Kuwaiti Oil Minister Tarek Al-Mudhaf stated that the global oil market is experiencing notable stability, with relatively steady prices and growing demand rates. His remarks came during the 9th OPEC International Seminar currently being held in Vienna.

Key Market Observations:

1. Positive Outlook

   • Expressed optimism for near- and medium-term market prospects

   • Confident in market’s ability to absorb potential demand increases

   • Current phase marked by "relative balance" with "stable prices and rising demand"

2. OPEC+ Supply Adjustments

   • Recent output hikes by some OPEC+ members were driven by price level concerns

   • Moves helped maintain price stability without oversupply risks

   • "No real need for additional volumes at this stage"

3. Self-Regulating Market

   • Market fundamentals reinforce confidence in self-balancing mechanisms

   • Healthy supply-demand equilibrium minimizes need for major interventions

   • Upward price trend expected as demand growth continues

4. OPEC Seminar Insights

   • Majority of energy leaders share similar market assessment

   • Biennial event enables deep dialogues and strategic bilateral meetings

   • Critical platform for discussing energy future and key market drivers

Minister’s Closing Remarks:
"The market is in good shape, the energy sector is sound, and current fundamentals – particularly the supply-demand balance – provide reassurance. While precise price predictions remain challenging, the upward trajectory appears sustainable amid persistent demand growth."