First Published: 2017-09-06

Kuwait minister says oil price to stay at $50-$55 a barrel
Marzouk says demand for oil will pick this quarter, market will rebalance by end of 2017.
Middle East Online

Marzouk: OPEC's strategy is on the right track

KUWAIT CITY - Kuwaiti Oil Minister Essam al-Marzouk has said he expects oil prices to stay between $50 and $55 a barrel and that the market will rebalance by the end of the year.

Marzouk, who heads an oil producers' committee that monitors compliance to output cuts, told Kuwait's Al-Rai newspaper in an interview published Wednesday that "demand for oil will pick up this quarter," and the rate of the fall in crude inventories will accelerate.

"OPEC's strategy is on the right track... Monthly and weekly indicators for the drop in crude stocks show this strategy is correct," the minister said.

Marzouk said he also expect that a balance between oil supply and demand will be reached by the end of 2017, ending years of supply glut that sent prices crashing.

States from the Organisation of Petroleum Exporting Countries and other oil producers including Russia agreed in November last year to cut output for six months, in a bid to raise prices following a collapse that began in mid-2014. The deal was extended for another nine months until March 2018.

Oil prices have recovered partially as a result and have been hovering around $50 a barrel.

Marzouk said that OPEC will decide at its next meeting in November whether to extend the production cuts deal beyond next March.


Rebels evacuate Syria's Eastern Ghouta

Sarkozy says life ‘living hell’ since corruption allegations

Turkey’s largest media group to be sold to Erdogan ally

Hezbollah leader says debt threatens Lebanon disaster

Exiled Syrian doctors treat refugees in Turkey

Saudi, US must pursue 'urgent efforts' for Yemen peace: Mattis

US, Jordan launch new counterterrorism training centre

Two Hamas security force members killed in raid on bomb suspect

Turkey gives watchdog power to block internet broadcasts

EU leaders to condemn Turkey’s ‘illegal’ actions in Mediterranean

Ahed Tamimi reaches plea deal for eight months in jail

UN launching final push to salvage Libya political agreement

Conditions for displaced from Syria's Ghouta 'tragic': UN

Sisi urges Egyptians to vote, denies excluding rivals

Rights Watch says Libya not ready for elections

Saudis revamp school curriculum to combat Muslim Brotherhood

American mother trapped in Syria’s Ghouta calls out Trump

Syria workers say French firm abandoned them to jihadists

Grim Nowruz for Kurds fleeing Afrin

Sarkozy back in custody for second day of questioning

'Saudization' taking its toll on salesmen

Syrian rebels reach evacuation deal in Eastern Ghouta town

Israel confirms it hit suspected Syrian nuclear reactor in 2007

UN says Turkey security measures 'curtail human rights'

Netanyahu says African migrants threaten Jewish majority

US Senate votes on involvement in Yemen war as Saudi prince visits

What a ‘limited strike’ against Syria’s Assad might mean

Erdogan tells US to stop ‘deceiving’, start helping on Syria

IS controls Damascus district in surprise attack

French ex-president held over Libya financing allegations

NGO says Israeli army violating Palestinian minors’ rights

Human rights chief slams Security Council for inaction on Syria

US warns Turkey over civilians caught in Syria assault

Saudi crown prince keen to cement ties with US

Abbas calls US ambassador to Israel 'son of a dog'

Erdogan vows to expand Syria op to other Kurdish-held areas

Kurdish envoy accuses foreign powers of ignoring Turkish war crimes

Morocco authorities vow to close Jerada's abandoned mines

Israeli soldier sees manslaughter sentence slashed

Turkey insists no plans to remain in Afrin

Cairo voters show unwavering support for native son Sisi

Forum in Jordan explores new teaching techniques

Gaza Strip woes receive renewed attention but no fix is expected

Kurds, Syrian opposition condemn Afrin looting

36 jihadists killed in Egypt’s Sinai