Kuwaiti Oil Minister Ali al-Omair said Sunday he expects falling crude prices to recover in winter but that OPEC was unlikely to counter the slide in the short term.
“We expect (oil prices) to increase in the winter season or at least preserve its current level,” said Omair, cited by the official KUNA news agency.
The minister also said he believes that oil prices will not drop below $76-77 a barrel, which is the production cost in Russia and the United States.
The decline was expected due to geopolitical factors, a rise in supplies and negative forecasts for global economic growth, Omair said.
He said Kuwait has not received any invitation for an emergency OPEC meeting to discuss prices but would attend if the call came up.
However, a cut in OPEC production “may not necessarily boost prices” because of high output by other producers, especially Russia and the United States, he said.
Oil prices closed slightly higher Friday following massive losses in a market gripped by worries about weakening global demand and a supply glut.
US benchmark West Texas Intermediate for November delivery edged up five cents to close at $85.82 a barrel on the New York Mercantile Exchange after sinking to $83.59 in early Asian trade.
Brent North Sea crude for delivery in November recovered from a four-year low to score a gain of 16 cents, settling at $90.21 a barrel in London. Since June, Brent has lost around $25 a barrel.