Wednesday, 08 December 2021 01:00 GMT

Kuwait Petroleum International Chief Expects Oil Price Surge to Continue

(MENAFN- Qatar News Agency) The recent upward trend in oil prices is to continue, Kuwait Petroleum International (KPI) President and CEO Bakheet Al-Rashidi said.

"I expect this trend to continue. We expect the price to be between $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 Kuwait's official news agency KUNA.

"I think this will continue until we see something like $80 a barrel three to four years from now. It will stabilize the market," he added.

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.