Kuwait Petroleum Corp expects crude prices to soften by mid-2014

January 13, 2014 - 11:57:40 am

KUWAIT: Crude oil prices could soften by mid-2014 due to some weakness in demand, Nizar Al-Adsani, chief executive of state-owned Kuwait Petroleum Corp (KPC), told reporters on Monday.

"Prices are still healthy above $100. Demand is still there. Demand will definitely soften up." 

"They'll probably soften up in the mid of this year," Al-Adsani said on the sidelines of an energy conference in New Delhi.

Brent crude edged lower toward $107 a barrel on Monday after six nations struck a fresh six-month deal with Iran to curb its nuclear programme and U.S. President Barack Obama urged Congress not to impose additional sanctions on the country. 

Kuwait is a member of OPEC, which agreed in December to renew its 30 million barrels per day (bpd) output cap for the first half of 2014 as disruptions to supplies prop up prices. (Reuters)