Kuwaiti Oil Minister Is Not Surprised Oil Has Fallen

The video discusses the reasons behind the recent fall in prices, primarily due to storage issues rather than lack of conformity. It highlights the satisfactory conformity levels and urges other countries to meet their requirements. The discussion shifts to inventory levels, focusing on US and OECD inventories, and the goal to reach a five-year average by the end of the third quarter. The impact of US shale production and OPEC's production cuts are analyzed, with an expectation of consuming excess storage. Finally, price trends from 2015 to 2017 are reviewed, with a target range of $50 to $55 for 2017.

What is the significance of the five-year average of inventories mentioned?

What price range is expected for oil in 2017, and what factors influence this expectation?