The Minister of Finance and Deputy Prime Minister of Kuwait, ANAS al-Saleh, acting Minister of oil, says that in the third or fourth quarters of 2016 will be a rebalancing in the global oil market, and prices will end the year at $50 per barrel.
According to him, this indicates that OPEC strategy to protect their market share works, reports RNS.
“The theory (OPEC — ed.) works well, — said the Minister. — Now we see better prices on the market, and demand is growing, including by limiting extraction in Canada, Libya, Nigeria and the United States.”
Meanwhile, this morning the international price of “black gold” declined in electronic trading on the London and new York stock exchanges. So, futures for Brent crude with delivery in July on London’s ICE Futures exchange fell by 0.63% to $48,18 per barrel. June futures for light oil WTI on the new York Mercantile exchange (NYMEX) decreased by 1%, to $47,71 per barrel.
Oil became cheaper on data about unexpected growth of stocks in the United States. As it became known from the report of the US Department of energy, the oil reserves in the country last week rose by 1.31 million barrels. Interviewed by The Wall Street Journal, experts had expected a decline of 2.4 million barrels.
