Kuwait Predicts $50 per Barrel Oil

Reacting to recent activity in oil prices, the managing director of international marketing for Kuwait Petroleum Corp, Nabil Bouresli, said "Kuwait exports around 2.1 million barrels of crude oil per day, and it's expected that the price will reach $50 per barrel during 2016.” He credits the increased demand for oil and the shrinking supply as the reason oil prices will continue to rise in 2016.