New Delhi, June 15 (IANS) Kuwaiti Energy Minister Sheikh Ahmad Al-Fahd Al-Sabah Thursday expressed hope that the downtrend in oil prices witnessed this week would continue and global prices would stabilise between $65 and $70 per barrel.

Kuwait is a major oil producer and has about 10 percent of the world's oil reserves.

"Now prices have started to decrease, but we still believe the geopolitical problems will play a major role because of Iran, Iraq and other regions," Al-Sabah told reporters here.

Al-Sabah is here with Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, who is on a four-nation tour, including Bangladesh, Thailand, India and Pakistan.

"I hope it (oil prices) will be more stable and will continue between $65 and $70 per barrel," the minister said.

He forecast that the "demand (for crude oil) in winter is expected to be lower than last year", but did not elaborate.

Dependent on imports for meeting over 70 percent of domestic requirement, further softening of global oil prices would be welcome news for India as it would help reduce the subsidy burden.

Global prices witnessed a marginal upward trend Thursday after two days of decline though crude prices remained below $70 per barrel.