Kuwait’s Oil Minister Tariq Al-Roumi said on Thursday he anticipated higher oil demand following the recent U.S. interest rate cut, particularly from Asian markets.
The U.S. Federal Reserve, goaded by the risk of rising unemployment, reduced interest rates on Wednesday for the first time since December.
The minister also expects a positive impact on oil prices if new sanctions are imposed on Russia.
President Donald Trump said on Saturday the U.S. was prepared to impose fresh energy sanctions on Russia, but only if all NATO nations ceased purchasing Russian oil and implemented similar measures.
“It will most likely have a positive impact on prices,” the Kuwaiti oil minister told reported on Thursday.
(Reporting by Ahmed Hagagy; Writing by Tala Ramadan and Ahmed Elimam; Editing by Bernadette Baum)