OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait's oil minister said on Thursday.

Brent traded near $66 a barrel after jumping 5.4% in the previous session, while West Texas Intermediate was below $62. Russian crude flows to key buyer India are expected to plunge following the penalties on Rosneft PJSC and Lukoil PJSC,

Kuwait’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.

The head of OPEC and the producer group's most influential energy minister on Wednesday defended oil's role in providing secure energy supplies, pushing back against predictions of a faster transition to cleaner fuels.

OPEC is ready to offset any shortage in the oil market by rolling back its output cuts, as signs show demand is shifting to the Gulf and Middle East after the United States hit Russian oil majors with fresh sanctions, Kuwait's oil minister Tariq Al-Roumi told reporters on Thursday.

MOSCOW, October 6. /TASS/. Russia and OPEC held the sixth technical meeting within the framework of the OPEC-Russia Energy Dialogue, where the participants discussed trends in the oil market, the Organization said on the X. "The 6th Technical Meeting of ...

World oil supply is expected to closely match demand next year as the wider OPEC+ group increases production, an OPEC report showed on Monday, marking a change from last month's outlook, which projected a supply shortfall in 2026.