KUWAIT CITY: Kuwaiti Oil Minister Essam al-Marzouk said Sunday the international crude market is expected to rebalance in the fourth quarter of 2018 after producers extended a deal to curb output. The producing nations aim to reduce an oil supply glut that sent crude prices crashing. As a result of the curbs, oil prices have doubled since dipping under $30 a barrel in early 2016. Iraqi Oil Minister Jabbar al-Luaibi has said he expects oil prices to remain around $60 a barrel. He said that Iraq’s production would hit five million bpd in the first quarter of next year.

Source: New Strait Times December 10, 2017 11:26 UTC