Kuwait oil minister says OPEC monitoring market, Trump remarks on Russian oil

7/8/2025 17:58

Kuwait's Oil Minister Tariq Al-Roumi said on Thursday that OPEC is closely monitoring global oil supply, demand trends, and U.S. President Donald Trump's recent remarks on Russian oil.



"Through OPEC, we are monitoring the market in terms of supply and demand, and we are monitoring the U.S. President’s statements," Al-Roumi told reporters, adding that he expects oil prices to be below $72 per barrel.



The minister described the market as healthy, with demand growing at a moderate pace.



Oil prices slid about 1% to an eight-week low on Wednesday after U.S. President Donald Trump's remarks about progress in talks with Moscow created uncertainty over whether the U.S. would impose further sanctions on Russia.



Trump has threatened additional sanctions on Moscow if no moves are made to end the war in Ukraine.



Washington imposed on Wednesday an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil.