Latest news with #TariqAlRoumi
Zawya
4 days ago
- Business
- Zawya
Kuwait oil minister says OPEC monitoring market, Trump remarks on Russian oil
KUWAIT - Kuwait's Oil Minister Tariq Al-Roumi said on Thursday that OPEC is closely monitoring global oil supply, demand trends, and U.S. President Donald Trump's recent remarks on Russian oil. "Through OPEC, we are monitoring the market in terms of supply and demand, and we are monitoring the U.S. President's statements," Al-Roumi told reporters, adding that he expects oil prices to be below $72 per barrel. The minister described the market as healthy, with demand growing at a moderate pace. Oil prices slid about 1% to an eight-week low on Wednesday after U.S. President Donald Trump's remarks about progress in talks with Moscow created uncertainty over whether the U.S. would impose further sanctions on Russia. Trump has threatened additional sanctions on Moscow if no moves are made to end the war in Ukraine. Washington imposed on Wednesday an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil. (Reporting by Ahmed Hagagy, Writing by Ahmed Elimam Editing by Louise Heavens)
Reuters
4 days ago
- Business
- Reuters
Kuwait oil minister says OPEC monitoring market, Trump remarks on Russian oil
KUWAIT, Aug 7 (Reuters) - Kuwait's Oil Minister Tariq Al-Roumi said on Thursday that OPEC is closely monitoring global oil supply, demand trends, and U.S. President Donald Trump's recent remarks on Russian oil. "Through OPEC, we are monitoring the market in terms of supply and demand, and we are monitoring the U.S. President's statements," Al-Roumi told reporters, adding that he expects oil prices to be below $72 per barrel. The minister described the market as healthy, with demand growing at a moderate pace. Oil prices slid about 1% to an eight-week low on Wednesday after U.S. President Donald Trump's remarks about progress in talks with Moscow created uncertainty over whether the U.S. would impose further sanctions on Russia. Trump has threatened additional sanctions on Moscow if no moves are made to end the war in Ukraine. Washington imposed on Wednesday an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil.
CNA
03-08-2025
- Business
- CNA
OPEC+ countries to boost oil production by 547,000 barrels per day
NEW YORK: A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories. The group met virtually on Sunday (Aug 3) and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September. The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November, which were scheduled to be phased out by September 2026. The announcement means the voluntary production cuts will end ahead of schedule. Kuwait's Oil Minister Tariq Al-Roumi praised the OPEC+ decision to raise oil production, saying it reflected coordination aimed at ensuring oil market stability. In a statement on Sunday, Al-Roumi said the decision was based on "a thorough analysis of market data, including production, inventories, and future expectations". The move follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August. OPEC said the production adjustments may be paused or reversed as market conditions evolve. POTENTIAL LOSS OF RUSSIAN OIL A FACTOR When production increases, oil and gasoline prices may fall. But Brent crude oil, which is considered a global benchmark, has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, according to research firm Clearview Energy Partners. 'President Trump has not obviously relented from his threat to sanction Russian energy if the Kremlin does not reach a peace deal with Ukraine as of August 7, potentially via 'secondary tariffs' on buyers,' Clearview Energy Partners said in an analyst note Sunday.
Zawya
10-07-2025
- Business
- Zawya
Kuwait committed to ensuring energy security
VIENNA -- The State of Kuwait has reiterated its obligation to guarantee energy security in the world. This was announced in a speech delivered by Minister of Oil and Chairman of Kuwait Petroleum Corporation (KPC) Tariq Al-Roumi on Wednesday before the Ninth OPEC International Seminar in the Austrian capital, Vienna. Kuwait called for boosting investments in future energy projects and adopting solutions to reduce emissions and push for an efficient system of energy, the minister said. Holding this international event comes at an critical phase, which witnesses accelerating challenges in energy sector, mainly in light of regional and international changes, he noted. OPEC continues efforts for markets stability through achieving balance between demand and supply, and boosting partnership with non-OPEC producers through OPEC+ alliance, he pointed out. During the first ministerial session, the minister underlined the significance of keeping market stability to achieve energy security and support global economic growth. Meanwhile, KPC deputy chairman and CEO Sheikh Nawaf Al-Saud Al-Sabah stressed commitment to ensuring reliable and stable supplies of crude oil and friendly environment products. The Corporation is able to adapt to market changes through a flexible and innovative approach to show its accomplishments, development and expansion in petrochemicals, he pointed out. The KPC is partaking in an exhibition, during the seminar, through an integrated pavilion on the most outstanding features of its 2040 strategy. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Zawya
29-05-2025
- Business
- Zawya
Kuwait reaffirms backing to global oil market stability
KUWAIT -- Minister of Oil Tariq Sulaiman Al-Roumi reaffirmed Wednesday Kuwait's steadfast support for all efforts aimed at enhancing the stability of the oil market. He also reiterated Kuwait's commitment to supporting a policy of cooperation to ensure the sustainability of market balance and secure energy supplies, according to a press statement issued by the Ministry of Oil. The Ministry said that Minister Al-Roum made these remarks during his participation in three virtual meetings held today: the 60th OPEC + Joint Ministerial Monitoring Committee, the 39th OPEC + Ministerial Meeting and the 191st OPEC Ministerial Conference. The Minister of Oil stated that the meetings are being held at a critical time for global markets amid increasing challenges. "This necessitates enhanced joint coordination among countries within the framework of the OPEC+ Declaration of Cooperation and the adoption of well-considered decisions that support the stability of global oil markets," he argued. He pointed out to the OPEC Secretariat's assignment to develop a mechanism for assessing the sustainable production capacity of member countries participating in OPEC+, to be used as a reference basis for determining production quota levels in 2027. In addition to the Minister of Oil Al-Roum, the Kuwaiti delegation which participated in the meetings included Kuwait's Governor to OPEC, Mohammad Khudr Al-Shatti, and Kuwait's National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
