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Kuwait’s oil minister believes oil prices have bottomed out

Market news
Market news

Kuwait’s oil minister said he believes oil prices have bottomed out, according to reports.

Ali al-Omair was asked if he agreed with recent remarks made by Qatar’s energy minister.

He said for between two and three months prices hadn’t gone done so potentially be “at the bottom”.

Omair said: “Now we can see that several rig rates have declined as a number and the high-cost production started to withdraw from the market.

“For about six months we can see a decline in the rig rates. Of course this would help the prices.

“But the other point which would help the prices is economic growth, so we have to wait and see how the economic growth in south Asia, in Europe, in America proceeds. If this is going to increase, as economic growth, this would improve the prices.”

He also said OPEC, which is set to meet in Vienna next month, should not cut production alone.

Omair added: “OPEC should not cut production alone, yes…I think OPEC should stick to its unity. OPEC now has been targeted by the non-OPEC countries…but if there is any cost or cutting in production, this should not be only for OPEC countries, we have to share together the cost of reduction.”

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