KUWAIT: Kuwait Brent crudes’ price is forecast to range between $67 and $73 per barrel in second half of 2015, with the variation with the Kuwaiti crudes estimated at USD five per barrel, a Kuwaiti expert said.
Dr Abdulsamee’ Behbehani, chairman of the “orient center for petroleum consultation,” said the forecast rise of the crude price, to be marked with major leaps, will result in recovering speculations.
As to the Brent price last week, Behbehani said it rose five percent, on Thursday, reaching $64 pb, rising $2.4 in a single day.
Most speculators were affected with “slowness” of the American reserves despite a market glut, in addition to Saudi Arabia’s declaration about hiking its oil price.
The American reserves, four months ago, stood at 1.29 million barrels and were expected to stand, currently, at 2.88 million, however they reached up to 5.32 million barrels — this pushed the Brent price to $62 pb.
He however cautioned that the oil price might drop to $50-55 pb in case OPEC failed to slash the output by the year Q4.
All indications stregnthen prediction that the prices would move up despite the market glut.
Kuwait’s crude oil exports to China in March hit a three-month high of 1.32 million tons, equivalent to 313,000 barrels per day (bpd), up 6.1 percent from a year earlier, official data showed.
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