As the Donald Trump administration has imposed sanctions on Russia’s energy sector, over the alleged non-cooperation of Vladimir Putin’s administration in ending Ukraine war, Kuwait’s oil minister said that OPEC (Organisation of the Petroleum Exporting Countries) will be ready to raise production by rolling back its oil output cuts further if required to address market shortfalls.
Washington has targeted Russia’s largest oil companies, Lukoil and Rosneft, in its toughest measures on Russian business since Moscow’s Ukraine invasion, which started in February 2022. In response to the move, on October 23, global oil prices rose by 5%, with news spreading over China and India, two of Moscow’s biggest oil customers, cutting back their future purchases.
The development came just days after the United Kingdom sanctioned the same two Russian oil companies. European Union countries have issued new sanctions that ban the import of Russian liquefied natural gas (LNG) from January 2027.
“I expect that any decision to impose sanctions will certainly have a positive impact on prices,” Kuwaiti Minister Tariq Al-Roumi said in response to a Reuters question, while adding that there will likely be a shift in demand towards the Gulf and the Middle East due to the sanctions.
Kuwait is among seven OPEC+ member countries that have been gradually increasing oil output after years of cuts to support the market under an agreement by the group comprising the Organisation of the Petroleum Exporting Countries plus Russia (OPEC+) and some smaller producers.
The group, which pumps about half of the world’s oil, reversed course in 2025 to regain market share. Donald Trump, too, in the initial days of his second term, demanded OPEC pump more to help keep a lid on gasoline prices.
The key group has increased its oil output targets by more than 2.7 million bpd so far this year, equating to about 2.5% of global demand.