Kuwait (Reuters) – The Kuwait News Agency quoted Oil Minister Muhammad Al-Faris as saying today, Wednesday, that global demand for oil is witnessing a continuous recovery in light of a positive atmosphere and improvement in global economic indicators.
Al-Fares said that caveats, including high inflation rates and Corona virus variants, require continued caution and monitoring of market developments, but “the effects of the Corona (Omicron) mutation may be slight in light of the expansion in the distribution of vaccines.”
Two sources said that OPEC Plus agreed today to commit to pumping monthly increases of 400,000 barrels per day in its oil production, despite pressure from major consumers to speed up the increase after crude prices reached their highest levels in seven years.
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