Kuwait sees stable oil prices over 5 years

Kuwait sees stable oil prices over 5 years

Asia is the Gulf state's biggest oil customer, receiving 65 percent of its exports...

October 16, 2012 9:23 by Reuters

Global oil prices should stay stable or fall just under their current levels over the next five years as Asian consumption makes up for a potential drop in European and U.S. demand, Kuwait’s oil minister said on Monday.

Asia is the Gulf state’s biggest oil customer, receiving 65 percent of its exports, Hani Hussein told state news agency KUNA on the sidelines of an Asian summit in Kuwait.

He said oil prices will remain “stable or just under the current level,” over the next five years thanks to “active and increasing” consumption in Asia, KUNA reported.

Consumption in Western nations could stay the same “or drop to a certain degree,” he added. OPEC memberKuwait produces around 3 million barrels of oil a day.

Brent futures slipped towards $114 a barrel on Monday, falling for a second session due to worries over weak oil demand, although concerns over potential supply risks from tension in the Middle East kept losses in check.

China’s crude oil imports rose in September, but demand remained weak, underlining a worsening outlook for global fuel consumption.