KUWAIT: US President Donald Trump’s visit to the region will have a positive impact on economies of the Arab Gulf countries, Kuwait’s Minister of Oil Essam Al-Marzouq said on Sunday. “We are always optimistic in President Trump oil policy, and we think it is good and positive,” Marzouq, also Minister of Electricity and Water, told reporters after attending a reception held by the Embassy of Argentina on the occasion of the Latin American country’s National day. Trump was in the Saudi capital, Riyadh, to participate in three summits with Saudi, GCC, Arab and Islamic leaders.
Meanwhile, Marzouq said he would leave for Vienna, Austria, for a meeting of the technical committee monitoring the oil production cuts. He added that ministers from OPEC and outside OPEC would meet on May 25 to confirm a committee recommendation to extend output cut until next March. Marzouq said he met with Iraq’s oil ministers three months ago, and agreed to form a committee to discuss border oil wells and gas imports. The minister said the government was reviewing fuel prices every three months. He said in the meantime that global annual oil consumption was between 1.2-1.4 million barrels per day. — KUNA