Kuwait OPEC Governor Expects Oil To Return To Hold $100 Level

The governor attributed the dip in oil prices to a rise in supply and slower demand over summer.

Kuwait OPEC Governor Nawal Al-Fuzaia said on Wednesday that a recent drop in oil prices was due to a rise in supply and slower summer demand and that she expected prices to rise again and maintain the $100 per barrel level.

“In relation to oil prices, the current drop is due to a rise in supply, specifically the return in production from Libya. There are also supplies from U.S. shale, and there is a slowing in demand for crude in the summer, she told reporters.

“I expect prices will rise and maintain the level of $100 (per barrel),” she said, citing geopolitical reasons and pending winter demand.