Global oil demand will increase 1.5 million barrels per day (b/d) next year, Kuwait’s Oil Minister, Bakheet El Rashidi, predicted, according to Bloomberg.
“That [higher demand] will support oil prices and support refining margins,” the minister said, according to the news agency. “Refining margins will be better than this year because they are linked to demand growth.”
In November, Kuwait’s crude production stood at 2.7 million b/d, Bloomberg reports.
El Rashidi was named as oil minister during a recent cabinet shuffle. He previously served as the CEO of Kuwait Petroleum International (KPI).