Al-Zanki: stockpiles, tension, speculators behind oil price fluctuation

Chief Executive Officer (CEO) of Kuwait Petroleum Corporation (KPC) Farouk Al-Zanki said here on Tuesday that the most important factors behind the current sharp fluctuation of oil prices were notably stockpiles, tension between the West and Iran and speculators. Al-Zanki told Kuwait News Agency (KUNA) on the sidelines of the opening of the International Conference of energy professionals organized by the Society of World Petroleum Engineers and sponsored by Oil Minister Hani Hussein that situation is not worrying as long as oil prices are orbiting around USD 100 a barrel that is fair. Al-Zanki expressed optimism on the implementation of the new refinery and enviromental fuel project, anticipating tenders would be floated during the first quarter of next year according to plan in a sign that there are a lot of issues relating to tenders which must be completed during the coming period. He explained that the drilling, production and exploration projects require a long time, noting that the increase in production capacity is going according to planned, although they require a long time too. He stressed the importance of the role of the oil sector in the development of the women situation and give them the opportunity to assume leadership positions, noting that the proportion of women working in the oil sector is 19 percent of the positions which confirms her positive outlook in this sector. He added that the oil sector is working hard to give women a greater opportunity to assume leadership positions, explaining that the oil sector as a production sector faces significant challenges, especially in the human element. He pointed out that the current stage requires considerable development, especially of the human element to gain experience required to work in the oil sector, rejecting discrimination between men and women and called for giving equal opportunity for each of them. He pointed out that women made great strides in the oil sector and reached a number of leadership positions, hoping that she possess a greater number in the future, especially with the great support given by KOC and its affiliate companies. Al-Zanki said the oil sector takes into account the conditions of women working in the oil fields and industrial, stressing that the oil companies\' leaderships take into account these circumstances. For her part, Deputy Managing Director of the northern Kuwait region in the KOC and Chairman of the Conference Hassania Hashim expressed her pleasure for the establishment of this conference, adding that it was an honor to organize the first conference of Society of World Petroleum Engineers which is prepared especially for women professionals in the exploration and production. Hashem explained that the conference has three axes; the first concerns obstacles and challenges that women face in her career progression, while the second tackles the best practices in the energy sector to develop competencies and the third concerns work of the women in the oil fields.