Mubasher: The Kuwaiti oil minister predicted that the price of crude Brent oil would stay at its current levels in the coming period.

OPEC’s strategy is heading in the right direction, minister Essam Al Marzouq said in a press announcement, noting that the weekly and monthly stocks are declining.

The demand on oil is likely to increase during the third quarter of 2017, which may lead to lowering the stock and reaching the equilibrium point of supply and demand by the end of 2017, he added.

Demand is expected to further increase in 2018, which may compensate for the previous cuts.

The next OPEC meeting in November 2017 will decide whether the production cut would be extended beyond March 2018, Al Marzouq added.

Al Marzouq denied any major impact of Hurricane Harvey on the market, as the production cuts were followed by reductions in the refinement operations.