Kuwait minister sees oil at $65-$70 a barrel

Global oil prices should stay at around $65-$70 per barrel in the coming months, and demand in the northern hemisphere winter is likely to be lower than in the previous year, Kuwait's oil minister said today.

Crude oil prices topped $75 per barrel in late April, as tensions between the West and Iran over the latter's nuclear programme escalated, and on supply disruptions in Nigeria.

Prices have since fallen below $70 a barrel. "Now that prices have started to decrease, we believe still, the geo-politics problem will play a major role because of the situation in Iran and Iraq and other regions," Sheikh Ahmad al-Fahd al-Sabah told reporters in New Delhi.

"I hope they (global oil prices) will be more stable," he added, when asked if he saw stability in global oil prices in the coming months. "I think they'll continue between $65-$70," he said.