Kuwait official predicts oil prices near $70 per barrel

Crude oil exports to Japan down 1st time in 4 months
KUWAIT: The Acting Undersecretary of Kuwait’s Ministry of Oil Sheikh Talal Al-Sabah has foreboded that the price of a barrel of oil in the global market could hit $70, citing a “historic” OPEC deal to limit output. Speaking to the press as the ministry unveiled its new website yesterday, the Kuwaiti official expected the price of oil to remain within the range of $50 to 60 per barrel (pb) – allaying concerns over a further dip in prices. He described OPEC’s deal to slash oil production as a significant achievement, saying that the current oil price of $62 to 63 pb was acceptable.

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