(VOVworld) – Kuwait Petroleum International (KPI) said on Saturday that oil prices could reach the range of 50 to 60 USD a barrel by mid-2017.

(Photo: kazinform.kz)

According to Middle East experts, prices could reach 60 to 80 USD a barrel in three years' time. The sharp decrease in oil prices over recent months was attributed to an excessive supply in the market and slow demand from Asia, particularly China. The experts said the global oil market was going through a correction and has reached the bottom.