ECONOMY

Kuwait says expects oil price to rise to $50 per barrel in 2016

Nabil Bouresli cited “increased demand and shrinking supply” as the reason for the expected rise (Shutterstock)

Kuwait expects the price of crude oil to rise to $50 per barrel and said the Gulf Arab state exports about 2.1 million barrels per day, state news agency KUNA said citing a senior official.

“Kuwait exports around 2.1 million barrels of crude oil per day, and it’s expected that the price will reach $50 per barrel during 2016,” KUNA said, citing Nabil Bouresli, managing director of international marketing at Kuwait Petroleum Corp (KPC).

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Last Update: Saturday, 19 March 2016 KSA 14:31 - GMT 11:31
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