Minister of Oil and Minister of State for National Assembly of Kuwait, Dr. Ali Al-Omair stressed that despite of the decline in oil prices, the State of Kuwait has not adversely affected as it moves in implementing its projects and investment plans without releasing any resolution to stop or restrict it. Minister Al-Omair said in a statement to Kuwait News Agency (KUNA) upon arrival at the Vienna International Airport to participate in the 166 regular meeting of the Ministers of the Organization of Petroleum Exporting Countries (OPEC), which will be held here tomorrow that Kuwait as an oil producer aspires to better prices levels stressing at the same that the state budget in a good position. He explained that Kuwait is looking to support the decisions to be taken by that (OPEC), stressing on the importance of reaching mechanisms to maintain oil market stability and ensure that the interests of producers and consumers alike. Al Omair said the meeting, which is of great importance as the organization’s whole meetings will be vital and productive so as to enhance cooperation among the member states and positively reflects on the price levels that were significantly declined recently. He believed it was no longer a secret that the decline in prices over the last period was caused by a number of factors, including supply and demand and that the organization, which only produces 30 percent of the total crude in the world does not solely assume the responsibility of this decline, expressing hope that the organization during the ministerial meeting contributes to reach a decision to bring prices also keeps the interests of the producing countries in OPEC. Al Omair said that OPEC oil ministers tomorrow will look for the general situation in the world oil market and take the appropriate decision in this regard, which would only be for the benefit of OPEC countries and the countries of the world in terms of maintaining the status of existing balance between power supply and prices stability in order to serve the interests of producers and consumers alike. And in response to a question about the Kuwait’s trends during this meeting, and whether it will demand to keep production ceiling without modification, Minister Al Omair explained that Kuwait’s position primarily depends on what would be submitted by the Organization’s General Secretariat on the ministerial meeting, recalling that he will follow up the market developments with the Secretary-General Dr Abdullah Al-Badri, and the new remaining information and data on oil market and its prospects for the future will be completed so as to take the right decision. In this regard, Al-Omair expressed his strong belief that it’s of the interest the OPEC countries to maintain its cohesion and stability, and to support any resolution that would ensure the interests of all. With regard to the reasons for decline in prices during the last period, Al Omair considered that one of the reasons is apparently the rise of production of what was in previous years, in addition to slowdown in global growth, both in East Asia or the Middle East or Europe, noting that there are factors that have made the demand lessens comparing to other factors made the production increases, pointing out that it is known that whenever production increases, the demand for natural crude becomes less, the prices are affected. And in response to a question about the extent of oil shale impact on (OPEC) prices, he said it is no doubt that this factor is very important in the equation of low prices, noting that more than four million barrels of shale oil were pumped over the past four years, making the United States as a net oil importer reduce import due to reliance on oil shale. As for reports that some (OPEC) countries resorted to raise production levels outside the agreed quotas system to limit the fallout of shale oil, minister Al Omair thought that if those allegations were true it would reflect on production in the sense that (OPEC) today did not increase its production significantly and its productivity rates are natural and the only factor that entered the market is the Libyan production in reasonable quantities of up to 700 000 barrels per day in addition to a slight increase in Iraqi production that will not affect the oil market, adding that OPEC is not responsible for this increase, but the global production in addition to slowdown in global growth. After he pointed out that most of OPEC countries are mostly affected by the decline in crude prices in global market, Minister Omair explained that OPEC believes that the presence of excess supply from the market need in addition to the decline in demand for crude, formed one of the basic factors behind the decline of prices in the global market. And whether the ministerial meeting will come out of decisions that achieves oil market stability, he stated that it is not the first time that OPEC countries are exposed to the crisis in decline in prices, but it previously passed in similar positions and had wise decisions reflected in the many stages in a positive way on the world oil market and therefore it’s not difficult to the Organization to take an appropriate decision at the meeting to restore stability to the market. The ministerial meeting which will last for one day will discuss a paper prepared by the Organization's Secretariat on the expectations of supply and demand for oil during the first quarter of this year and the extent of the member states commitment to the agreed quotas system and the future prospects for the global oil market. (OPEC) has faced many tensions that have contributed to the creation of consumer concerns on the issue of oil supply interruptions and weighed heavily on prices, but the Organization’s constant declaration of readiness to pump an adequate supply as long as the need arises, contributed to the stability of the market. Minister Al Omair and his accompanying delegation was greeted at the Vienna International Airport by the organization’s general secretary, Dr. Abdullah Al-Badri and the Kuwaiti Ambassador to Austria and Permanent Representative to the International Organizations in Vienna, Mohammed Sadiq Maarifi and the Chairman of the Executive Bureau of the organization Abdullah Shamiri and a number of Kuwaiti diplomats.