A multilateral effort to ease global oil supply-side strains on the market hasn’t worked as designed, a Kuwaiti official said Thursday. Photo by Oskari Porkka/Shutterstock June 22 (UPI) — The Continue Reading
Leading Gulf oil producers Saudi Arabia and Kuwait gave the clearest signal yet that OPEC plans to extend into the second half of the year a deal with non-OPEC producers Continue Reading
Some of OPEC’s biggest oil producers, including Saudi Arabia, are now targeting $60 a barrel as the level where they want to push crude prices, OPEC officials said, signaling they Continue Reading
Kuwait wants OPEC to extend output cuts beyond June, becoming the producer group’s first member to call for more time to balance the global oil market as the rally that Continue Reading
Kuwait Energy Plc is planning an initial public offering in London that could value the oil and gas exploration business at as much as $1 billion, according to people familiar Continue Reading
Kuwait is sticking with plans to add half a million barrels a day of oil-production capacity as it prepares for the eventual expiration of the output quotas OPEC adopted to Continue Reading
Oil producers from Saudi Arabia to the United Arab Emirates are complying with production cuts promised last year to stabilize the market, Kuwait’s governor to the Organization of Petroleum Exporting Continue Reading
Kuwait is committed to cutting output by 131,000 b/d in January in line with its commitments under OPEC’s output reduction deal, oil minister Essam al-Marzouq said Thursday. That was despite Continue Reading
Kuwait and Saudi Arabia agreed that any resumption of crude production from shared oil fields along their border won’t raise their output beyond limits set at an OPEC meeting last Continue Reading
A Kuwaiti judge and his aides count the ballots at a polling station. Thirty of 50 lawmakers lose seats in Saturday’s election New assembly may find relations with government strained Continue Reading
Egypt to get 2 million barrels of Kuwaiti crude a month Shipments not meant to make up for Egypt’s loss of Saudi fuel Kuwait renewed a contract to supply Egypt Continue Reading
Kuwait’s finance minister and acting oil minister, Anas al-Saleh, said on Monday he was optimistic that an understanding on production “at least” would be reached between producers at an OPEC Continue Reading
Emir Kuwait Kuwait’s emir Sheikh Sabah al-Ahmad al-Sabah ordered the dissolution of Parliament over the weekend, citing security concerns and “the circumstances in the region”, which includes the oil price Continue Reading
The Kuwaiti government gave the go-ahead to a request by the Kuwait Petroleum Corporation (KPC) to create what would be the country’s largest oil company , according to ArabianBusiness.com on Continue Reading
Kuwait’s government approved an increase in prices of gasoline sold locally, becoming the latest oil-rich Arab nation to cut subsidies as lower crude prices squeeze finances. The OPEC member will Continue Reading
There’s been a global trend toward privatization of natural resources the last several months. With lower commodities prices prompting governments like Saudi Arabia to raise cash through the sale of Continue Reading
Kuwait is considering privatizing its oil-field services sector, a senior finance ministry official said Tuesday, in a potentially controversial move in the petroleum-dependent Persian Gulf state. Fears of industry privatization Continue Reading
Iran Kuwait Offshore Field Kuwait’s state-run oil company is planning US$42 billion in investments by 2022, as the country pursues a three-fold strategy to increase oil production, expand its refineries Continue Reading
The man in charge of helping Kuwait navigate the global oil-price shock said the Middle East’s second-richest nation is responding to the crisis by “spending as much as possible” to Continue Reading
Kuwait’s deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran, state news agency KUNA reported on Continue Reading
Full crude oil production from the Partitioned Neutral Zone between Saudi Arabia and Kuwait could restart in a year, head of research at Kuwait Petroleum Company Abdulaziz Al Attar said Continue Reading
Kuwait Oil Refinery A senior Kuwait Petroleum Corp official has confirmed to media the company’s plans to increase production by 44 percent to almost 4 million barrels a day in Continue Reading
Kuwait is making a concerted effort to retain its importance as a reliable crude oil supplier to South Korea, where it has seen its market share dip as Korean refiners, Continue Reading
Kuwait plans to boost oil production to more than 3 million barrels a day within months, doubling output from where it stood during last week’s oil-worker strike. Output will climb Continue Reading
Kuwait’s oil production is almost back to capacity one day after workers called off a strike that had disrupted output and sent prices rising. OPEC’s fourth-largest producer boosted output to Continue Reading
