Kuwait’s Oil Minister Tareq Al-Roumi said the recent fall in oil prices had come as a surprise, describing the move as a “sudden drop” after expectations that prices would at least hold steady.
Speaking to reporters after chairing the 115th ministerial meeting of the Arab Energy Organization (AEO) on Sunday, Al-Roumi said Kuwait views a fair oil price under current market conditions at between $60 and $68 per barrel.
He noted that officials had anticipated prices remaining at recent levels, or improving modestly, but acknowledged that the sharp decline had caught producers off guard. The comments come amid renewed volatility in global crude markets and growing uncertainty around demand and supply dynamics.
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The comments highlight producer discomfort with recent price weakness and may reinforce expectations that OPEC+ will closely monitor prices near the $60 level.
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