Mideast Oil Production Still Strong: Energy CEO
During the recent unrest in the Middle East, virtually no oil production has been affected, except in Libya, Sara Akbar, CEO of Kuwait Energy, told CNBC Tuesday.
“In Egypt, none of the operation stopped,” said Akbar, whose company has operations in Egypt, Yemen and Iraq. “Production didn’t go down—not a single barrel. We have not stopped any operation.”
Akbar added that regardless of any political circumstances, no one in the region wants to stop production because “they need the revenue.”
She said the only place in the Mideast that’s experiencing an exodus of citizens is Libya because of the “atrocities and the violence.”
Akbar, whose six-year-old company is the largest independent oil company in the Mideast, sounded an upbeat note about recent political demonstrations.
“The unrest from the point of view of people in the region is a huge positive step,” she added. “We are setting the basis for a future. This unrest will bring democracy and fairness to the people.
“And if you look at all these demonstrations, they’re against corruption, which is a disease that people would like to get rid of. This will impact positively on all businesses in the region.”