Kuwaits Position in production of crude oil is been threatened
Posted on January 11, 2010 by John Trevors for Luckyroom.com
After the debt crisis of Dubai, Will Kuwait be the next country in the Persian Gulf will be at the forefront of the international community? Kuwait, which controls 10% of the world’s oil, will not be starved of money. However, publication of the «WSJ» refers to the local political crisis, which triggered the Parliament’s request to offer the state financial assistance to citizens of purchasing consumer loans worth 23 billion dollars. This crisis is now threatening to expel foreign investment and hurt the economic prospects of the country. The controversial relationship between the Al Sabah family in Kuwait and the ruling in Islam-dominated Parliament may lead to an economic quagmire. The past three years, Kuwait has seen the dissolution of three parliaments and the resignation of five governments.
The emir, Sheikh Sabah Al Ahmad Al Sabah, is expected to oppose the bill in Parliament for financial aid, leading to a new round of confrontation between the two camps. The conflict will certainly have an impact on investors, while Kuwait receives less foreign direct investment than any other country of the Cooperation Council in the Persian Gulf GCC According to UN figures. Already, last week, Kuwait canceled contracts worth more than 8 billion dollars to build a new refinery with major oil companies including BP Royal Dutch Shell and ConocoPhillips and now question the promise that Kuwait placed to be opening for investments of oil stocks at the border with Iraq. But without more foreign investment and expertise, Kuwait will not achieve the goal of increasing production capacity of four million barrels a day from three million today. The economy has had the worst performance among the rest of the GCC in 2009, according to IMF while shares in the Kuwait stock exchange fell 10% last year. Thus without radical reforms, the economy of Kuwait will continue to be lower than others and oil production will suffer, threatening the role of a country which is considered one of the leading producers of the OPEC.
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