Global Oil Dynamics: OPEC Watches as U.S. Makes Waves

Kuwait's Oil Minister, Tariq Al-Roumi, reveals that OPEC is keenly observing global oil trends and responding to U.S. diplomatic actions. Despite President Trump's negotiations with Russia, oil prices dropped by 1%, influenced by geopolitical tensions and U.S. sanctions against Russia and tariffs on Indian goods.

Kuwait's Oil Minister, Tariq Al-Roumi, commented on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) is carefully tracking global oil supply and demand patterns, particularly in light of U.S. President Donald Trump's recent discussions concerning Russian oil.

Al-Roumi noted that the oil market remains healthy with a moderate growth in demand, despite a recent decline in prices. The dip, marking an eight-week low, followed Trump's comments suggesting progress in talks with Moscow, raising questions about potential U.S. sanctions on Russia.

President Trump has warned of further sanctions unless Russia acts towards ending the conflict in Ukraine. Additionally, the U.S. has imposed a 25% tariff on Indian goods due to its ongoing Russian oil imports, highlighting the geopolitical nature of current market dynamics.

(With inputs from agencies.)