Kuwait�s Acting Oil Minister Anas Khalid Al-Saleh expects oil prices to stand at $50 per barrel at the end of 2016.


MOSCOW (Sputnik) � Oil prices will stand at $50 per barrel at�the end of�2016, Kuwait�s Acting Oil Minister Anas Khalid Al-Saleh expects.
"Now we see better prices in�the market, demand has been increasing�� part of�it is outages of�production in�Canada, Libya, Nigeria and the shale oil," Saleh, who is also Kuwait�s Deputy Prime Minister and Minister of�Finance, said in�a Wednesday interview with�Bloomberg.


Oil prices have plunged more than�60 percent from�their peak of�over $110 a barrel in�June 2014 because of�global oil production outpacing global demand.

In April, the Organization of�the Petroleum Exporting Countries (OPEC) and major non-OPEC oil producers failed to�agree on�freezing oil output at�January levels to�shore up�prices after�Saudi Arabia backed out�of the deal, insisting that Iran, which has been boosting oil production after�years of�international sanctions, should be part of�any production cuts.

US Energy Information Administration (EIA) administrator Adam Sieminski told Sputnik earlier this month that oil prices would reach some $50 by�the end of�the current year.

By Sputnik