TAG: Kuwait
https://www.oxfordbusinessgroup.com/analysis/new-day-most-recent-ambitious-economic-strategy-aims-deliver-past-promises-and-new-goalsOf all the comparatively wealthy countries in the region, on a per-capita basis, Kuwait is one of the richest. Its oil wealth per capita is much higher than Saudi Arabia’s, for example, and the government has been prudent in saving over the years, building up its sovereign wealth funds to ensure that future generations benefit from the oil bounty.
All eyes were understandably on Vienna at the end of June, and the gathering of oil ministers from the Organisation of the Petroleum Exporting Countries (OPEC). Their decision to increase output was endorsed by the non-OPEC producers who signed up to the original cuts 18 months ago.
As I write, oil prices have exceeded $80 a barrel for the first time in four years, marking a clear statement of intent from the Organisation of the Petroleum Exporting Countries’ decision not to increase output at their recent Algiers meeting, despite US President Donald Trump’s request that they do so.