OPEC Producer Sees Oil at $60 Until 2018 With Demand Picking Up
- Price rising to $50 a barrel will stimulate demand: Kuwait
- Kuwait signs deals with Shell, BP in push to raise oil output
Oil Outlook: Where Are Oil Prices Heading?
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Crude oil will rise to a range of $50 to $60 a barrel until at least 2018 as demand increases and markets absorb an oversupply that’s led to lower prices over the last two years, according to the acting oil minister of OPEC member Kuwait.
The Organization of Petroleum Exporting Countries should stick with its policy of pumping at near record levels as markets are coming into balance, Anas Al-Saleh said in a telephone interview from Kuwait City. Demand will pick up by the fourth quarter, he said.