US EditionOPEC ready to raise oil output if required after US sanctions on Russia, Kuwaiti minister says
OPEC plans to raise output by 137,000 barrels per day starting November to offset supply disruptions from US sanctions on Russia's top oil firms, causing a 5% price rise.
- On October 24, OPEC said it stands ready to raise production if shortages emerge after new US sanctions on Lukoil and Rosneft pushed prices up by 5%.
- The U.S. Department of the Treasury announced sweeping sanctions on Rosneft Oil Company and Lukoil OAO, citing Moscow's `lack of serious commitment to a peace process`.
- The group plans to raise production by 137,000 barrels per day from November and has increased this year's output targets by more than 2.7 million bpd, about 2.5 per cent of global demand.
- Kuwait's Oil Minister Tariq Al-Roumi said the sanctions will shift demand toward the Gulf and the Middle East, adding `We are already seeing signs` of this market reaction.
- Amid a push to regain market share, OPEC+ has reversed course this year, while major Chinese state-owned oil companies have suspended seaborne purchases of Russian crude.
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The countries of the Persian Gulf and the Middle East will earn money.
OPEC ready to raise oil output if required after US sanctions on Russia, Kuwaiti minister says
OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait's oil minister said on Thursday.
OPEC ready to raise oil output if required after U.S. sanctions on Russia, Kuwaiti minister says
OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait’s oil minister said on Thursday
Kuwait Says OPEC Nations Are Ready to Hike Output If Called Upon
Kuwait’s oil minister said that OPEC is prepared to increase oil production if demand requires it, in comments that came on a day when crude prices were surging in response to new US sanctions on Russian producers.
Kuwait, OPEC ready to offset oil shortages amid sanctions - Times Kuwait
Oil Minister Tariq Al-Roumi said Kuwait and OPEC are prepared to compensate for oil supply shortages affecting countries impacted by sanctions on Russian oil companies. Speaking on the sidelines of the 27th GCC Environment Ministers’ Meeting in Kuwait, Al-Roumi highlighted rising oil demand across the Gulf and Middle East. He noted that OPEC has the capacity to boost production and return to previous output levels, as current exports remain belo…
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