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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