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

*The state-owned Kuwait Petroleum Corporation ranks as the ninth biggest oil and gas company in the world.

*The state-owned Kuwait Petroleum Corporation ranks as the ninth biggest oil and gas company in the world.

19 March 2016, Dubai — 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).

Bouresli cited “increased demand and shrinking supply” as the reason for the expected rise.
*Ali Abdelaty and Noah Browning; Editing – Toby Chopra – Reuters

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