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Mon 30 Nov 2015 12:07 PM

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Kuwait says oversupply pressuring oil price, hopes for recovery

"We hope that the indicators will improve," says Oil Minister Ali Al Omeir

Kuwait says oversupply pressuring oil price, hopes for recovery
Kuwaiti Oil Minister Ali al-Omair. (AFP/Getty Images)

Kuwait's Oil Minister Ali Al Omeir said the drop in the oil price was a result of excess supply and a decline in the global economy.

The recovery of the oil price is dependant on the recovery of the global economy, Omeir told reporters in Kuwait.

"We know there is a decline in prices as a result of excess supply in production and the result of a decline in global demand and the global economy. We hope that the indicators will improve."

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