Kuwaiti Oil Price May Hit $65 Pb To 75 Pb
Category: Business
Immigrate to Canada or Australia
Study In Abroad

Kuwaiti oil analyst Mohamad Al-Shatti warned on Tuesday that Saturday’s attack on oil facilities in Saudi Arabia would have serious effects on the global oil and gas industry.

Al-Shatti predicted that Kuwait oil price would be between $65 per barrel to 75 pb in the “coming period.” In a statement to Kuwait News Agency (KUNA), Al-Shatti confirms that it is certainly inevitable that global markets respond to “such threats,” noting that the current limited rise in oil prices will be followed with gradual, further increase, in shadow of the large scale destruction inflicted at the crude sites and forecast time needed to restore normal operations at the damaged oil installations.

“Perhaps, rise of the price of Brent crude oil within the range of $5 to 15 a barrel is the closest in the current stage, and the rise towards $70 pb or more depends largely on speed of restoring normal production,” he noted. The attack on Al-Bqaia and Al-Kurais oil installations has a very serious impact on oil and gas trade worldwide, he said.

Saudi Arabia, the world third largest oil producer, has a capacity of untapped surplus of oil, estimated at two million barrels per day, thus Riyadh can ensure security of supplies and stability of markets, Al-Shatti clarifies. He said the attack “went beyond mere threatening the petrochemical industry to affecting production of gas and gas liquids, including ethane, although part of it can be offset by import, but it will undoubtedly affect prices.”

Accuracy of the hits indicated that the attack was pre-planned and that the culprits used advanced technology, Al-Shatti said, calling for thorough examination of the assault to avert its recurrence, for oil remained the most important “tributary of the economy at present.”

Al-Shatti indicated that he had anticipated much stronger reaction from the major powers to the attack, however he noted that the response was largely substantial due to Saudi Arabia’s heavy weight on the global political arena and its key role in energy security.

In this regard, the US reaction was somewhat reassuring, particularly when Washington announced it would use America’s strategic crude stockpiles to alleviate market concerns, he added. He also referred to reassurances by the International Energy Agency (IEA), which confirmed existence sufficient supplies in the markets. Elaborating, Al-Shatti said the announcement by Gulf Cooperation Council (GCC) countries, particularly Kuwait, the United Arab Emirates and Bahrain, confirming their standing with Saudi Arabia was necessary to reassure the markets.

“These are national and honorable positions that emphasize that our Gulf is united and we must react as one against any threat facing the region,” he said. As for oil supplies, Al-Shatti said despite global and international assurances of maintaining sufficient oil supply, “some” have re-manifested the tendency to ask oil-producing countries to increase their crude output.” On prospected resumption of regular crude production, Al-Shatti clarified that a quick return to the normal production had been expected in just 48 hours after the attack. However, now the forecast extends to the end of the year, the Kuwaiti expert said, citing market sources.



18 Sep, 2019 0 161
Posted Comments
Popular News
Indian Staff Nurse Passed Away In Kuwait; Mother Dies On Hearing News Of Son's Death Indian staff nurse Renju Cyriac working at Adan Hospital passed away in Kuwait. He was 38 years old. Renju Cyriac hails from Mavelikkara in Kerala passed away Saturday morning due to heart attack. He ... March 28, 2020 0 7137 Category: Coronavirus
Labour Camp In Mahboula Quarantined After Technician Tested Positive Covid19 A labour camp in Mahboula area housing almost 600 workers has been quarantined informed sources told The Times, Kuwait On discovery that one Indian technician who was staying at the camp was tested CO... March 28, 2020 0 7083 Category: Automotive
Coronavirus Cases In Mahboula On The Rise,MOH Officials Warned Residents To Stay Home Ministry of Health officials have warned residents of Mahboula area to taken extra precautionary measures and not venture outside unless absolutely necessary. In a video that has gone viral, a ministr... March 30, 2020 0 5700 Category: Coronavirus
Total Ban Options On Government Table Today The possibility of enforcing a full curfew is among the  options on the agenda of the Council of Ministers in their meeting tonight, Al Rai newspaper disclosed that a high ranking government reve... March 31, 2020 0 4865 Category: Coronavirus
7 Indians Infected From Contact With Confirmed Coronavirus Case The Kuwaiti Ministry of Health announced Monday that 11 people were infected by the novel coronavirus, known as COVID-19, in the last 24 hours. With this, the total number of Indians confirmed with co... March 30, 2020 0 4669 Category: Coronavirus
“Implement Total Ban In Khaitan, Jleeb, Shuwaikh And Mahboula” MP Safa Al Hashem Mar 29: MP Safaa Al-Hashem demanded the implementation of total ban in the Khaitan, Jleeb Al-Shuyoukh, Shuwaikh industrial, Mahboula and desert areas to stop the epidemiological investigation, stressi... March 29, 2020 0 4409 Category: Coronavirus
Strict Curfew In Jleeb Al Shuyoukh Jleeb Al Shuyouk has come under the radar of the Ministry of Health who have begun taking rounds in the area to ensure precautionary measures are being followed to contain the spread of coronavirus. ... March 31, 2020 0 4165 Category: Automotive
Gulf Bank Postpones Loans And Credit Card Installments Gulf Bank will postpone all installments of consumer loans and credit cards for six months for all Gulf Bank customers. Moreover, all interest and fees related to these transactions will be waived. Th... March 29, 2020 0 4128 Category: Coronavirus
9 Indians And 3 Bangladeshi Among 20 New Coronavirus Infected Persons The Kuwaiti Ministry of Health announced on Sunday that a further 20 people were infected by the novel coronavirus, known as COVID-19, in the last 24 hours. This brings the Gulf country’s tally ... March 29, 2020 0 3846 Category: Coronavirus
35 Indians among 289 Confirmed Covid19 Cases in Kuwait Ministry of Health today announced that 23 new cases of Coronavirus were confirmed in Kuwait in the last 24 hours. With this, the total number of confirmed cases raises to 289 in the country. 8 of ... March 31, 2020 0 3798 Category: Coronavirus
View All
Visit Visa
Visit Visa
Dependent Visa Driving License Project Visa Termination
Civil ID Crime News
Crime News