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.

“It’s a market that’s been more resilient than initially expected by some traders,” Sheikh Nawaf Al-Sabah said in an interview. “Therefore you’re seeing a slow but methodical and planned increase in supply coming in from the OPEC+ countries that has led to a relative stability in prices.”