Kuwait expects $50-$60 a barrel oil with OPEC deal implementation

Kuwait is preparing to restart production from oilfields jointly operated by Saudi Arabia and Kuwait
Kuwait expects $50-$60 a barrel oil with OPEC deal implementation
By Reuters
Thu 15 Dec 2016 02:01 PM

Kuwait expects oil prices to be about $50-$60 a barrel in January when the OPEC deal to cut output comes into effect, its oil minister said on Thursday.

Newly appointed minister Essam Abdul Mohsen Al-Marzouq told reporters that price range was fair. Kuwait agreed to contribute 131,000 barrels per day (bpd) out of OPEC's planned 1.2 million bpd reduction starting Jan. 1 2017.

Meanwhile, Kuwait is preparing to restart production from oilfields jointly operated by Saudi Arabia and Kuwait but any additional supplies will compensate for a cut from other fields, according to the oil minister.

Al-Marzouq said the step to restart the oilfields in the Neutral Zone, which lies between both countries, awaits a final decision from the political leadership.

"We will commit to our share in OPEC (cut deal) and any (additional) production from the Neutral Zone will mean a reduction in output from other fields," he said.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.