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Kuwait not worried by 16-month low oil price

Brent crude dropped below $99 per barrel on Wednesday, stretching its losses into a fifth session

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Kuwait is not worried by the recent drop in global oil prices, a Kuwaiti oil ministry official said on Wednesday.

"God willing, we are not worried," Ali bin Sabt, acting undersecretary of the oil ministry, told reporters on the sidelines of a regional conference when asked if there was concern about the impact of soft oil prices on producers.

Brent crude dropped to a 16-month low below $99 per barrel on Wednesday, stretching its losses into a fifth session as the market reacted to the prospect of rising supplies and weak global demand.