Kuwait Expects Oil Price to Rise to $50 in 2016

 Kuwait expects the price of crude oil to rise to $50 per barrel and said the Gulf Arab state exports about 2.1 million barrels per day, state news agency KUNA said citing a senior official.

"Kuwait exports around 2.1 million barrels of crude oil per day, and it's expected that the price will reach $50 per barrel during 2016," KUNA said, citing Nabil Bouresli, managing director of international marketing at Kuwait Petroleum Corp (KPC).

Bouresli cited "increased demand and shrinking supply" as the reason for the expected rise.

(Reporting By Ali Abdelaty and Noah Browning; Editing by Toby Chopra)