Al-Roumi signals potential new oil discoveries in Kuwait
. . . expects prices to stabilize in the coming period, adding that a fair oil price under current conditions ranges between $60 and $68 per barrel, though higher levels are preferable
Oil Minister Tariq Al-Roumi said Kuwait is likely to announce new oil discoveries in the near future, noting that there are “positive indicators” pointing to progress in this area.
His remarks came during the meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), held in Kuwait, which unanimously approved its agenda.
Among the most significant outcomes was the appointment of Khalid Al-Otaibi as the new Secretary-General of OAPEC, succeeding Jamal Al-Loghani.
Al-Roumi confirmed that Al-Otaibi will assume his duties in March 2026, while Libya will take over the presidency of the organization at the beginning of next January. He also welcomed Syria’s return to participation in the Council’s meetings, reports Al-Rai daily.
On oil market developments, Al-Roumi said prices are not governed by a fixed equation, pointing out that prices have declined despite rising demand. He stressed that controlling prices remains difficult despite OPEC’s efforts, describing the market as subject to complex and challenging factors.
He expects prices to stabilize in the coming period, adding that a fair oil price under current conditions ranges between $60 and $68 per barrel, though higher levels are preferable.
Al-Roumi noted that OPEC has decided to halt production increases during the first quarter of next year. Commenting on global tensions, including the crisis between the United States and Venezuela, he said the oil market remains volatile and difficult to predict, despite strong demand.
The minister highlighted several ongoing projects in Kuwait, including a recently signed petrochemical acquisition deal in China, as well as plans under study to establish a petrochemical complex in the Sultanate of Oman.
Regarding the Duqm petrochemical project following SABIC’s withdrawal, he said Kuwait is pursuing two options: seeking a new partner or proceeding with implementation in coordination with Muscat if no partner is secured.
In his address to the Council, Al-Roumi described the current phase as a critical one for the organization, given the rapid transformations and mounting challenges facing the global energy sector.
He stressed the importance of unifying visions and strengthening coordination among member states to support market stability and reinforce OAPEC’s regional and international role.
He said the meeting’s agenda covered key issues, including the draft 2026 budget, developments in OAPEC’s business development and restructuring project, updates to systems and regulations, and follow-up on initiatives, strategies and shared responsibilities related to the oil and energy sectors.
For his part, outgoing Secretary-General Jamal Al-Loghani said the organization is entering a new phase filled with opportunities and challenges that require collective efforts to achieve its ambitious goals.
Meanwhile, Syrian Energy Minister Mohammed Al-Bashir said Syria’s oil sector has suffered severe decline due to 14 years of war and international sanctions, but confirmed that strategic plans are in place to restore and expand production.
He said Syria’s current gas output stands at about 7 million cubic meters per day and is expected to double to 15 million cubic meters by the end of 2026 through contracts signed with Saudi, Emirati and international companies, including ConocoPhillips.
He also revealed plans to begin offshore gas production in the coming period.
Key outcomes of the OAPEC Council meeting included:
- Approval of the organization’s draft 2026 budget
- Review of progress in OAPEC’s development and restructuring project
- Completion of procedures to ratify amendments paving the way for the organization’s new identity as the “Arab Energy Organization”
- Commendation of member states’ efforts in advancing the Green Middle East Initiative and adopting the circular carbon economy concept
- Mandating the General Secretariat to continue technical coordination with member states and the Saudi-based working group
- Appointment of Khalid Al-Otaibi as Secretary-General for a three-year term starting March 1, 2026
