Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
"Through OPEC, we are monitoring the market in terms of supply and demand, and we are monitoring the U.S. President’s statements," Kuwait's Oil Minister Tariq Al-Roumi stated on Thursday.
Al-Roumi told reporters that oil prices are expected to stay below $72 per barrel and described the current market as healthy, with moderate demand growth.
Oil prices dipped by around 1% on Wednesday, hitting an eight-week low after Trump suggested progress in talks with Moscow, raising doubts about further U.S. sanctions.
Trump has warned that additional sanctions could be imposed if the war in Ukraine continues.
On the same day, Washington announced a 25% tariff on Indian imports, citing India’s ongoing purchases of Russian oil.
Sheikh Nawaf S. Al-Sabah, CEO of Kuwait Petroleum Corporation, confirmed that Kuwait is producing its current OPEC quota of 2.548 million barrels per day (bpd) but has the capacity to produce more if needed.
Indonesia’s Ministry of Energy and Mineral Resources announced on Thursday that the country’s coal production is likely to exceed 700 million tons...
A rare first edition of J.R.R. Tolkien’s 'The Hobbit' has sold for £43,000 at a UK auction after being discovered in a Bristol home....
Afghanistan’s Deputy Prime Minister for Administrative Affairs met with senior migration officials in Kabul to address the escalating return of Afgh...
President Kassym-Jomart Tokayev announced that Kazakhstan will host the Central Asian Regional Climate Summit in April 2026, in partnership with Unite...
In a landmark move, U.S. President Donald Trump will welcome the leaders of Armenia and Azerbaijan to the White House on Friday for the signing of a p...
A rare first edition of J.R.R. Tolkien’s 'The Hobbit' has sold for £43,000 at a UK auction after being discovered in a Bristol home.
Afghanistan’s Deputy Prime Minister for Administrative Affairs met with senior migration officials in Kabul to address the escalating return of Afghan refugees from neighbouring countries, amid Pakistan’s deadline for registered refugees to leave by the end of August.
Türkiye’s Foreign Minister Hakan Fidan will hold talks in Damascus on Thursday with Syrian President Ahmed al-Sharaa to discuss bilateral relations, the evolving situation in Syria, and tensions with Israel, a Turkish Foreign Ministry source confirmed.
U.S. President Donald Trump is hosting Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan in Washington on Friday for separate and trilateral talks aimed at advancing peace and regional cooperation in the South Caucasus.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
De-dollarisation, the move away from the U.S. dollar in global trade and finance, is no longer a fringe idea. As geopolitical tensions rise and new financial tools emerge, could this shift really transform the global economy?
U.S. stock markets closed higher on Wednesday, with the Nasdaq leading gains after tech giants – particularly Apple – saw strong advances.
Global financial markets are trading mixed today amid U.S. President Donald Trump’s announcement of tariffs on drug and semiconductor imports, coupled with weak service sector data impacting investor risk appetite.
Tesla has granted Elon Musk a $29 billion share award as part of a new compensation plan to retain him as CEO while the company shifts focus from electric cars to robotaxis and AI. The move revives elements of a controversial 2018 package previously struck down by a Delaware court.
OPEC+ will increase oil production by 547,000 barrels per day in September after eight members of the organisation held a brief virtual meeting on Sunday. They said the company will continue to accelerate its output hikes to regain market share.
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