Kuwaiti Oil Minister: Fair Oil Price Ranges Between $60 and $68

Kuwaiti Oil Minister Dr. Tareq Al-Saleh Al-Roumi confirmed that the fair price for crude oil, under current market conditions, ranges between $60 and $68 per barrel, noting that this price range achieves a reasonable balance between the interests of producers and consumers.

The minister made this statement during his presidency of the 115th session of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), highlighting that global energy markets are experiencing unexpected fluctuations driven by geopolitical factors and changes in demand and supply levels.

Current Prices and Supply Context

Global oil prices are currently moving within volatile ranges, influenced by mixed signals regarding global demand growth, while major producers, led by the OPEC+ alliance, continue to manage supply policies. They are monitoring market balance and making production decisions aimed at reducing oversupply and supporting price stability.

Regarding supplies, Al-Roumi pointed out that managing supply levels remains a key element in maintaining market stability, emphasizing the importance of coordination among producing countries in facing sharp fluctuations to ensure sustainable investments in the energy sector and supply security in the medium and long term.