Kuwait

Bloomberg News reported Monday that Woodside Energy was in discussions with an overseas division of Kuwait Petroleum about selling a stake in their Louisiana liquefied gas plant. The report was based on people familiar with the matter. Kuwait Foreign Petroleum Exploration is also looking at securing LNG from the project. Other companies are interested in both LNG and equity, according to the report. Woodside Energy and Kuwait Foreign Petroleum Exploration did not respond immediately to comments. Woodside, Australia’s largest gas producer, agreed earlier this month to sell a 40 percent stake in its Louisiana Liquefied Natural Gas plant to U.S....

Kuwait is taking steps to merge its two state-owned oil companies, reported the news agency Kuna on Tuesday. The OPEC producer wants to restructure their energy industry. Kuwait National Petroleum Company (KNPC) plans to acquire Kuwait Integrated Petroleum Industries Company (KIPIC), Kuna reported citing KNPC Chief Executive Officer Wadha Al-Khateeb. KIPIC is in charge at Al Zour Refinery, while KNPC oversees Kuwait's refinery industry. Al-Khateeb, cited by Kuna as saying that the rapidly changing global oil and gas industry places a huge responsibility on the energy sector of a country to adapt to and enhance such changing dynamics. Kuna reported...

The major Gulf stock markets rose early on Tuesday following gains in Asian stocks, recovering from a global selling off on hopes that the United States would be willing to negotiate its high import tariffs. Saudi Arabia's benchmark Index advanced 2% on track to extend gains made in the previous session. This was led by Al Rajhi Bank's 2.3% increase and Saudi National Bank's 2.1% rise. Saudi Aramco, the oil giant, rose by 1.2%. The Saudi index fell 6.8% on Sunday, its largest one-day drop since the beginning of the COVID-19 Pandemic in 2020. A survey revealed that the non-oil...

The Gulf stock markets fell on Thursday morning, amid concerns that the U.S.'s reciprocal tariffs could worsen trade tensions globally and tip the world towards recession. On Wednesday, U.S. president Donald Trump announced a 10% tariff as a baseline on all imports and increased duties on dozens countries, including its largest trading partners. Saudi Arabia's benchmark stock index fell by 0.4% after the return to trading following a four-session Eid holiday. Saudi National Bank, the country's largest lender, fell 1.5%. Saudi Aramco, the oil giant in Saudi Arabia was down by 0.8%. Oil prices, which are a major factor in...

Investors are waiting for clarity about U.S. president Donald Trump's policy on trade ahead of the looming tariffs. Trump's recent comments have given traders hope that trade policies can be flexible. He hinted on Monday that not all tariffs will kick in until April 2, and that certain countries may receive exemptions. However, he did not provide any details. Trump escalated his trade conflict by introducing secondary tariffs of 25% on countries who buy oil or natural gas from Venezuela. The move caused oil prices to rise initially, but its impact was mitigated later by the relief brought about by...

The Gulf's stock markets fell on Tuesday morning as U.S. trade tariffs threatened an increase in global trade tensions. Saudi Aramco also disappointed investors with its disappointing earnings. The new tariffs of 25% on imports to the United States from Mexico and Canada, as well as a 20% increase on Chinese goods, went into effect on Tuesday. This sparked new trade disputes with three of the U.S.'s top trading partners. Saudi Arabia's benchmark stock index fell 1.1%. Saudi Aramco fell 2.2% after a decline in profit. The oil giant reported Tuesday a net loss of $106.2 billion for 2024. This...

Kuwait's oil production capability now exceeds 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud alSabah told reporters on Tuesday. The country's oil production capability was at more than 2.8 million bpd in June last year, Ahmad Jaber Al-Eidan, the CEO of KPC subsidiary Kuwait Oil Company (KOC), stated at the time. Kuwait aims to improve its oil output to 4 million bpd by 2035, having actually formerly missed out on an objective of reaching that level by 2020. Discussing U.S. President Donald Trump's views on fossil fuels, Sheikh Nawaf stated there is no alternative to...

Most stock markets in the Gulf increased in early trade on Thursday in line with Asian shares as financiers mulled the ramifications of a Donald Trump presidency. Trump was elected president, topping a remarkable comeback 4 years after he was voted out of the White Home and ushering in a brand-new American leadership likely to evaluate democratic organizations at home and relations abroad. Saudi Arabia's benchmark index got 0.4%, with Al . Rajhi Bank rising 1.5%, while oil huge Saudi Aramco. innovative 1.8%. In Other Places, Al Moammar Details Systems Co. advanced 2.7%, a day after the firm signed a...

Most stock exchange in the Gulf were subdued in early trade on Wednesday with dispute in the Middle East the most pressing concern, although the Qatari index was buoyed by Qatar National Bank. An escalation of fighting in Lebanon and the ongoing one-year-old war in between Israel and Hamas in Gaza has actually raised fears of a wider Middle East conflict. The decline in Gulf markets started after Iran launched a. missile barrage on Israel on Oct. 1. Israel has actually sworn to. strike back and is weighing its alternatives, with Iran's oil. centers considered a possible target. Saudi Arabia's...

Significant stock exchange in the Gulf were mixed in early trade on Tuesday ahead of a multitude of information being released this week, including U.S. inflation, that will help hone views on the Federal Reserve's next moves and on oil need concerns. Markets are evenly split between a cut of 25 bps and 50 bps at the next conference in September. Traders are pricing in an overall of 100 bps of cuts this year. U.S. producer price data for July, due later in the day, might feed through to the core personal consumption (PCE). procedure favoured by the Fed. Monetary...

