Forgot your password?

Back to login

Kuwait Petroleum chief expects oil prices to soften this year
January 13, 2014, 12:54 pm

Crude oil prices could soften by mid-2014 due to some weakness in demand, Nizar Al-Adsani, chief executive of state-owned Kuwait Petroleum Corp (KPC), told reporters on Monday.

"Prices are still healthy above $100. Demand is still there. Demand will definitely soften up. They'll probably soften up in the mid of this year," Al-Adsani said on the sidelines of an energy conference inNew Delhi.

Brent crude edged lower toward $107 a barrel on Monday after six nations struck a fresh six-month deal with Iran to curb its nuclear programme and U.S. President Barack Obama urged Congress not to impose additional sanctions on the country.

Kuwait is a member of OPEC, which agreed in December to renew its 30 million barrels per day (bpd) output cap for the first half of 2014 as disruptions to supplies prop up prices.

Share your views

"It is hard to fail, but it is worse never to have tried to succeed."

"Envy comes from wanting something that isn't yours. But grief comes from losing something you've already had."

Photo Gallery