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.

 

Bloodbath in Syria's eastern Ghouta

Two hardline Syria rebels announce merger

IS kills 25 Iraqi militiamen near Kirkuk

Sudan frees dozens of activists detained after protests

Saudi Arabia to host first Arab Fashion Week

Abbas calls for peace conference in rare UN speech

Egyptian court adds leading government critic on terror list

Yemen government offensive threatens heritage site

Turkey considering chemical castration for child abusers

45 civilians killed in air strikes on rebel enclave

Cairo sheds Ottoman-era street names amid Egypt-Turkey crisis

New woes for Israeli PM in fresh graft cases

Maghreb countries wary about jihadists relocating from Iraq, Syria

Erdogan says Turkey will besiege Afrin "swiftly"

Turkey releases leading pro-Kurdish politician

5 Iranian police killed in Sufi protests

Iran finds wreckage of crashed plane on top of mountain

Israel’s gas contract with Egypt: deal or no deal?

Somalia appoints new police, intelligence chiefs

Iran plane crash rescue search halted for second night

France reaffirms commitment to Iran nuclear deal

Turkey warns Syria against protecting Kurds

Abbas warms up to Moscow amid cold US-Palestinian ties

Israel strikes 'historic' gas contract with Egypt

Are Iranian satellite channels aiding regime change?

Israel pounds Gaza with air strikes after rocket attack

Iraq orders deportation of French jihadist

Pro-Assad militias to enter Syria's Afrin

Three Egyptian soldiers killed in Sinai

Israeli, US officials meet over gas row with Lebanon

Iran's supreme leader says progress needed on justice

Syria Kurds claim striking positions in Turkey

Netanyahu warns Iran, brandishes piece of metal

66 feared dead as plane crashes in Iranian mountains

Saudi women to open businesses without male permission

Netanyahu slams 'outrageous' Holocaust remark by Polish PM

Israeli air strikes kill 2 in Gaza

Six suffer breathing difficulties after Turkish shelling in Afrin

Russian mercenaries - a discrete weapon in Syria

Iran protests ban on wrestler who threw bout to avoid Israel

Fears of expanding Syrian war could trigger peace deal

Battle to free Mosul of IS 'intellectual terrorism'

Turkey frees Garman-Turk journalist after one year without charge

Turkey hands life sentences to 3 journalists for Gulen links

Turkey, US agree to ‘work together’ in Syria