Kuwait Says OPEC Nations Are Ready to Hike Output If Called Upon
Kuwait Oil Company workers change pipes on a drilling rig on the northern border between Iraq and Kuwait.
Photographer: Joe Raedle/Getty ImagesKuwait’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.
Countries affected by the latest crackdown on Russia’s biggest oil companies are directing their demand toward producers in the Gulf and the wider region, Oil Minister Tareq Al-Roumi said on the sidelines of an event in Kuwait. Sanctions on Russia’s energy industry will lead to rising prices, he cautioned.