$ 50 - $ 55 forecasts for the continuation of oil prices in Kuwait
Oil Minister and Minister of Electricity and Water Essam Al-Marzouq expected on Wednesday that oil prices will continue between 50 and 55 dollars per barrel for Brent crude.
"The (OPEC) strategy is moving forward on the right path," Al-Marzouk was quoted as saying by the Kuwaiti daily Al-Rai. "The drop in weekly and monthly inventories showed the validity of this strategy."
"The demand for oil will increase in the current quarter, and then the inventory declines will increase more than expected," Al Marzouq said, "likely to reach the point of supply and demand at the end of the year."
"After reaching the break-even point, demand for crude oil will rise in 2018 as we expected by 1.4 million barrels, so we will start to compensate for previous cuts," he said.
On the other hand, Marzouk pointed out that during the OPEC ministerial meeting in November «will show whether there is an extension in March 2018, or there will be a policy to exit the agreement to reduce production gradually so as not to be affected by the stock».