(MENAFN) Kuwait's oil minister confirmed that oil prices could pick up in the second half of 2015.
"The surplus in the market is currently 1.8 million barrels a day and it is the primary reason for the fall in oil prices," he said in a seminar in Kuwait.
However, he added that members of the Organization of the Petroleum Exporting Countries (OPEC) decided that there was no need for another meeting before June.
OPEC declined to cut production at a Nov. 27 meeting and major Gulf OPEC members have since shown no sign of reversing course.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.