Kuwait Petroleum expects crude prices to soften by mid-2014

NEW DELHI: Crude oil prices could soften by mid-2014 due to some weakness in demand, Kuwait Petroleum Corp. (KPC) CEO Nizar Al-Adsani said.
.”.. Prices are still healthy above $100. Demand is still there. Demand will definitely soften up. They’ll probably soften up in the mid of this year,” Al-Adsani said on the sidelines of an energy conference in New Delhi.
Kuwait is a member of OPEC, which agreed in December to renew its 30 million barrels per day (bpd) output cap for the first half of 2014 as disruptions to supplies prop up prices.
Brent crude for February delivery was down 18 cents at $107.07 per barrel at 1522 GMT. The contract had settled 86 cents higher on Friday. US crude slipped 60 cents to $92.12 per barrel, after closing $1.06 higher on Friday.
A partial end to supply disruption from Libya has also acted to pressure prices since the start of January.
Libya’s El Sharara field is producing 300,000 barrels per day of oil compared to its peak output of about 340,000 bpd, Oil Minister Abdelbari Arusi said on Sunday, due to a standoff with rebel groups.
However, pointing to supply constraints in coming weeks, several buyers of Iraq’s Basra Light oil will see a reduction in February volumes, trade sources said, an early setback in Iraq’s plans to boost exports this year.
FROM AGENCIES