Opec and non-Opec producers agreed to nearly 1.8 million b/d production cut from January 2017
Kuwaits new minister for oil electricity and water Essam Abdulmohsen al-Marzouq has suggested that the price of oil would reach $60 a barrel at the start of 2017, following Opec and non-Opec decisions to cut production.
The price of Brent is currently trading at $54 a barrel.
Al-Marzouq, who took the oath of office early December following Kuwaits elections on 26 November, is also the chairman of Kuwait Petroleum Corporation.
Opec member countries agreed to cut production by 1.2 million barrels a day (b/d) on 30 November in a historic accord - the first in eight years.
Twelve non-Opec producers led by Russia have also agreed to cut production by 558,000 b/d, with Moscow agreeing to slash 300,000 b/d starting January 2017.
The production cuts will be in place for six months.
You might also like...
McDermott completes financial restructuring exercise
28 March 2024
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Redcon wins Red Sea Triple Bay infrastructure deal
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.