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FINANCIAL NEWS
Kuwait sees oil prices stabilizing in 6-7 months
09 Dec 2014
(MENAFN) Kuwait Petroleum, the country state oil company, said that it expects that the oil prices will remain around their current level for the barrel for the next six to seven months, The Peninsula Qatar reported.
‘I think oil prices will remain at these levels for six to seven months, around USD65 a barrel, until world economic recovery is clear or if there were any political crises or OPEC changed its production policy,’ Kuwait Petroleum Corporation Chief Executive said.
The company said that at the moment, Kuwait’s oil production has reached around 2.9 million barrels a day (bpd) of crude, while that the production level in the neutral zone, which is equally divided between Kuwait and Saudi has reached 200.000 bpd, all from the Wafra onshore field currently being operated by US oil major Chevron.
Kuwait Petroleum also said that it was still unknown when crude production from the Khafji oilfield, jointly run by Saudi Arabia and Kuwait with an output between 280.000 and 300.000 bpd, would go back online after production in it was stopped temporarily to comply with environmental rules.
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