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.
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U.S. President Donald Trump has criticised Ukrainian President Volodymyr Zelenskyy for continuing to target Russia's energy infrastructure, while Russian strikes on Kyiv overnight killed at least one person and damaged a metro station.
The day after waiving sanctions and tariffs related to Russian exports, U.S. President Donald Trump said on Saturday he has yet to announce a final decision on the matter as Secretary of State Marco Rubio said officials want more time to evaluate the situation.
French President Emmanuel Macron has condemned the violence, looting and vandalism that erupted during cost-of-living protests across France. Prime Minister Sébastien Lecornu held crisis talks on Monday, calling for partial curfews and raising the possibility of a state of emergency.
An oil tanker caught fire after striking a naval mine in the southern part of the Strait of Hormuz, Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy said late Sunday.
U.S. President Donald Trump's Special Envoy Steve Witkoff has arrived in Oslo for talks with Ukrainian President Volodymyr Zelenskyy and European officials. Zelenskyy is also due to fly to the Norwegian capital on Tuesday.
As fuel prices surge nearly 37 per cent and protests over living costs turn violent, French President Emmanuel Macron is seeking fresh energy supplies and partnerships in the Gulf. But can diplomacy abroad ease mounting pressure at home?
Azerbaijan and Georgia are targeting more than $2 billion in bilateral trade as the neighbouring countries strengthen energy partnerships, expand transport links and pursue new investment opportunities.
More than 200 U.S. business leaders have joined Secretary of State Marco Rubio in Uzbekistan as Washington steps up efforts to turn closer diplomatic ties with Central Asia into trade and investment deals.
Thirty-five years after restoring independence, Azerbaijan's economy has more than tripled in real terms. Official data reveal how investment, manufacturing, private enterprise and digital development have reshaped the country's economic landscape.
U.S. President Donald Trump has lifted sanctions on Russian diesel exports and announced a Russia-Ukraine energy ceasefire aimed at easing fuel prices ahead of November’s midterm elections. But can Moscow deliver and will the move will bring meaningful relief to markets?
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