Kuwait's Oil Minister Anticipates Rising Demand
Kuwait's Oil Minister Tariq Al-Roumi expects increased oil demand following a U.S. interest rate cut, especially from Asia. He also predicts oil prices will rise if new sanctions are imposed on Russia. President Trump indicated potential energy sanctions against Russia, contingent on NATO cooperation.
On Thursday, Kuwait's Oil Minister Tariq Al-Roumi projected a surge in oil demand, driven by the U.S. interest rate cut, especially from Asian markets.
In response to increasing unemployment risks, the U.S. Federal Reserve reduced interest rates for the first time since December. Al-Roumi foresees a beneficial effect on oil prices if additional sanctions are levied on Russia.
President Donald Trump announced the U.S.' readiness to enforce new energy sanctions on Russia, conditional upon unified action by all NATO members to halt Russian oil purchases.
- READ MORE ON:
- Kuwait
- Oil
- Minister
- Tariq Al-Roumi
- US interest rate
- Asian markets
- Russia
- Sanctions
- Trump
- NATO
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