Business

This is the reality of the situation in all oil producing countries irrespective of how high or low their oil production rate is. Following the OPEC decision in November 2014 to let oil production cut loose and allow every member to freely produce, the oil prices began to decline, reaching …

LONDON, July 1, (RTRS): OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by …

LONDON, July 1, (RTRS): Britain’s Lloyds Banking Group said on Friday that it has stopped trading Qatari riyals and that the currency is no longer available for sale or buy-back at its high-street banks. A spokeswoman for the bank said a “third-party supplier” that carries out its foreign exchange service …

FRANKFURT/MOSCOW/KIEV, June 28, (Agencies): A cyber attack wreaked havoc around the globe on Wednesday, crippling thousands of computers, disrupting operations at ports from Mumbai to Los Angeles and halting production at a chocolate factory in Australia. The virus is believed to have first taken hold on Tuesday in Ukraine where …

KUWAIT CITY, June 28: Kuwait stocks edged lower on Wednesday as it opened after the Eid-Al-Fitr holidays. The price index fell 3.03 pts in volatile trade to 6,769.06 pts even as the broader sentiment remained lackluster in absence of cues. The KSX 15 benchmark inched 0.05 pts higher to 920.26 …

LONDON, June 28, (RTRS): With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning …

Conflicting Views I Even FOMC members seem conflicted on the pace of tightening. New York Fed President William Dudley reinforced expectations of another interest rate hike this year stating that inflation should rebound alongside wages as the labor market continues to improve. Dallas Fed President Robert Kaplan on the other …

TOKYO, June 27, (KUNA): Kuwait’s crude oil exports to China in the first five months of this year grew 5.6 percent from the same period of 2016 to 326,000 barrels per day (bpd), government data showed. In May alone, Kuwait exported 318,000 bpd to the world’s second-largest oil consumer, down …

WASHINGTON, June 27, (RTRS): The International Monetary Fund (IMF) on Tuesday cut its growth forecasts for the US economy to 2.1 percent for both 2017 and 2018, dropping its assumption that President Donald Trump’s tax cut and fiscal spending plans would boost growth. The IMF, after a review of US …

KUWAIT CITY, June 22, (Agencies): Kuwait’s Oil Minister Essam Al-Marzouq said on Thursday that he was optimistic that oil markets will gradually return to balance supported by the record compliance with the oil supply-cut pact by OPEC and non-OPEC. Says OPEC and non-OPEC oil producers reached the highest compliance level …