Kuwait says oil buyers don’t want to increase the oil import next year

According to Kuwait's state energy company, clients don’t want to boost the import of black gold next year. This testifies to the fact that the weakness of the world economy harms markets.

Top executive officer of Kuwait Petroleum Corp. Sheikh Nawaf Al-Sabah spoke on Bloomberg TV. He admitted that the company is concerned about the upcoming changes in demand, especially in case of probable recession. As Sheikh said, clients of the company need either the same amount of fuel or slightly less next year.

OPEC including its leader Saudi Arabia said that the slowing growth in States, Europe, and China influences fuel consumption. The expanded alliance OPEC + decided to reduce oil production. It happened at a meeting in early October. In December, they decided not to increase production. The United States, which aims to decrease oil prices, was dissatisfied with this.