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Tuesday , November 13 2018

Kuwaiti official predicts oil prices near $70 per barrel – OPEC deal to cut output cited

KUWAIT CITY, April 2, (KUNA): The acting undersecretary of Kuwait’s Ministry of Oil Sheikh Talal Al-Sabah has foreboded that the price of a barrel of oil in the global market could hit $70, citing a “historic” OPEC deal to limit output.

Speaking to the press as the ministry unveiled its new website on Monday, the Kuwaiti official expected the price of oil to remain within the range of $50 to 60 per barrel (pb), allaying concerns over a further dip in prices.

He described OPEC’s deal to slash oil production as a significant achievement, saying that the current oil price of $62 to 63 pb was acceptable.

Sheikh Talal pointed out that the prices of oil are stabilizing thanks in part to an agreement between OPEC and non-OPEC producers to extend output cuts beyond the year 2018, as they seek to clear a global glut of crude.

Meanwhile, he revealed that Kuwait is on the verge of sealing a deal to import gas from neighboring Iraq, saying the plan “has reached its final stages.”

The Kuwaiti official noted that the website promises visitors a better user experience with many new features, including a new design, which makes it easier to navigate.

The website also provides a wealth of information on the oil industry, he added, which makes it a comprehensive source for all the statistics and facts that readers yearn for.

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