Oil price upward trend to continue: Kuwait Petroleum International

5/3/2016 7:35:42 AM

(MENAFN- Emirates News Agency (WAM))

BRUSSELS 3rd May 2016 (WAM) -- Bakheet Al-Rashidi President and CEO of Kuwait Petroleum International KPI also known as Q8 has said that the recent upward trend in oil prices is to continue.

"We expect the price to be between US$50-60 by end of this year or the first half of the next year. We think this increase in price is following the fundamentals of the market. It is a supply-demand issue. Nobody is forcing the price to go up or down" he told KUNA adding "I think this will continue until we see something like US$80 a barrel three to four years from now. It will stabilise the market."

Yesterday Al-Rashidi inaugurated the Q8 Oils new world class blending plant in the Belgian port city of Antwerp after a complete refurbishment.

KPI is the international subsidiary of Kuwait Petroleum Corporation the national oil company of Kuwait.

WAM/AAMIR/Moran

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