The Kuwaiti labor strike cut oil production in the country by half today, which was rather convenient for oil markets after the massive failure at Doha.  Oil losses slowed on the news, but the overall damage of Doha is set to continue as Kuwait reports that they have "alternative plans" for bringing their production back to normal.  It is highly likely that other OPEC members will now begin battling for market share in the next week after their refusal to come to agreement on a production freeze.  This means boosted production by Saudi Arabia and Iran and a continued oil glut. Russian officials have stated that they expect oil to stay around or below $40(WTI) for quite some time.  Oil prices are going nowhere in the long term unless a black swan event strikes.

Kuwait plans to boost crude oil production back to normal levels, despite an open-ended strike by Kuwaiti oil workers, an official from state refiner Kuwait National Petroleum Co (KNPC) was quoted as saying on Monday.

The Kuwaiti government has said it would take legal action against what it said were instigators of a strike by thousands of workers over planned public sector reforms which labour unions say will affect workers' benefits.

Khaled al-Asousi, KNPC's deputy chief executive for support services, told Al-Arabiya News Channel that output was now 1.1 million barrels per day -- the same as the first day of strike on Sunday -- but would be back at normal levels in coming days.

"We have several alternative plans - today some of the staff returned to their places of work. Partner companies are participating in the increase in production. The situation is reassuring."

Before the strike, Kuwaiti oil production was running at about 2.8 million bpd, Reuters data shows.

"We expect a big increase in crude inventory in the coming days and we have enough stocks for export and we have no fears of a stoppage of any shipment," Asousi said.

He also said: "Supplies of petroleum derivatives for the local market are enough for a whole month."

READ MORE HERE:

http://english.alarabiya.net/en/business/energy/2016/04/18/Kuwait-to-boost-oil-production-despite-strike.html

Comments (1)

Speaking of Black Swans...
written by Implied Violins , April 18, 2016

Just read this by Michael Snyder:

http://www.sott.net/article/316644-Video-shows-increased-activity-at-Yellowstone

What with all those active volcanos and Japan/Ecuador/Vanuatu going off...anyone ever read Matt Bracken's books? His third was based on America after a great earthquake devastated the US along the New Madrid fault. I think he knows something...sure is suspicious timing, regardless.

Personally, after working for so many years in a field where I see direct evidence of Geoengineering and thus having read a lot of stuff about HAARP, I would not be surprised if the elites have actually weaponized it to create weather disturbances and earthquakes. It sure would make for a great cover for an economic collapse, wouldn't it?