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Decrease in global price due to increase of supplies -- KPC executive

By Osama Jalal

KUWAIT, March 31 (KUNA) -- The decrease in the global price of oil was due to the increase in supplies which reached 2.5 million and 1.3 million barrels per day in January and February respectively, said Kuwait Petroleum Corporation (KPC) executive here Tuesday.
Speaking to KUNA, Managing Director for International Marketing at KPC Nasser Al-Mudhaf said that the decrease in the global price was due to a number of economic and geopolitical factors chief amongst them was the current discussions on the Iranian nuclear file in Vienna.
The increase in supplies also played an integral role in the price decrease, said Al-Mudhaf, noting that the supplies will witness an expected decrease by third and fourth quarter of this year due to maintenance at several world refineries.
Regarding the future demand for oil, the KPC executive noted that maintenance, again, will play a crucial role in this aspect, leading to an expected increase in production in Asia, the US, and Europe with expectations that demand will increase for petroleum products.
The KPC official also touched on another important issue which will affect the supply and demand for oil, noting that the decrease in tension over the Iranian nuclear file might lead to an agreement which will allow around 2.5 million barrels of Iranian oil to re-enter the global market. (end) osj.gta