Kuwait hails faster than expected oil prce rally

KUWAIT CITY.

Kuwait Oil Minister Ali al Omair  said
Monday that world crude prices have
recovered faster than expected and
that recent gains will likely hold.

"Oil prices have improved faster than
Omair told reporters.I think it will last..
it started holding gains now and hopefully
,in the second part of 2015 ,we will see better
prices"the  minister said.

Crude has been on a rollercoaster  for the
past two weeks after prices fell by around
60 percent between June and January .
After plumbing lows of close to $40 a barrel,
internasional benchmark Brent North Sea
crude for April delivery rallied to $61.19
last week.

Market sentiment has been bolstered by cuts
in output by North American shale producers
that have raised expectations of reduction in
the current supply glut.

Omair said that reports from the Organization
of the Petroleum Exporting Countries suggested
that excess supply was being reduced more
quickly than expected.

Surplus production is definitely lower'than
the 1.8 million barrels per day thatOPEC and
other agencies had estimated during the past
few months ,he said.