 "An oil well is seen near Denver, Colorado. Photo: Reuters")
Kuwait Petroleum International said on Saturday oil prices could reach a range of $50 to $60 a barrel by mid-2017, the official state news agency reported.
The agency quoted the company's top executive Bakheet al-Rashidi as saying prices could reach the range of $60 to $80 a barrel in three years' time.
"The global oil market is going through a correction and we have reached the bottom," he was quoted as saying by the official Kuwait news agency, who added that Rashidi had made his comments at a company event in London.
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Rashidi attributed the drop in oil prices to excess supply in the market and slow demand from Asia, particularly China.
Asked whether oil prices would ever reach the $100 per barrel level again, Rashidi said, "We can reach prices ranging between $60 and $80 but we need three years." On Vietnam's Nghi Son refinery, Rashidi said it would start operations by the end of 2016.
