Kuwait cautiously optimistic that oil demand will improve

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Kuwait’s Oil Minister Oil Mohammad Abdulatif al-Fares expressed “cautious optimism” that the global oil demand will improve as COVID-19 vaccination programs gather pace and industrial output recovers.

Speaking ahead of a joint meeting of the Organization of Petroleum Exporting Countries and other major oil producers, he said the market supply/demand balance has largely improved as result of output cuts implemented by the group known as OPEC+, according to state news agency KUNA.

He called on the group to the fully comply with these cuts.