Search ForexCrunch

Kuwait’s Oil Minister Oil Mohammad Abdulatif Al-Fares  said on Wednesday, he remains cautiously optimistic about the global oil demand recovery amid covid vaccine campaigns and improvement in the industrial output worldwide, as cited by the state news agency – KUNA.

Additional quotes

“Calls on OPEC+ to fully comply with oil production cuts.”

“Oil market supply/demand balance has improved.”

His comments come ahead of Thursday’s joint meeting of the  Organization of Petroleum Exporting Countries  and other major oil producers to decide the oil output policy.

Market reaction

WTI has backed-off higher to now trade at $60.50, slightly offered amid increased nervousness ahead of the OPEC+ meeting.