Thursday 19 May 2016 - 10:07
Story Code : 214617
Kuwait expects oil prices to reach $50 per barrel by year end
MOSCOW (Sputnik) Oil prices will stand at $50 per barrel atthe end of2016, Kuwaits Acting Oil Minister Anas Khalid Al-Saleh expects.
"Now we see better prices inthe market, demand has been increasing part ofit is outages ofproduction inCanada, Libya, Nigeria and the shale oil," Saleh, who is also Kuwaits Deputy Prime Minister and Minister ofFinance, said ina Wednesday interview withBloomberg.
Oil prices have plunged more than60 percent fromtheir peak ofover $110 a barrel inJune 2014 because ofglobal oil production outpacing global demand.
In April, the Organization ofthe Petroleum Exporting Countries (OPEC) and major non-OPEC oil producers failed toagree onfreezing oil output atJanuary levels toshore upprices afterSaudi Arabia backed outof the deal, insisting that Iran, which has been boosting oil production afteryears ofinternational sanctions, should be part ofany production cuts.
US Energy Information Administration (EIA) administrator Adam Sieminski told Sputnik earlier this month that oil prices would reach some $50 bythe end ofthe current year.
By Sputnik
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