Kuwait-Mubasher: Global oil prices will likely retain their normal average, reaching $50-60 per barrel by mid-2017, Bakheet Al-Rashidi, president of Kuwait Petroleum International (KPI), told KUNA.
Al-Rashidi said the current conditions of the global market could be described as 'being in a corrective phase' which demands from oil producers to bring back the low price to its reasonable rate after a long period of surplus in supplies.
The potential increase is different from that of 2003 and 2004, said the president, noting that the prices will go up gradually to reach around $50 per barrel.
He said the possibility of reaching a record high for the prices would not occur in the near foreseeable future, adding that the prices might reach $60-80 per barrel in a three year-time.
The selling of the refinery, which produces around 88,000 barrels per day, was within KPI's 2030 development strategy in Europe, said Al-Rashidi.
