Kuwait Petroleum International said on Saturday oil prices could reach a range of $50-60 a barrel by mid-2017, the official Kuwait news agency reported. The agency quoted the company's top executive Bakheet al-Rashidi as saying prices could reach the range of $60-80 a barrel in three years, Reuters reported. "The global oil market is going through a correction and we have reached the bottom and the crude oil price has reached its lowest level in the past decade," he was quoted as saying by the agency, adding that Rashidi had made his comments at a company event in London. The global oil benchmark, Brent crude, stood at around $115 in June 2014, but prices went down to $70 per barrel last September when overproduction from the United States caused prices to dip. Prices have collapsed to $30-a-barrel range since OPEC member-states, and in particular the world's biggest crude exporter Saudi Arabia, decided to keep production unchanged in November 2014.
