oil market stable, outlook positive despite challenges
VIENNA: Kuwait's Minister of Oil Tariq Al-Roumi said on Thursday that the global oil market is witnessing remarkable stability, with relatively stable prices and increasing demand.
In a statement to KUNA, during the Ninth OPEC International Seminar currently held in Vienna, Al-Roumi expressed his optimism about the market's future in the near and medium term, noting the market's ability to absorb any potential increases in demand.
The minister said the market is currently experiencing a period of relative balance, explaining that prices are stable and demand is on the rise, noting that this impression was also shared by the majority of participants in the discussions held at the seminar.
On the recent increase in supplies by some OPEC+ countries, Al-Roumi said that the move came as a result of concerns about price levels, but it contributed to maintaining price stability and there was no real need to pump additional quantities.
He emphasized that the current market fundamentals, in terms of the balance between supply and demand, are reassuring, despite the difficulty of accurately predicting price levels. Al-Roumi said that the seminar provided an opportunity for in-depth dialogue and bilateral meetings with leaders and influential figures in the energy sector. — KUNA
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