Kuwait








Oil & Gas

Oil & Gas

Kuwait holds initially parliamentary election under brand-new Emir

Kuwait held its first parliamentary election on Thursday considering that Sheikh Meshal alAhmad alSabah presumed power late last year with a focus on accelerating economic reforms after drawn-out deadlock between designated governments and chosen parliaments. The brand-new Emir strongly criticised the National Assembly and the federal government in his very first speech before parliament after taking workplace in December, stating they were hurting the interests of the nation and its individuals. His reform-focused technique with little tolerance for political bickering relatively intends to propel the little Gulf Arab state to catch up with neighbours in weaning its economy off oil....

Oil & Gas

Turkey and Gulf States to Launch Talks for Free Trade Pact

Omer Bolat, Turkish Trade Minister said that Turkey and the Gulf Cooperation Council have signed an agreement to begin negotiations for a Free Trade Agreement. Ankara is stepping up its efforts to expand the economic ties to the region. After years of tensions, Turkey launched in 2020 a charm offensive to repair relations with Gulf countries - namely, the United Arab Emirates and Saudi Arabia. Since then, it's signed deals worth billions of dollars with Gulf nations including Qatar with whom it enjoys strong relationships. Bolat, a social media user, said that the agreement would liberalize trade of goods and...

Oil & Gas

China-Gulf free trade talks stall on Saudi commercial program, sources say

Settlements between China and an Arab bloc for an open market agreement have stalled over concerns by Saudi Arabia that low-cost Chinese imports could undermine its aspirations to transform the kingdom into an commercial powerhouse, sources state. Saudi Arabia has backed renewed efforts over the past 2 years for the Gulf Cooperation Council (GCC), the Arab bloc which includes the kingdom, United Arab Emirates and Qatar, to name a few, to finally seal a long sought handle China. But five sources briefed on the negotiations stated the sides were at an impasse over Saudi bookings with a list of items...

Oil & Gas

MIDEAST - Elements to enjoy - May 8

Here are some elements that may impact Middle East stock markets on Wednesday. has not validated the press reports and does not attest their precision. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia stocks drift, dollar company as Fed rate course contemplated * Oil slip on rising United States stockpiles, cautious supply expectations * PRECIOUS-Gold slips as dollar firms, traders brood on rate cut timing * MIDEAST STOCKS-Most Gulf markets muted as Mideast stress increases; Egypt acquires * Saudi Aramco preserves $31 bln dividend despite lower Q1 earnings * United States optimistic modified Hamas proposal might break Gaza ceasefire deadlock * United States paused...

Oil & Gas

OPEC Secretary General thinks long-term demand outlook is robust

Saudi Arabia's choice to postpone oil capacity expansion strategies ought to not be translated as an evaluation that need for crude is falling, OPEC's. Secretary General stated on Tuesday. First of all I wish to be clear I can not discuss a Saudi. decision ... however this is in no chance to be misunderstood as a view. that demand is falling, Haitham Al Ghais told in Dubai. on the sidelines of the World Federal Governments Top. The Saudi federal government on Jan. 30 bought state oil company. Aramco to decrease its target for maximum sustained. production capability to 12 million...

Fossil Fuels

Fossil Fuels

Vietnam's Nghi Son Refinery to book over 10 bln yen net loss in 2023, Idemitsu says

Nghi Child Refinery and Petrochemical LLC (NSRP) in Vietnam is expected to book a web loss of a minimum of 10 billion yen ($ 67 million) for 2023 due to heavy costs from increasing U.S. rates of interest, an executive of Idemitsu Kosan said on Tuesday. Japanese oil refiner Idemitsu owns 35.1% stake in NSRP, Vietnam's biggest refinery. Nghi Child continues to deal with the red ink on a net profits basis due to heavy monetary expenses brought on by high rate of interest on the U.S. dollar, Yoshitaka Onuma, Idemitsu' executive officer, told an earnings news conference. We can't...

Oil & Gas Exploration

Kuwait fuel oil exports increase for 2nd month as Al Zour increases

Kuwait's fuel oil exports rose for a second month in February, according to shiptracking data from Kpler and LSEG, as the Al Zour refinery powered towards full capacity. Since bringing Al Zour online in late 2022, Kuwait has become a significant exporter of fine-tuned products, especially extremely low sulphur fuel oil (VLSFO) used in shipping. Consultancy FGE said Al Zour runs reached full capacity of 615,000 barrels per day for the very first time in February even more testing might see this ease once again. We expect Al Zour's typical runs in 2024 will be around 415,000 bpd (67%), with...

Refined Products

Refined Products

Kuwait's KPC offers more high sulphur fuel oil for April-June

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...