Kuwait urges Gulf reforms as oil prices fall

Kuwait has a production capacity of over 3.2 million bpd and pumps most of its exports from the Al-Ahmadi refinery, just north of Al-ShuaibaKuwait’s finance minister on Saturday called for economic reforms by energy-dependent Gulf states to cope with a drop in oil prices that has hurt their public finances. Saleh said the Gulf states must diversify their economies and “reduce dependence on oil”. “Implementing these policies has become inevitable,” Saleh told the meeting, which International Monetary Fund managing director Christine Lagarde was also attending. Forecasts indicate a healthy economic growth for the six nations of the Gulf Cooperation Council (GCC) averaging 4.5 percent in 2014-2015, Saleh said.

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