Hike In Oil Price Is Temporary: Al-wazzan

First Vice-President of the Kuwait Chamber of Commerce and Industry Abdulwahab Al-Wazzan says it is high time Kuwait works to diversify sources of income sooner rather than later, and not to rely too much on the current rise in oil prices, which may not last long.

In an exclusive statement to Al-Anba, Al-Wazzan said this rise in oil prices should not put a stop or delay in financial and economic reforms in the oil-producing countries in general and Kuwait in particular, especially since Kuwait suffers from a big liquidity crisis that prompted the country to withdraw from the Future Generations Fund.

“Do not be deceived,” he says, “by the temporary rise in oil prices. We should not be swayed by the current rise, so as to postpone solutions and alternatives. The rise in oil prices has its political and technical justifications, and therefore once these reasons are eliminated, prices may fall to levels of $60 by the end of this year or the beginning of next year.”

 

 

SOURCE  TIMESKUWAIT

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