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to fortify the marketplace amidst lukewarm need development, high rates of interest and rising rival U.S. production. Brent petroleum costs have actually been trading near $80. per barrel in current days, listed below what numerous OPEC+ members need to. balance their budget plans. Concerns over slow need development in top. oil importer China have actually weighed on costs together with increasing oil. stocks in developed economies. The Organization of the Petroleum Exporting Countries and. allies led by Russia, together known...

In spite of moving Sunday's. oil output decisionmaking conference online, a number of OPEC+. ministers prepare to fly to Saudi Arabia's capital Riyadh, 2. OPEC+ sources stated. OPEC oil-producing countries plus others including Russia make. up OPEC+, which is set to choose its production policy for the. remainder of 2024 and potentially next year. Sources stated OPEC+ is expected to talk about a complex deal. that may extend deep oil production cuts into 2025. Numerous OPEC+ ministers have actually been welcomed to Riyadh, sources. stated on Friday. OPEC+ members are currently cutting output by a total of. 5.86 million barrels...

Investors were concerned about the uncertainty surrounding U.S. trade policies and a possible economic slowdown. Traders await signs of progress in negotiations between the administration of U.S. president Donald Trump and its trading partners. This includes ongoing trade discussions with Japan. The biggest concern is the direction of any possible discussions with China. Saudi Arabia's benchmark Index fell 0.5%. This was due to a fall of 1.5% in ACWA Power Company, and a drop of 1.3% in Saudi Arabian Mining Company. Investors also absorbed comments made by Federal Reserve chair Jerome Powell who warned about the risks of slowing down...

The major stock markets of the Gulf gained ground in the early trading on Wednesday. This was after recent losses caused by global trade wars and economic concerns. Trump increased duties on Chinese imports by 104%, accusing Beijing of manipulating yuan in order to offset the levies. But caution won out. China did not bow down to this blackmail and vowed to "fight until the end". Trump's tariffs on specific countries and products have been in effect since 0401 GMT. Saudi Arabia's benchmark Index gained 0.4%. Saudi Arabian Mining Company Ma'aden rose 2.2%. Ma'aden may choose at least one foreign...

The Gulf stock markets were characterized by low volume on Tuesday, with prices falling as investors awaited clarification of the U.S. threat to impose reciprocal tariffs early next month. On Monday, Donald Trump announced that automobile tariffs will be implemented soon. He also said, however, that some of the levies he had threatened would not be imposed until April 2, indicating a degree of flexibility in this matter. Trump's tariff policy is expected to have a negative impact on global economic growth. It could also trigger more trade tensions and increase inflation. Saudi Arabian Mining Company lost 1.7%. Al Rajhi...

Many significant stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output boost by one month. Eight members of OPEC+, which groups the Company of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to slowly loosen up the group's newest layer of output curbs - a cut of 2.2 million barrels each day (bpd). OPEC and Saudi Arabia have consistently stated they do not target a particular cost and make choices based on market...

The majority of major stock exchange in the Gulf increased in early trade on Thursday, buoyed by wish for a potential ceasefire offer in between Israel and Hezbollah. Lebanon's prime minister revealed hope on Wednesday that a. ceasefire handle Israel would be announced within days as. Israel's public broadcaster published what it said was a draft. arrangement offering a preliminary 60-day truce. The push for a ceasefire for Lebanon is taking place. alongside a similar diplomatic drive to end hostilities in Gaza. Saudi Arabia's benchmark stock index acquired 0.2%,. with ACWA Power Company advancing 3.9% and aluminium. products maker Al...

Major stock exchange in the Gulf rose in early trade on Monday as investor belief stayed upbeat on hopes of a September rate cut in the United States. The Federal Reserve is anticipated to begin a rate-cutting cycle at its monetary policy conference on Sept. 17-18. Traders presently see a 67% opportunity of a 25 basis-point (bp). decrease by the U.S central bank this month and a 33% opportunity of. a 50-bp cut, according to the CME FedWatch tool. Financiers await the U.S. ISM production and services. prints, in addition to the JOLTS task openings, ADP private payrolls. and the...

Significant stock exchange in the Gulf tumbled on Monday, tracking Asian shares lower on worries that the United States could be heading for recession, while concerns about a widening dispute in the region contributed to the worries. The U.S. joblessness rate jumped to near a three-year high of 4.3% in July amid a substantial downturn in hiring, heightening fears the labor market was deteriorating and potentially making the economy susceptible to a recession. The worryingly weak July payrolls report saw markets price in a 78% chance the Federal Reserve will not just cut rates in September, however ease by a...

Significant stock markets in the Gulf were mixed in early trade on Wednesday as business incomes failed to cheer investors, while the Saudi index was on course to fall for a 3rd successive session. Saudi Arabia's benchmark index fell 0.2%, with Saudi National Bank, the nation's leading lender, losing 0.5%. The kingdom's financial growth will likely be one of the slowest amongst the Gulf Cooperation Council countries this year, according to a poll of economists who decreased development projections from three months ago due to prolonged oil output cuts. Economic experts said lower oil profits were likely to constrain investments...

Investors reacted positively to the Federal Reserve's comments and the ongoing geopolitical tensions as they surveyed the major stock markets of the Gulf in the early trading on Thursday. Saudi Arabia's benchmark stock index rose 0.3% to close out two sessions of losses. The Saudi Arabian Mining Company stock, which had been down for the previous two sessions, gained 4.1% after the bourse introduced single stock option contracts. Allianz Saudi Fransi Cooperative Insurance also rose 0.3% after Abu Dhabi National Insurance Co acquired 51% of the insurer for 133.1 million dollars. Qatar Navigation rose 1.8%, while Industries Qatar increased 0.4%....