Kuwait: Oil seen in $ 70-80 range in 2019 & 2020

Nizar Al-Adsani, head of Kuwait’s national oil company Kuwait Petroleum Corporation (KPC) posts optimistic remarks on oil market fundamentals, noting that oil demand will be ‘enormous’ as global investments have been slashed, in the wake of the oil price crash, Oilprice.com reports.

Al-Adsani expects ‘enormous demand’ for crude oil in 2019 and 2020, with oil prices likely in the US$70-80 range per barrel.

He adds, “it’s a given” that we won’t see oil at US$100 per barrel anymore, and sees the sweet spot of prices in the US$50-60 range for all – producers, consumers, international oil companies and shale drillers.