Kuwait’s oil output in the range of 3 million bpd, Kuwaiti Oil Minister says

Kuwait: April 8 –-(BNA): The Kuwaiti Oil Minister, H.E. Mr. Hani Hussein , described the factors that triggered off a four-percent drop in oil prices last week as “transient factors.” He listed such factors as US economic data and unemployment rates and economic indices in the European Union (EU) member states.

He added that Kuwait is interested in the outlook of oil prices in the medium- and long-term future, hoping that the oil market would see some stability soon, given that oil is a strategic and significant commodity that is subject to many factors.

However, he expected demand for OPEC oil to continue to be stable in the vicinity of 3 million barrels per day.

On the North Korea-US row and Kuwaiti plans to fend off possible reflections, he said Kuwait has a great promotion agency that can handle efficiently in the event of crises.

(IY)

Alba sales increase 2.2% in Q1 2013

Manama: April 8 –-(BNA): Aluminum Bahrain B.S.C was able to increase its overall sales on the back of higher production. For the first quarter of 2013, sales figures reached 219,537 metric tons (mt), up by 2.2% from 214,891 mt in Q1 2012. Production jumped by 3% to 227,414 mt versus 220,738 mt for the same period in 2012.

In addition, Alba was able to capitalize on the strong demand of Value- Added products and closed the first quarter with an average of 66% of total shipments versus 65% in 2012 and 62% in Q1 2012.

Commenting on Alba’s sales and production for Q1 2013, Alba’s Chief Executive, Tim Murray said:

“We are pleased with the higher overall figures for Alba’s sales & production, ahead of the company’s own forecast for the period thanks to a focused marketing strategy and a sustained focus on enhancing productivity.”

Aluminum Bahrain B.S.C (Alba) will release its first quarter 2013 financial results and business outlook Press Release to the public on Wednesday, May 8, 2013 as well as upload the IR presentation on its investor relation section at the company’s website.

(IY)