Kuwait ready to compensate for possible oil shortage

OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the U.S. imposed new sanctions on Russian oil majors, Kuwait's oil minister Tariq Al-Roumi said.

"I expect that any decision to impose sanctions will certainly have a positive impact on prices," Tariq Al-Roumi said.

He added that he expects a shift in demand towards the Gulf and the Middle East as a result of the sanctions.

"We are seeing signs now," Tariq Al-Roumi said.

Kuwait is among seven OPEC+ member countries that have been gradually increasing oil output after years of cuts to support the market. It increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5% of global demand.

Earlier, U.S. President Donald Trump sanctioned Russia's largest oil companies, Lukoil and Rosneft.