Plan B: Kuwait Has Enough Resources to Adapt to Falling Oil Prices

The economy of Kuwait is strong enough to cope with falling oil prices and develop other sources of income, Central Bank Deputy Head Yousef J. Al-Obaid told Sputnik on Saturday.

MOSCOW (Sputnik) — According to Al-Obaid, economic reforms include the freeze of spending and development of alternative sources of income.

"The economy of Kuwait has a strong financial buffer, which will help to strengthen production outside the oil sector in the period of adaptation to the new realities on the oil market," the deputy head said, adding that the period was very important for the country.

The energy ministers of Saudi Arabia, Qatar, Venezuela and Russia discussed the current oil market situation in the Qatari capital of Doha in February and agreed to freeze oil production at January levels if other countries followed suit.

Kuwait, Ecuador, Algeria, Nigeria, Oman, the United Arab Emirates, as well as Iran and Iraq avoid pledges to join the initiative, considering only the support to improve the situation on the oil market.