The price of oil is likely to stay at about $65 a barrel for the next six or seven months, according to the head of Kuwait Petroleum Corporation, Kuwait’s national oil company.

“I think oil prices will remain at these levels for six to seven months, around $65 a barrel, until world economic recovery is clear, or if there were any political crises, or Opec changes its production policy,” Nizar al-Adsani said at a conference in Kuwait.

The price of oil has dropped by more than a third since June amid slower growth in China and increased hydrocarbon production in the US.