Amid the looming uncertainty of the oil supply, the statement made by the Organization of Petroleum Exporting Countries (OPEC) member, Kuwait sent jitters in the global market.

As inflationary pressures are suppressing the demand of oil across the world, the news of reduction in the supply by 800,000 barrels per day (bpd) to 8.292 million bpd in March by the oil exporter Saudi Arabia rocked the sentiments of the investors in the financial market.

With the news hitting the trade market, the Brent crude dropped to $123 on Monday following the volatility in the demand of oil in the global market.

With the ongoing oil crisis in Libya curtailing the supply of global oil by about 1 million barrels a day, Kuwait's Oil Minister, Sheik Ahmad Al Abdullah Al Sabah, claimed, “The market... is well-balanced and there is no shortage of supply. The shortfall from Libya has been largely compensated as OPEC moved quickly to ensure adequate supplies to the market".

Iterating the commitment to reach the target of crude production capacity of 4 million barrels a day by 2020, and refining capacity to 1.4 million barrels a day, he claimed that oil prices are majorly governed by the Libya crisis and further, cautioned the import-dependent countries about the escalated oil prices in the near future.