next August reached $42.11 today.”
Hashim, quoted by Al-Anba and other
The price witnessed an increase of $1.13
spending by 25 percent would also be trimmed but did not mention compared to Monday’s price of $40.98 on the
Dubai Energy Market.
the size of cuts.
OPEC member Kuwait has slashed He said the measures were prompted by times oF oman
hydrocarbon project spending by more than “difficult and exceptional” conditions that

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