Kuwait to restore full oil output in �3 days� after strike ends

AFP, KUWAIT CITY:  Kuwait’s state oil firm said yesterday that it expects to restore full production within three days after staff ended a strike in a surprise about-turn that triggered a renewed slide in world prices.
The walkout by thousands of staff of Kuwait Petroleum Corp. and its subsidiaries on Sunday in a dispute over planned pay cuts had slashed the emirate’s output from 3.0 million barrels per day to 1.5 million and prompted a brief rally in world prices.
But early on Wednesday the Kuwait Oil Workers Union announced that its members were returning to work after what it called an “extremely successful” strike that had made the government pay attention to their concerns.
The surprise announcement, which came just hours after union leaders had vowed to continue the strike until all their demands were met, quashed hopes the disruption could help ease a persistent supply glut and saw oil shed nearly a dollar in Asian trade.

Kuwait to restore full oil output in �3 days� after strike ends

AFP, KUWAIT CITY: Kuwaits state oil firm said yesterday that it expects to restore full production within three days after staff ended a strike in a surprise about-turn that triggered a renewed slide in world prices. The walkout by thousands of staff of Kuwait Petroleum Corp. and its subsidiaries on Sunday in a dispute over planned pay cuts had slashed the emirates output from 3.0 million barrels per day to 1.5 million and prompted a brief rally in world prices. But early on Wednesday the Kuwait Oil Workers Union announced that its members were returning to work after what it called an extremely successful strike that had made the government pay attention to their concerns. The surprise announcement, which came just hours after union leaders had vowed to continue the strike until all their demands were met, quashed hopes the disruption could help ease a persistent supply glut and saw oil shed nearly a dollar in Asian trade.