Kuwait city: Kuwait's Minister of Oil Tariq Al-Roumi stated that the global oil market is witnessing remarkable stability, with relatively stable prices and increasing demand.
According to Kuwait News Agency, during the Ninth OPEC International Seminar held in Vienna, Al-Roumi expressed optimism about the market's future in the near and medium term, highlighting the market's capacity to absorb potential increases in demand.
The minister noted that the market is currently experiencing a period of relative balance, with prices stable and demand on the rise. This sentiment was echoed by the majority of participants in the seminar discussions.
Addressing the recent increase in supplies by some OPEC+ countries, Al-Roumi explained that this move was driven by concerns about price levels, yet it has helped maintain price stability without the necessity for additional quantities.
He emphasized the reassuring balance between supply and demand in the current market fundamentals, despite the difficulty in accurately predicting price levels. Al-Roumi also mentioned that the seminar offered an opportunity for in-depth dialogue and bilateral meetings with leaders and influential figures in the energy sector.