The chief executive of Kuwait Petroleum International said on Tuesday that he expected oil prices to stabilise between $50 and $60 a barrel by the end of 2016 or early 2017, Kuwait's official Kuna news agency reported.

It also quoted Bakheet Al-Rashidi as saying prices could reach $80 a barrel in three to four years' time. Brent crude is currently around $46 a barrel.

"We think this increase in price is following the fundamentals of the market," he told Kuna. "It is an issue of supply and demand."

KPI, also known as Q8, refines and markets fuel, lubricants and other petroleum products. It is an international subsidiary of state-owned oil and gas firm Kuwait Petroleum Corp. -Reuters