Kuwaiti oil workers sit at the union’s headquarters in Al-Ahmadi, 35 kilometers south of Kuwait City. AFP / YASSER AL-ZAYYAT
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Kuwait's state oil firm said Wednesday it expects to restore full production within three days after workers 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 Sunday in a dispute over planned pay cuts had slashed the emirate's output from 3 million barrels per day to 1.5 million and prompted a brief rally in world prices.Prime Minister Sheikh Jaber Mubarak al-Sabah met Wednesday with the union's leaders after they called off the strike.Saleh said that KPC planned to cut the annual pay rise received by its staff from 7.5 percent of their basic salary to 5 percent.Kuwait posted budget windfalls for 16 consecutive fiscal years due to high oil prices but posted a budget deficit in the 2015/2016 year which ended March 31 .
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