The global oil price will hopefully retain its normal average, reaching USD 50 to 60 per barrel by mid-2017, Kuwait Petroleum International (KPI) President, Bakheet Al-Rashidi said Saturday.â€¨
In an exclusive statement to KUNA on the sideline of the annual KPI's international marketing London bureau celebration, Al-Rashidi said that the current status quo of the global market could be described as being in a corrective phase which demands from oil producers to bring back the low price to its reasonable rate after a long period of surplus in supplies.â€¨
The forecasted increase is different from that of 2003 and 2004, said the KPI President, noting that the price will go up gradually to reach around USD 50 per barrel.â€¨He added that the possibility of reaching a record high for the price would not occur in the near foreseeable future, saying that the price might reach USD 60 to 80 per barrel in a three year-time.â€¨
Al-Rashidi touched on the recent KPI selling of a refinery in Rotterdam, the Netherland, stressing that KPI will still have ownership of a research and development (R&D) center in the facility.â€¨
The selling of the refinery, which produces around 88,000 barrels per day, was within KPI's 2030 development strategy in Europe, said Al-Rashidi, revealing that the deal would not hinder the company's operations in the continent.
KPI usually puts out over 470,000 barrels per day.â€¨In 2015, KPI achieved growth by 17 percent in Europe despite the low demand for oil, said Al-Rashidi.â€¨KPI operates some 5,000 fuel stations throughout Europe and also provides plane fuel for some 200 companies in 70 international airports.â€¨
Regarding operations in Asia, Al-Rashidi said that KPI was looking forward to start operations at a refinery in Vietnam by the end of 2016, initiating its development strategy in that continent. The refinery is expected to produce some 200,000 barrels per day.