CERAWEEK-Kuwait Petroleum Corp sees global oil market in balance - CEO

KPC's customers have not asked for reductions or increases in oil supply from the company, Al-Sabah said. He added that the company is staying mindful of the effect a potential recession could have on the global economy and oil market.

Kuwait Petroleum Corporation sees the global oil market in balance through at least the first half of this year, its chief executive said on Tuesday. Demand from China is seeing a sustainable increase, Nawaf Al-Sabah told reporters at the CERAWeek energy conference in Houston.

The CEO of the national oil company added that Kuwait has not lost any market share in China from discounted Russian oil barrels. KPC's customers have not asked for reductions or increases in oil supply from the company, Al-Sabah said. He added that the company is staying mindful of the effect a potential recession could have on the global economy and oil market.