Kuwait emir says falling oil price hurting economy

Kuwait’s ruler warned on Tuesday that a decline in oil prices was damaging the economy of the energy-rich Gulf state, urging lawmakers to “stop squandering resources” and to diversify revenues.

“We are witnessing a new cycle of low oil prices as a result of economic and political factors that have hit the global economy and started to negatively impact our national economy,” Sheikh Sabah al-Ahmad Al-Sabah said in a speech to open the new parliamentary term.

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Source News: gulf-times.com