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(Bloomberg) — Kuwait’s Oil Minister said that OPEC is prepared to increase oil production if demand requires it.
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The assurance comes as new US sanctions on OPEC ally Russia sent prices rallying.
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Countries affected by the latest crackdown on Russia’s biggest oil companies are directing their demand toward producers in the Gulf and the wider region, Oil Minister Tareq Al-Roumi said on the sidelines of an event in Kuwait. Sanctions on Russia’s energy industry will lead to rising prices, he cautioned.
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Brent jumped more than 5% to trade near $66 a barrel on Thursday, as the US blacklisted Russian oil giants Rosneft PJSC and Lukoil PJSC, sparking concern that key buyer India will walk away from dealings with Moscow. Crude is heading for the biggest one-day gain since the start of the Israel-Iran conflict on June 13.
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Russia is the co-chair of the 22-nation alliance between the Organisation of the Petroleum Exporting Countries and other major producers known as OPEC+.
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The group is in the process of reviving a new tranche of halted production, amounting to 1.66 million barrels a day, in monthly stages, and will decide on a potential increase for December when it meets at the beginning of next month.
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The oil market has been flashing signs of surplus, with the amount on tankers at sea hitting a record and the International Energy Agency expecting world supply to exceed demand by almost 4 million barrels a day next year.
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—With assistance from Nayla Razzouk and Grant Smith.
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