KUWAIT, Oct 15 (Reuters) - Global oil prices should stay
stable or fall just under their current levels over the next
five years as Asian consumption makes up for a potential drop in
European and U.S. demand, Kuwait's oil minister said on Monday.
Asia is the Gulf state's biggest oil customer, receiving 65
percent of its exports, Hani Hussein told state news agency KUNA
on the sidelines of an Asian summit in Kuwait.
He said oil prices will remain "stable or just under the
current level," over the next five years thanks to "active and
increasing" consumption in Asia, KUNA reported.
Consumption in Western nations could stay the same "or drop
to a certain degree," he added. OPEC member Kuwait produces
around 3 million barrels of oil a day.
Brent futures slipped towards $114 a barrel on Monday,
falling for a second session due to worries over weak oil
demand, although concerns over potential supply risks from
tension in the Middle East kept losses in check.
China's crude oil imports rose in September, but demand
remained weak, underlining a worsening outlook for global fuel
(Reporting by Sylvia Westall; editing James Jukwey)