Oil prices may stabilize at $76-77 per barrel, Kuwaiti oil minister says

World oil prices will continue to decline and will stabilize and grow again only when winter begins, Kuwaiti Oil Minister Ali Al-Omair said.

The official also said that the OPEC was unlikely to agree on the coordinated reduction in oil production.

"I do not think there is a possibility for OPEC countries to cut production, especially given the fact that current quotas in OPEC amount to 30 million barrels a day, and this limit has not been exceeded yet. If we could do something to stabilize prices or try to bring them back to previous levels, we would not hesitate to make that step. However, the current decline in oil prices is not a consequence of OPEC's decisions," Ali Al-Omair said, Kuwait News Agency reports.

According to the minister, the reduction of production will not trigger the price growth, as the market is saturated with excess supplies of shale oil from the United States, as well as supplies from Russia.

In addition, the Kuwaiti oil minister said that prices may stabilize at around $76-77 per barrel, as this is the "cost of oil production in the United States and Russia", al-Omair said. He noted that the oil market would stabilize in winter, when demand on oil grows.