Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
Saudi Defense Min. discusses Yemeni campaign with Qatari, UAE, Egyptian officials      Human rights federation cites Israeli war crimes in Gaza attack      His Highness Amir's envoy leaves Singapore      Cambodian PM honors Kuwaiti amb. with medal      UN official hopes aid pledges for Lebanon will be honored      IPU's 132nd Assembly to kick off in Vietnam Sat.      Six airstrikes in Syria, 10 in Iraq target ISIL -- coalition      UNHRC adopts resolutions in favour of Palestinians      UNHRC extends human rights investigation mandate in Syria for one year      NATO condemns offensive actions by Houthi malitias
  Power & Materials
Oil prices between USD 105-115 during Q4 -- experts
24/10/2013   |   04:13 PM | Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط

By Osama Jalal

KUWAIT, Oct 24 (KUNA) -- The price of crude oil is likely to oscillate between USD 105-115 during the remainder of the 4th quarter due to the onset of winter when demand for heating oil spikes, said two Kuwaiti energy experts on Thursday.
The experts, Dr. Talal al-Bathali and Ahmad Hassan Karam, concurred on the premise that no geopolitical influences will probably affect the oil price during the 4th quarter as they did during the 3rd quarter when the Syrian crisis and the US debt ceiling issue dominated the political scene.
Stressing that the spread in the oil prices would not go beyond USD 10 in the 4th quarter, al-Bathali noted that in all probability increased shale oil production in the US and Canada would not affect the supply and demand curve by much and therefore prices more or less would be stable.
US shale oil production rate currently does not match the demand for it in oil markets, he said, noting that any oversupply will be easily sopped up by the likes of giant consumers as China, Japan, India, and South Korea.
Karam, while agreeing that the price of oil might inch up a tad in the 4th quarter, considered any price over the 100 dollar mark a fair one. He said that demand for heating oil this winter was likely to add two to three dollars to the price of oil, but not much more.
What will keep the prices as high as they currently are and in the foreseeable future, he said, are the lowering of oil production in Libya (600, 000 barrels a day, down from 1.5 million) and the ban on the purchase of Iranian oil.
He expected that OPEC will keep its production level of 30 million barrels a day unruffled as it is quite satisfied with the current prices.
Furthermore, he said that US shale oil production, though not having a tangible influence on oil prices now, might in the long run affect prices due to overproduction and oversupply of oil in world markets. He said global expectations were that in the near future the US will be seen as the largest oil producer in the world and China the largest consumer. (end) osj.ajs KUNA 241613 Oct 13NNNN

 Print
  Email
 Save
Share
Share
Honoring Kuwait 2014


KUNA publishes a book titled (His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: A Humanitarian Leader) to commemorate the UN honoring of Kuwait's leader

kuna magazien


Most Read Most Emailed  
1.   4.5-degree earthquake hits SW Kuwait - KNSN
2.   Saudi Arabia proposes establishment of petroleum media association
3.   ISIL militants kill 74 Syrian soldiers - SOHR
4.   Heavy casualties in northern Syria
5.   Kuwait offers UNRWA USD 2 mln
6.   Kuwait calls on UNHRC to halt Israeli violations against Palestinians
    Photo Gallery

Kuwaiti Ambassador to Vietnam Hamad Al-Jutaili

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah departing to Egypt seen off by Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah departing to Egypt seen off by His Highness Prime Minister Sheikh Jaber Al-Mubarak

His Highness Amir's envoy His Highness Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah leaves Singapore

Minister of Finance and Acting Minister of Commerce and Industry Anas Al-Saleh

designated Undersecretary at KNG Major General Hashim Al-Refaei

Egypt's President Abdelfatah Al-Sisi

Director General of KDIPA Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah and JETRO Executive Vice President Tsuneyuki Kato

Kuwait's permanent delegate to the UN Ambassador Jamal Al-Ghunaim

Central Bank of Kuwait Governor Dr. Mohammad Al-Hashel

Kuwait pavilion at Expo Milano 2015

Kuwait pavilion at Expo Milano 2015

His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah

Kuwaiti Ambassador to Mexico, Samih Johar Hayat during Photo exhibition

Awni Kaaki

the Kuwait Petroleum Corporation (KPC)

Deputy Secretary-General of the Arab League Ambassador Ahmed bin Hilli

Minister of Oil and Minister of State for National Assembly Affairs Ali Al-Omair

Minister of Justice and Minister of Awqaf and Islamic Affairs Yaqoub Al-Sanee

Permanent Delegate to the UN headquarters and international organizations in Geneva Ambassador Jamal Al-Ghunaim

Foreign Minister Prince Saud Al-Faisal

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah

KFAED Deputy Director General Hamad Al-Omar and Undersecretary of Nepal's Ministry of Finance Madhu Kumar Marasini after signing the agreement

National Assembly Speaker Marzouq Al-Ghanim speaking to press
Publications

WEATHER
PRAYER
CURRENCIES
KUWAIT AIRPORT
    Calendar
About KUNA KUNA SERVICES USEFUL LINKS KUNA ARCHIVE KUNA PUBLICATIONS
Home
About Kuna
Advertise
Contact Us
Kuna's Bureaus
Services
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA training center
KUNA Reader
SMS Services
الكويت فى ذاكرة الأيام
Images 2014
Job Application
Careers
Arab News Agencies
International News Agencies
Governmental Institutes
Banks in Kuwait
News Paper
Local Companies
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Events
Training Sessions
Videos
All KUNA right are reserved © 2012. This site is designed and published by IDS