Kuwait's Oil Minister Ali Al-Omeir on Sunday said the drop in the oil price was a result of excess supply and a decline in the global economy.

The recovery of the oil price is dependant on the recovery of the global economy, Al-Omeir told reporters in Kuwait.

"We know there is a decline in prices as a result of excess supply in production and the result of a decline in global demand and the global economy. We hope that the indicators will improve." - Reuters