Kuwaiti oil workers sit at the union’s headquarters in Al-Ahmadi, south of Kuwait City, on… Oil workers in Kuwait have ended a three-day strike that had almost halved crude output Continue Reading
Oil fell after Kuwait workers said they would end a strike that disrupted output in OPEC’s fourth-largest producer for three days. Futures fell as much as 3 percent in New Continue Reading
Kuwait’s oil production is set to return to normal in three days after thousands of striking workers returned to their jobs Wednesday. OPEC’s fourth-largest producer will boost output to an Continue Reading
Kuwaiti oil sector employees sit in a shaded area on the first day of an official strike called by the Oil and Petrochemical Industries Workers Union over public sector pay Continue Reading
The Doha talks came and went yesterday. With little to show after Saudi Arabia largely refused to take action on oil output cuts without the cooperation of Iran. But even Continue Reading
Kuwait Oil Co. will soon offer contracts for offshore rigs and support services to drill its first undersea wells as the Persian Gulf nation tries to boost crude output to Continue Reading
Kuwait Oil Co. will soon offer contracts for offshore rigs and support services to drill its first undersea wells as the Persian Gulf nation tries to boost crude output to Continue Reading
For the Gulf states, maintaining unity becomes all the more important amid economic slowdown. Click here to continue reading… Stratfor provides global awareness and guidance to individuals, governments and businesses Continue Reading
All signs suggest that a meeting of OPEC and non-OPEC oil producing countries in Doha on April 17 will produce an initial agreement to freeze output, Kuwait’s OPEC governor Nawal Continue Reading
Kuwait’s plan to impose corporate taxes and cut fuel subsidies to reduce the OPEC member’s reliance on oil faces a familiar obstacle: a parliament that has resisted previous attempts to Continue Reading
Gulf OPEC member Kuwait has changed the way it prices oil for Europe, trading sources said, in a rare tactical move aimed at making its crude more competitive as the Continue Reading
Gulf Cooperation Council countries may struggle to refinance $94 billion of debt in the next two years as the region faces slowing growth, rising rates and rating downgrades, according to Continue Reading
When Sheikh Ali Khalifa al-Sabah of Kuwait thinks about today’s plunging oil prices, his mind drifts back to the mid-1980s, when he was forced to sell some of his country’s Continue Reading
High-ranking military officials from 30 nations fighting the Islamic State met Feb. 22 in Kuwait City, AFP reported. Security was tight at the meeting, where military leaders from the United Continue Reading
Banks for members of the Gulf Cooperation Council, which includes Saudi Arabia, face pressure from low oil prices despite government support, Moody’s said. Crude oil prices continue to hold near Continue Reading
Kuwait Petroleum International (KPI) said on Saturday oil prices could reach a range of $50 to $60 a barrel by mid-2017, the official state news agency reported. The agency quoted Continue Reading
Kuwait Petroleum International (KPI) said on Saturday oil prices could reach a range of $50 to $60 a barrel by mid-2017, the official state news agency reported. The agency quoted Continue Reading
Kuwait plans to increase its crude production by 150,000 barrels a day by the third quarter of the year despite the current slump in oil prices, the managing director of Continue Reading
DUBAI— Chevron Corp. CVX -1.82 % is planning to lay off up to 1,000 employees working in the neutral zone between Saudi Arabia and Kuwait, as a dispute between those countries has halted all work on oil fields for several months, according to people familiar with the matter. Chevron has already significantly reduced the number of petroleum-development rigs in the neutral zone, a 2,230-square-mile oil-rich area that the countries jointly oversee. One of the people said the layoffs of Saudi Arabian staff had begun. “There is no point of keeping staff if the fields have been shut down for months,” the person said. A Chevron spokeswoman said she couldn’t “discuss specific details of our employees and contractors.” “Current difficulties in securing work permits and materials have impacted the company’s operations,” she said, forcing its local unit Saudi Arabian Chevron and Kuwait Gulf Oil Co. to stop onshore production in […]
Daewoo Engineering & Construction Co., Tecnicas Reunidas SA and Hyundai Heavy Industries Co. are among companies that signed contracts today to build Kuwait’s $16 billion Al Zour oil refinery, which will more than double the nation’s processing capacity. The refinery, with a capacity of 615,000 barrels a day, will raise Kuwait total refining capacity to 1.4 million barrels a day when completed in July 2019, Mohammad Ghazi Al-Mutairi, chief executive officer of state-owned Kuwait National Petroleum Co., said at the signing ceremony in Kuwait City. Al Zour refinery, valued at 4.87 billion dinars ($16 billion) will be integrated with a planned petrochemical complex which KNPC will discuss at an upcoming board meeting, he said. “Al Zour refinery is one of the world’s largest grass root plants being built from conceptual stage,” Al-Mutairi said. “Al Zour refinery along with other ongoing mega projects will change the landscape of the oil […]
