KUWAITI OIL WORK­ERS END STRIKE

Qatar Today - - BUSINESS > OIL&GAS -

Kuwait's oil pro­duc­tion re­turned to nor­mal after thou­sands of strik­ing work­ers re­joined work on April 20.

Plants were op­er­at­ing at that rate, less than 60% of ca­pac­ity, since the strike be­gan on April 17. The 13,000 mem­bers of the Oil & Petro­chem­i­cal In­dus­tries Work­ers Con­fed­er­a­tion went on strike to protest cuts in pay and ben­e­fits as Mid­dle Eastern crude ex­porters re­duced sub­si­dies and gov­ern­ment hand­outs to cope with fall­ing oil prices. A global glut of crude has pushed prices 32% lower in the past year. World­wide sup­ply sur­passed de­mand by 1.5 mil­lion bar­rels a day in the first quar­ter, ac­cord­ing to the In­ter­na­tional En­ergy Agency.

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