Kuwait, Kuwaiti Minister of Oil, Electricity, and Water Essam Abdul Mohsen Al-Marzouq predicted Thursday that the price of oil might reach USD 60 per barrel at the beginning of 2017 as a result of the agreement between OPEC countries and major oil producers to reduce production.

Al-Marzouq, who is also Chairman of the board for Kuwait Petroleum Corporation's (KPC), said in statement carried by Kuwait News Agency (KUNA) that he was optimistic that the price of oil will go up in the near future, noting that the OPEC and major oil producers' agreement will be applied next January.

During a recent meeting, OPEC members agreed to cut down production by 1.2 million barrels per day in the beginning of 2017, while non-OPEC members vowed to curb their output by 600,000 bpd, including 300,000 bpd from Russia.

Source: Qatar News Agency