OPEC member Kuwait said the global plunge in oil and financial markets heightens the need for the country to press ahead with investment spending and diversify revenue sources. Finance Minister Anas Al-Saleh briefed the cabinet on the market turmoil, the state-run Kuna news agency reported on Monday. Brent fell below $45 a barrel on Monday for the first time since 2009 on concerns a global supply glut may be worsening. The plunge in oil prices has sent stock markets in the six-nation Gulf Cooperation Council, which includes Kuwait and Saudi Arabia, tumbling. Kuwait’s benchmark index dropped 1.6 percent on Monday to the lowest level since November 2012. The cabinet “stressed the need to implement” measures outlined by the Ministry of Finance to the parliament about diversifying sources of income, Kuna reported. Capital investment spending must also continue, it said. Kuwaiti officials are considering introducing corporate taxes for both local […]
Kuwait said the explosives were found in locations near the Iraqi border [interior ministry photo] Kuwaiti authorities say they have arrested three members of a "terrorist" cell and seized a huge arms cache they say was smuggled from Iraq and hidden beneath houses near the border. The Interior Ministry on Thursday said that the three Kuwaiti citizens have confessed to joining a group that was plotting to destabilise the country. Majority Sunni Muslim Kuwait has been on alert since a suicide bomber blew himself up at a Shia mosque in the capital, Kuwait city, in late June, killing 27 people. The bombing was claimed by the Islamic State of Iraq and the Levant (ISIL) group. A total of 19,000 kg of ammunition, 144 kg of explosives, 68 weapons, and 204 grenades were seized from three properties near the Iraqi border, the ministry said. The ministry said the explosives were […]
DUBAI A jointly operated onshore oilfield between Saudi Arabia and Kuwait will shut for two weeks of maintenance, a Kuwaiti industry source said on Monday, a move apparently aimed at giving the Gulf OPEC allies more time to solve a long-standing dispute. The scheduled closure of the Wafra onshore oilfield, operated by a Saudi Arabian division of U.S. oil major Chevron, will start on Monday night or Tuesday, the source told Reuters. The source declined to be named because of the commercial sensitivity of the matter. "It is planned maintenance starting from tonight or tomorrow," the source said, adding that production from the onshore fields in the Neutral Zone between Saudi Arabia and Kuwait was about 190,000 barrels per day. Last month, Saudi Chevron told its partner, Kuwait Gulf Oil Company, that it planned to shut down Wafra after failing to resolve various disputes with Kuwait, mainly related to […]
Stymied by political opposition to foreign oil companies, Kuwait oil officials have privately acknowledged the country won’t meet a goal of boosting oil-production capacity 25% by 2020, people familiar with the matter said. The delay throws a spotlight on the fractious politics of a rare Middle Eastern country where an elected parliament holds real power, and the constitution bans foreign ownership of natural resources. It also could affect Kuwait’s effort to expand into Asian markets during the current period of relatively low oil prices—as well as its ability to profit should the price of crude rise again. Oil exports from aging fields make up 60% of the country’s gross domestic product. Kuwait has made it a national priority to ramp up production capacity to 4 million barrels a day—from the current 3.2 million—to help it reach new markets. That would bring it on par with regional rivals like Iran, […]
KUWAIT CITY (AP) — A country known for its vast energy wealth just couldn’t keep the lights on – at least for a short while. A sweeping blackout that struck the tiny but oil-rich Kuwait on Wednesday evening knocked out lights even at the international airport, brought out the amateur comedians on social media and got lawmakers Thursday asking why so much of the OPEC nation suddenly went dark. The power cut happened when a technical fault struck a transmission line linked to the al-Subbyia power station, according to Minister of Public Works, Electricity and Water Abdulaziz al-Ibrahim whose remarks were carried by the official Kuwait News Agency. Residents in the car-loving country reported unusually thick traffic jams caused by darkened traffic lights. Emergency measures used to bring power back online following the outage included the use of an electrical link to the rest of the six-member Gulf Cooperation […]
