Kuwait

On?Sunday?, Iranian drone attacks hit multiple targets in Kuwait. State?energy company Kuwait Petroleum Corporation reported fires and "severe damage" to some units. KPC stated in a press release that teams are working to contain fires at National Petroleum Company and Petrochemical Industries Company affiliates. KPC said earlier that a drone had attacked the complex housing the KPC headquarters and oil ministry in Shuwaikh. Kuwaiti state media, citing Kuwait's finance ministry, reported that an Iranian drone had allegedly 'hit an office complex of government ministries, inflicting significant material damage, but no injuries. Kuwait's Ministry of Electricity and Water said that two...

The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait....

Investors' sentiment was affected by the sagging of most Gulf stock markets in early Sunday trading, as concerns about a wider conflict linked to Iran weighed heavily on their minds. This came after Yemen’s Houthis launched the?first? attacks on Israel since the conflict started and the U.S. sent additional forces into the Middle East. The Washington Post reported Saturday that U.S. officials had said that the Pentagon was preparing for a possible multi-week?operation on the ground in Iran. However, it remained unclear whether President Donald Trump would authorize the deployment. The Qatari Index fell by 1.1% as Qatar National Bank,...

Four sources confirmed that oil loading operations at the United Arab Emirates Fujairah, a major 'bunkering hub' and crude export terminal, had re-commenced despite a Saturday drone attack and fire. However, it is unclear whether the operations are back to normal. The U.S. - Iran war has already reduced Middle Eastern oil supply by more than?7m barrels a day, or 7% of the global supply. The disruptions?at Fujairah could force OPEC’s third largest crude producer to cut more?production, after already cutting production at its offshore oil fields. According to Kpler, Fujairah outside the Strait of Hormuz exported on average?more? than...

Gulf officials said that three Gulf states were reviewing the way they invest trillions of dollars from their sovereign wealth funds to offset the losses caused by the U.S. and Israeli war against Iran. The official who spoke on condition of anonymity said that the review could include divestments, reversals of investment pledges, and a reevaluation of global sponsoring deals. This is because the oil and gas-rich states are assessing how to deal with the financial shock. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the...

Gulf officials said that three Gulf states were reviewing the way they invest trillions of dollars from their sovereign wealth funds to offset the losses caused by the U.S. and Israeli war against Iran. The official who spoke on condition of anonymity because the matter was sensitive and without naming the states, explained that these reviews could include reversing investment pledges, divesting and re-evaluating global sponsorship deals. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the GCC will be assessing current and future investments and sponsorships...

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

Saudi Energy Minister Prince Abdulaziz Bin Salman stated on Monday that a new mechanism adopted by OPEC+ for assessing members' maximum production capacity will help stabilize markets and reward those investing in production. OPEC announced on Sunday that the OPEC+ group has approved a mechanism for assessing members' maximum production capacities to be used to set baselines starting in 2027 against which output targets will be set. Prince Abdulaziz claimed that the production level determination mechanism was "fair" and "transparent". He said, "Now, we have the most detailed and transparent approach to managing the market in the future, as well...

Traders and analysts said that Kuwait Petroleum Corporation, a state-owned company, has sold crude oil to Asia after an unplanned shutdown at its Al-Zour Refinery. People said that KPC sold crude oil, including Kuwait Heavy Crude, Eocene Grade, to Asian buyers for immediate delivery via rare tenders. It was not immediately known the volume or who bought it. Kuwait Integrated Petroleum Industries Company shut down Al-Zour's refinery on October 21 due to a fire. All units should be back up and running by November 7, says industry watchdog IIR. Indian refiners were looking for alternatives to Russian oil after U.S....

The major Gulf stock markets were mixed early on Wednesday as investors awaited the release of earnings reports. However, Abu Dhabi's index rose on the back of First Abu Dhabi Bank's results. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, saw its index rise by 4.6%. FAB, on track for its best day in late July, reported a 21 percent increase in the third-quarter's net profit at 5.39 billion dirhams (1.47 billion dollars), which was above analysts’ average estimates of 4.54 billion. Abu Dhabi Islamic Bank, whose trading had been suspended before its earnings announcement, was...

The major stock markets of the Gulf were sluggish in early trading on Monday due to weak oil prices. Investors also awaited further corporate earnings reports. The oil prices - a catalyst in the Gulf's Financial Markets - have been weighed down as a result of worries about a global glut. U.S.-China Trade tensions are also adding to the concerns over an economic slowdown, and a weaker demand for energy. Saudi Arabia's benchmark Index eased by 0.1% on track to extend losses from previous session. ACWA Power Company lost 2.2%. ACWA Power obtained project financing of 10.8 billion Riyals ($2.88...

Kuwait's Oil Minister Tareq al-Roumi announced on Wednesday that the Organization of Petroleum Exporting Countries is planning to appoint one of the "top consultants" in the near future to assess the production capacities of member countries. OPEC+ Ministers requested OPEC headquarters to develop a method to determine the maximum sustainable production capability for each member. This will be used to establish their production baselines for 2027. The determination of the maximum production capability for each OPEC member or OPEC+ is controversial because some members, like the United Arab Emirates have increased their capacity and pushed the case for higher quotas....

Sources at three Indian refiners reported on Tuesday that Saudi Arabia and Iraq, producers from the Middle East, have allotted full-term crude volumes for Indian refiners in December while also offering additional quantities under optional contracts. After halting their Russian oil purchases due to the tightening of Western sanctions, Indian suppliers have increased demand for Middle East crude. Last month, the United States, Britain and European Union designated Russian Top oil producers Rosneft, and Lukoil caused immediate disruptions in trade as fears of sanctions drove away buyers from India and China. Sources said that the Indian refiners received their full...

Kuwait Petroleum Corp. has offered heavy crude to be loaded in December through a spot bid, according to sources within the industry and the tender document. This is because it sells extra oil that Al-Zour Refinery cannot process. The producer offered to load 500,000 barrels Kuwait Heavy Crude on December 6 and 7, as well as the same amount of Eocene Crude on December 8 and 9. The bids will be valid until Thursday. KPC now has a total of 3.9 million barrels in heavy crude spot sales. Kuwait Integrated Petroleum Industries Company (KIPIC) has announced that on October 21...

Kuwait's Oil Minister said he is optimistic about the fundamentals of the oil market and that OPEC+'s efforts aim to achieve market balance, according to the state news agency KUNA on Tuesday. Tariq Suleiman Al-Roumi made his comments after the OPEC+ Meeting on Monday. Al-Roumi, along with other ministers of the Joint Ministerial Monitoring Committee, met online to have a brief discussion and stress the importance of full compliance with oil agreements. KUNA reported him saying that he was "optimistic" about the fundamentals on the oil market, and that OPEC+'s efforts were aimed at energy security and the market balance....

Kuwait Petroleum Corp. ( KPC) has provided a semiterm tender offering more high sulphur. fuel oil (HSFO) for loading between April to June, trade sources. stated on Wednesday. This marks its second semi-term tender in simply a week, after. it closed another semi-term tender for March to June loading. throughout the previous week. The refiner is offering 4 380-cst HSFO freights of 60,000. metric loads each for lifting from Kuwait during the period, the. sources stated, with the current tender closing on Wednesday. The first freight is anticipated to load between April 10 to 19. and the second cargo will...