8 Dec 2014
Oil to to trade at USD 65/barrel for six months - Kuwait Petroleum
FXStreet (Mumbai) - The head of the state-run Kuwait Petroleum Corp (KPC). said the oil prices are likely to stay at USD 65/barrel for at least six months until the Organization of Petroleum Exporting Countries (OPEC) alters its production or world economy rebounds.
According the Bloomberg estimates, OPEC pumped 30.56 million barrels a day in November, exceeding its target of 30 million for a sixth consecutive month. Kuwait is producing 2.9 million barrels of crude a day, Nizar Al-Adsani, KPC’s chief executive officer, said at a conference in Kuwait City.
Meanwhile, Hedge funds raised bullish bets on Brent crude by 31,303 contracts in the week ended Dec. 2, as per ICE futures Europe. The bullish bets rise despite Banks including Morgan Stanley, BNP Paribas SA and Barclays Plc have cut price forecasts.
According the Bloomberg estimates, OPEC pumped 30.56 million barrels a day in November, exceeding its target of 30 million for a sixth consecutive month. Kuwait is producing 2.9 million barrels of crude a day, Nizar Al-Adsani, KPC’s chief executive officer, said at a conference in Kuwait City.
Meanwhile, Hedge funds raised bullish bets on Brent crude by 31,303 contracts in the week ended Dec. 2, as per ICE futures Europe. The bullish bets rise despite Banks including Morgan Stanley, BNP Paribas SA and Barclays Plc have cut price forecasts.