Kuwait

The U.N. Human Rights Council adopted a motion Tuesday on climate change, human rights and the Marshall Islands retracted a divisive amendement that asked states to commit to a phased-out fossil fuels. The motion calling for countries to "contribute to global efforts" to combat climate change was passed by consensus. This follows the 2021 council recognition of access to a healthy and clean environment as a right. The original language had revealed divisions amongst the 47 members, after the Marshall Islands, which is one of the most vulnerable countries to rising sea levels and has made an amendment to it...

Five sources claim that OPEC+ producers will approve a big increase in output for September, as they finish unwinding the voluntary output cuts of eight members. They will also allow the United Arab Emirates (UAE) to pump more oil to meet a higher quota. In April, plans to undo cuts of 2,17 million barrels of oil per day (bpd), began with an increase of 138,000 bpd. In May, June, and July, the increase was 411,000 barrels per day (bpd), despite lower oil prices. The group voted on Saturday to approve a 548,000-bpd increase for August. On Monday, five sources familiar...

Israel claims it wants to prevent a nuclear catastrophe in the region, which is home to millions of people as well as producing much of the oil in the world. Israel's military announced that it had hit a Bushehr site on the Gulf Coast, home to Iran’s only nuclear power plant. But later said the announcement was an error. Here are some details about the damage that Israel has caused and what experts have to say about the dangers of contamination and other disasters. What has Israel done so far? Israel has declared attacks on nuclear sites at Natanz, Isfahan...

The major stock markets in the Gulf rose early on Wednesday, in line with Asian stocks. This was due to signs of progress between the U.S. Both countries' top officials said that they had reached an agreement on a framework for resuming their trade truce and removing China's export restriction on rare earths. The broadest MSCI index of Asia-Pacific stocks outside Japan increased by 0.5%. Saudi Arabia's benchmark stock index, which was traded after a break of four sessions, advanced by 1.2%. This was led by an increase of 1.7% in Al Rajhi Bank as well as a rise of...

JPMorgan reported on Tuesday that Saudi Arabia will issue bonds worth $12.6 billion for the rest of the year. The kingdom is resorting to debt markets as it makes huge investments in order to revamp its economy and reduce oil prices. The Gulf nation, which is forecasting a budget gap of $26,93 billion for this year, seeks funds to invest into new industries, and wean itself off oil, under its Vision 2030 Plan, by investing in tourism, manufacturing, and technology. Reports in April indicated that Saudi Arabia faces increasing pressure to increase debt or reduce spending following a drop in...

Gulf stock markets mixed on Tuesday. Saudi Arabia's Tadawul main index fell 0.78%, as investor sentiment was fragile due to the unpredictable nature of U.S. president Donald Trump's policies. Trump's announcement on Sunday that he would delay his threat to impose 50% tariffs on the European Union gave a boost on futures markets. The deadline of July 9 was set for Washington to reach a deal with the 27-nation EU. Nasdaq Futures rose by 1.67%, while S&P 500 Futures increased by 1.49%. Brent crude futures were up 11 cents or 0.2% by 0640 GMT as the markets awaited clarity from...

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...

Major Gulf equities started the day mostly flat or lower, weighed down by a lackluster corporate earnings report and a cautious U.S. Federal Reserve position on monetary ease, following its decision to hold interest rates at their current level and give no indication as to when borrowing costs may be reduced. Investor sentiment in Gulf markets was clouded by the prospect that U.S. interest rates would remain higher for a longer period of time. This is because the monetary policies tend to follow those of Fed due to currency pegs. Saudi Arabia's benchmark stock index fell 0.4% as broad sectoral...

The major stock markets in the Gulf recovered some of the losses they suffered in previous sessions, when the conflict between Israel and Iran escalated. Saudi Arabia's benchmark Index gained 1.2%. This was mainly due to a 1.9% increase at Al Rajhi Bank, and a 3.2% rise at Saudi Arabian Mining Company. Sunday, the index fell 1%. After a 7% increase on Friday, oil prices were volatile. Israel and Iran renewed their strikes over the weekend, raising fears that the conflict could spread across the Middle East and disrupt oil exports. The Qatari Index rose 1.7%, a day after it...

The Gulf stock markets were mixed on Wednesday morning, as U.S. President Donald Trump imposed duties on steel, aluminium, and other metals. This is the latest chapter of a trade conflict that has shaken global markets. Investors continue to focus on the pace of the trade negotiations. A possible phone call between President Trump, and Chinese leader Xi Jinping this week is in the spotlight. Trump had accused China of violating a bilateral agreement to reduce tariffs and trade barriers on Friday. Brent crude futures fell 0.3%, to $65.46 per barrel at 0644 GMT. The prices were weighed down due...

The major Gulf stock markets rose early on Tuesday as a result of a rise in oil prices. Investors were also awaiting the Federal Reserve's meeting to discuss monetary policy. Oil, a key financial market catalyst in the Gulf, gained over $1 per barrel on technical factors, and after bargain hunters reacted to OPEC+'s decision to increase output, which had sent prices lower the previous session. However, concerns remained about the outlook for a surplus of oil on the market. Saudi Arabia's benchmark stock index rose 0.3%. This was boosted by the 0.7% increase in Saudi Arabian Mining Company, and...

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...

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%....