Kuwait Election Campaign Focus, Crude Oil Prices and the Economy

During speeches and seminars, Kuwait parliament election candidates are sharing one similar topic this year, the price of Kuwait crude oil and it’s effect on the economy. Since the start of the parliamentary campaign, candidates have focused their concern on the difference in crude oil prices this year in comparison to the 2008 campaign historical spike of KD 100 per barrel. Certainly, a different tone is taking place this time around.

With crude oil prices at an astounding low of KD 30 per barrel, candidates are no longer worried about the development of pumping infrastructure. With the country’s economy being so oil-dependent, the debate between candidates now focuses on what measures must be taken to push the price per barrel up into a more profitable margin.

Solutions of a different nature have been suggested in each candidancy, however, each running mate has similar views on the economic financial crisis the entire world is facing, and the local affect it is having on Kuwait’s economy. Kuwait National Bank recently reported forecasted averages of crude oil prices per barrel to raise in 2009 to roughly KD 40-60 per barrel, but this is still 21-54 percent lower than the previous years.

With the country’s economy suffering, the candidates of this year’s parliamentary election need to be sure they address these common needs and can fulfill the promises they make. Only then will they come out a leader in the final ballot.