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Kuwait oil price between US$ 35, 45 pb till end of '16 - analysts
August 24, 2016, 12:30 pm

The price of Kuwaiti oil is expected to be between US$ 35 and 45 per barrel till the end of 2016, said Kuwaiti analysts Wednesday. In different statements to KUNA, the analysts noted that the price of the Brent mix is expected to hit between US$ 40 to 50 pb till the end of the year, adding that the price might reach US$ 55 to 60 pb in 2017.

On his part, head of Al-Ofuq consultancy center Dr. Khaled Bodai said that it was expected that prices would near the US$ 50 pb margin this year. He added that reaching US$ 100 pb, as the case in 2014, would be almost impossible next year, noting that producing countries were not interested in bringing the price back to the three-digit number.

The reasonable price would be between US$ 60 and 65 pb, said Bodai, adding that due to a number of factors including the rate of exchange of the US dollar and lack of growth in the Chinese economy led to the unstable price.

The price will remain wavering in the foreseeable future, said the analyst. Meanwhile, oil analyst Mohammad Al-Shatti said that the price recovery was due to an understanding between procedures and consumers regarding the level of production. The dynamic flow of oil at the world markets helped the price to reach a reasonable level, said Al-Shatti who hoped that the situation will continue as it is to enable Kuwaiti oil to reach prices that were suitable for the national economy. 

Source: KUNA

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