Kuwait Says Robust Oil Demand Justifies OPEC+ Output Hikes

Kuwait Says Robust Oil Demand Justifies OPEC+ Output Hikes

Global oil demand growth remains strong, underpinning the OPEC+ group’s decisions of the past months to return more supply to the market, Shaikh Nawaf Al-Sabah, chief executive of Kuwait Petroleum Corporation, told Bloomberg in an interview published on Tuesday.  “It’s a market that’s been more resilient than initially expected by some traders,” the CEO of the state oil firm of one of OPEC’s biggest producers, told Bloomberg.  “Therefore you’re …

Kuwait Petroleum Sees Strong Oil Demand Justifying OPEC+ Boost

Global oil demand continues to expand at a rate that justifies the supply increases coming out of OPEC+, according to the chief executive officer of Kuwait Petroleum Corp.

‘Kuwait maintains strategic spare capacity, eyes long-term expansion’ - Times Kuwait

The Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud Al-Sabah said Kuwait, OPEC’s fifth-largest producer, holds “significant” spare oil production capacity that it maintains for strategic reasons and can bring to market when needed. Speaking to Bloomberg, he described the current conditions as “relatively balanced,” noting that the Saudi-led OPEC+ alliance is gradually increasing supply without causing major disruptions. Al-Sabah emphasi…