Kuwait Oil Minister Ali Al-Omair said Saturday projection showed oil prices might improve this year or be between the USD 50-60 per barrel margin.
There are many factors affecting oil prices, foremost geopolitical factors specially the impact of security situation on production in Iraq and Libya, Al-Omair, also Minister of State for National Assembly Affairs, said.
But the drop in shale oil production triggered rebound of prices, Al-Omair told KUNA after arrival in Bahrain to participate in the 19th Middle East Oil and Gas Show and Conferences (MOES 2015).
He said oil prices were affected by supply and demand, and added that global economic recession thus affecting demand worldwide.
Oil producing countries' reduction of output will not largely improve prices as long as global economy fails to rebound, he said. Asked about OPEC's last decision to maintain its output, Al-Omair said the decision "was not a hostile resolution but balanced." The minister said oil prices' decline required collective responsibility of all oil producing countries, whether from OPEC and non-OPEC.
Al-Omair said global oil production was 96 million barrels per day (bpd), 30 percent of which produced by the Organization of Petroleum Exporting Countries. Meanwhile, Al-Omair said MOES 2015 was an important event because of the oil-related industries displayed during the show.