KUWAIT (Reuters) -OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait’s oil minister said on Thursday.

In a sharp policy shift, U.S. President Donald Trump targeted Russia’s largest oil companies, Lukoil (LKOH.MM) and Rosneft (ROSN.MM), in Washington’s toughest measures on Russian business since Moscow’s invasion of Ukraine.

Global oil prices rose by 5% on Thursday following the news that also prompted India to consider cutting Russian imports.

“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.

Al-Roumi added that he expects a s

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