BRUSSELS, 3rd May, 2016 (WAM) — Bakheet Al-Rashidi, President and CEO of Kuwait Petroleum International, KPI, also known as Q8, has said that the recent upward trend in oil prices is to continue.

“We expect the price to be between US$50-60 by end of this year or the first half of the next year. We think this increase in price is following the fundamentals of the market. It is a supply-demand issue. Nobody is forcing the price to go up or down,” he told KUNA, adding, “I think this will continue until we see something like US$80 a barrel three to four years from now. It will stabilise the market.”

Yesterday, Al-Rashidi inaugurated the Q8 Oils new world class blending plant in the Belgian port city of Antwerp after a complete refurbishment.

KPI is the international subsidiary of Kuwait Petroleum Corporation, the national oil company of Kuwait.