Kuwait








Oil & Gas

Oil & Gas

Most Gulf markets reduce as local stress increase

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...

Oil & Gas

Major Gulf market blended ahead of United States data, oil demand issues

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...

Oil & Gas

OPEC+ extends deep oil production cuts into 2025

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...

Environment

Some OPEC+ ministers heading for Riyadh for oil output meeting, sources say

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...

Oil & Gas Refining

Major Gulf bourses silenced in early trade; U.S. inflation eyed

Major stock markets in the Gulf were suppressed in early trading on Tuesday in the middle of unpredictable oil prices, while investors looked forward to inflation data later this week for ideas on the course of U.S. rates of interest cuts. Oil prices, a driver for the Gulf's monetary markets, swept in between gains and losses as markets waited for an OPEC+. meeting on June 2. Brent edged as much as $83.18 a barrel by. 0800 GMT. The Federal Reserve's preferred step of inflation, core. individual intake expenses, due on Friday, will be. closely watched by investors for hints on...

Oil & Gas

Kuwait holds initially parliamentary election under new Emir

Ballot started on Thursday in Kuwait's first election since Sheikh Meshal alAhmad alSabah presumed power late last year identified to push through financial reforms after drawn-out deadlock between designated governments and chosen parliaments. The new Emir strongly criticised the National Assembly and the 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-minded technique with scant tolerance for political bickering seemingly aims to propel the small Gulf Arab state to catch up with neighbours in weaning its economy off oil. Years-old feuding between...

Oil & Gas

Turkey and Gulf states to release talks free of charge trade pact

Turkey and the Gulf Cooperation Council (GCC) have actually signed a deal to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat stated on Thursday, as Ankara steps up efforts to broaden financial ties with the region. After years of stress, Turkey introduced a diplomatic charm offensive in 2020 to repair ties with Gulf nations, particularly the United Arab Emirates (UAE) and Saudi Arabia. Ankara currently has a trade agreement, dubbed an extensive economic collaboration arrangement, with the UAE. Ever since, Ankara has actually signed deals worth billions with Gulf countries, including Qatar, with which it...

Oil & Gas

Political deadlock seen continuing after first Kuwait poll under new emir

Kuwait's very first parliamentary election under the new Emir Sheikh Meshal alAhmad alSabah has led to couple of modifications, suggesting that continuous tensions in between government and lawmakers that have actually paralysed decisionmaking are likely to persist. The outcomes of Thursday's survey revealed only 11 new members of parliament, out of a total of 50 elected MPs in the Gulf Arab state. The new emir is eager to press through financial reforms after lengthy deadlock between appointed federal governments and elected parliaments impeded development. Sheikh Meshal's reform-minded approach, with scant tolerance for political bickering, appears aimed at assisting the OPEC...

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...

Fossil Fuels

Fossil Fuels

Major Gulf markets mixed in early trade

Significant stock markets in the Gulf were blended in early trade on Monday as geopolitical tensions rose in the region and financiers braced for thirdquarter profits. Tensions were up with the possibility of a retaliation against Iran, the continued violence in Gaza and Israel's unrelenting push against Hezbollah in Lebanon. Saudi Arabia's benchmark index dropped 0.6%, hit by a 6.1% slide in ACWA Power and 0.7% decline in Al . Rajhi Bank. Among other losers, oil giant Saudi Aramco was. down 0.2%. Oil rates - a catalyst for the Gulf's monetary markets -. wiped out nearly all gains made last...

Fossil Fuels

Gulf central banks cut key rates of interest, mirroring Fed relocation

Many Gulf reserve banks cut their key interest rates on Wednesday after the Federal Reserve decreased U.S. rates by half a portion point, pointing out ' higher confidence' on inflation. The Fed cut its rate by 50 basis points (bps) on Wednesday with policymakers seeing the benchmark rate falling by another half a portion point by the end of this year. The Gulf area's oil and gas exporters tend to follow the Fed's lead on rate relocations as most local currencies are pegged to the U.S. dollar; just the Kuwaiti dinar is pegged to a basket of currencies, which includes...

Oil & Gas Refining

Significant markets mixed on US rate-cut hopes, weak oil need

Significant stock exchange in the Gulf were mixed in early trade on Monday on increasing expectations of a U.S. interest rate cut next month, and amidst weak oil need. Federal Reserve members Mary Daly and Austan Goolsbee in interviews on Sunday flagged the possibility of relieving in September, while minutes of the last policy meeting due this week ought to underline the dovish outlook. Fed Chair Jerome Powell speaks in Jackson Hole on Friday and financiers assume he will acknowledge the case for a cut. Monetary policy in the six-member Gulf Cooperation Council ( GCC) is usually directed by the...

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...