Kuwait’s Oil Minister Tariq Al-Roumi said on Thursday that OPEC is closely watching global oil supply and demand trends, while also monitoring recent statements by U.S. President Donald Trump regarding Russian oil.
Speaking to reporters, Al-Roumi described the market as healthy, with demand growing at a moderate pace. He expects oil prices to stay below $72 per barrel amid ongoing geopolitical tensions, News.Az reports, citing Reuters.
Oil prices dipped about 1% to an eight-week low following Trump’s comments about progress in talks with Moscow, which introduced uncertainty over potential new U.S. sanctions on Russia. The U.S. recently imposed a 25% tariff on Indian imports, targeting New Delhi’s continued purchase of Russian oil.
Sheikh Nawaf S. Al-Sabah, CEO of Kuwait Petroleum Corporation, confirmed that Kuwait is producing its full quota under the latest OPEC agreement of 2.548 million barrels per day but has additional capacity that can be tapped if needed.
OPEC and its allies, known collectively as OPEC+, agreed last Sunday to increase oil production by 547,000 barrels per day starting in September. This marks a full and early rollback of previous output cuts totaling roughly 2.5 million barrels per day, about 2.4% of global demand, as part of efforts to adjust supply amid shifting market dynamics.
