Tag: Kuwait
Kuwaiti oil minister says OPEC cuts working, market in balance by March
OPEC cuts within range, despite increased production from Libya, Nigeria Kuwait’s oil minister said while the world oil market is taking longer to rebalance than expected and the global oversupply glut should be cleared by the end of March 2018, making further OPEC cuts unnecessary. Essam al-Marzouq told Reuters the cartel does not need to […]
February OPEC supply cut at 140 per cent compliance: Kuwait oil minister
OPEC supply cut for non members between 50-60 per cent compliance On Wednesday, Kuwait Oil Minister Essam Al-Marzouq said OPEC-member countries participating in the OPEC supply cut agreement reached 140 per cent compliance with the deal in February. He credits Saudi Arabia for the degree of cuts, telling reporters in Kuwait that “Saudi Arabia has voluntarily cut […]
Price of oil to stabilise at $50-60 by end-2016: Kuwait’s KPI
Price of oil could reach $80 a barrel in 3-4 years time DUBAI, May 3 (Reuters) – The chief executive of Kuwait Petroleum International said on Tuesday that he expects the price of oil to stabilize between $50 and $60 a barrel by the end of 2016 or early 2017, Kuwait’s official KUNA news agency reported. […]
Kuwait oil strike will continue: Union spokesman
Kuwait oil strike to continue until public sector pay reforms cancelled KUWAIT, April 19 (Reuters) – Thousands of striking Kuwaiti oil and gas workers will carry on with their three-day-old strike until planned public sector pay cuts are cancelled, their spokesman said on Tuesday. But in a television interview after the announcement, Kuwait’s oil minister ruled […]
Kuwait oil strike may deliver crude supply cut not achieved at Doha
Kuwait oil strike began Sunday Analysts say a Kuwait oil strike that began Sunday may help balance the over-supply of crude that has driven down the price of oil in recent months to 12-year record lows. The strike involving 13,000 members of the Oil & Petrochemical Industries Workers Confederation began on Sunday, the same day participants […]
After Doha: Kuwait strike could do more to limit production than freeze agreement
Kuwait oil worker strike removes 1.7 million b/d from global production, equal to surplus production Oil prices were down Monday morning on news of OPEC’s failure to reach a production freeze agreement Sunday, but analysts say other supply disruptions may prop up prices in the near term. The talks between 16 nations wrapped up without […]
Kuwait LNG import deal: 2.5 million tonnes of liquified gas
Kuwait LNG deal will help power electricity plants during summer months KUWAIT CITY _ Kuwait’s state oil company has signed deals to import 2.5 million tons of liquefied gas per year into the country to help power electricity plants during its scorching summer. The state-run Kuwait News Agency reported Thursday that the deals involve BP […]
$16B Kuwait oil refinery OK’d, construction to be complete by 2019
Kuwait oil refinery should be fully operational by end of 2020 After over a decade of political disputes and red tape battles, the $16 billion Al Zour Refinery has been given the green light and construction which is slated to begin soon should be wrapped up by the end of 2019. The project is located […]
Kuwait oil production up to 4 million barrels of oil a day by 2020
Kuwait oil production currently 3 million barrels a day KUWAIT CITY – Kuwait’s oil minister says his country still plans to produce 4 million barrels of oil a day by 2020, even as global crude prices have slumped. Ali Al-Omair made the comments Monday at an oil and gas conference in the capital, Kuwait City. The state-run […]
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