On October 24th (Thursday), Kuwait's Oil Minister Tariq Al Roumi stated that as the United States imposes a new round of sanctions on Russian oil giants, there are signs that demand is shifting towards the Gulf and Middle East regions. OPEC is prepared to make up for any shortages in the oil market by reducing production cuts.

The Kuwaiti Oil Minister stated that US sanctions against Russia have led to a shift in crude oil demand towards the Middle East, but OPEC is preparing to reduce production to make up for the shortage, which means that market supply may significantly increase. This move will directly increase the supply of crude oil spot, leading to oversupply and thus creating significant negative pressure on crude oil spot prices. It is expected that prices may face downward pressure in the short term.

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