Kuwait

Energy Markets

OPEC+ manufacturers extend oil output cuts to 2nd quarter

OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels each day into the second quarter, giving extra support to the marketplace in the middle of concerns over global growth and increasing output outside the group. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through completion of June, leaving its output at around 9 million bpd. Russia, which leads OPEC allies collectively known as OPEC+,. will cut oil...

Energy Markets

Iraq to compensate for Jan unrefined production increase

Iraq's oil ministry on Thursday confirmed that it would compensate over the next four moths for the increase in its unrefined production above its OPEC+. dedications for January. The Ministry confirms its dedication to compensate for the. increases in production that were mentioned in the reports of. secondary sources for January throughout the next 4 months, after. reviewing them with secondary sources, a declaration released on. state news agency INA said. In November OPEC+ consented to voluntary output cuts amounting to. 2.2 million barrels daily (bpd) for the very first quarter of this. year. Saudi energy minister Prince Abdulaziz bin...

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...