Tuesday , October 17 2017

Business

OPEC deal to cut output could lead to shale production surge – Trump administration vows measures to promote US oil development

NEW YORK, Dec 3, (AFP): With this week’s deal to cut output, OPEC is creating incentives for American shale producers to boost output just as the incoming Trump administration vows measures to promote US oil development. The deal, announced Wednesday by the Organization of the Petroleum Exporting Countries, will cut …

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Oil output deal is done, OPEC now in agreement

OPEC’s meeting last Thursday was quick and fast, triggering an increase in oil price by more than $3 per barrel in less than three hours of the agreement. Yes! The meeting ended quickly but after more than ten months of meetings behind closed doors to finally arrive at such a …

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Earnings of listed companies drop 6% in 9M

The financial results of Kuwaiti exchange-listed companies continued to signal some softness, though performance did appear to surprise on the upside. The corporate sector has felt the heat of the current low oil price environment with signs of weakness more prevalent in non-bank financial services and real estate. However, profit …

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Rush to spend as India ‘cash catastrophe’ prompts chaos – Anger mounts at continuing shortage of cash

NEW DELHI, Dec 2, (AFP): Indians endured more turmoil Friday as they rushed to spend old notes at petrol stations before a midnight deadline as the opposition denounced the scrapping of high denomination bills as a catastrophe. Indians had been given until Dec 15 to use the old bills at …

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OPEC deal expected to tighten oil market in 2017 – Production cut between 750,000 and 1 million bpd seen

OPEC has reached an agreement to cut its oil output by almost 1.2 million barrels per day and been rewarded with an increase in nearby futures prices of around $5 per barrel. Saudi Arabia is likely to provide around half of the real cuts, and its Gulf allies most of …

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Kuwait crude up $4.99 to $47.68 pb

Kuwaiti oil price rose $4.99 in trading Thursday to $47.68 compared to $42.69 pb Tuesday according to Kuwait Petroleum Corporation (KPC) Friday. In the global markets, oil prices rose nearly four percent yesterday as Brent crude reached its highest level in nearly 16 months, extending gains after the Organization of …

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OPEC agrees first output cut since 2008 – Saudis take ‘big hit’

VIENNA, Nov 30, (RTRS): OPEC agreed on Wednesday its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand on arch-rival Iran to slash output. Non-OPEC Russia will also join output reductions for the first time in 15 years to …

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Kuwait stocks ‘eke’ modest gains; volume rises – KFH dips 10 fils; Humansoft Holding jumps

KUWAIT CITY, Nov 30 : Kuwait stocks eked modest gains on Wednesday as it extended its advance to fourth straight session. The price index climbed 10.87 pts to 5,554.46 points in choppy trade helped by buying in select counters. The hopes of OPEC oil supply cut deal too buoyed the …

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Alghanim Automotive wins GM technicians competition – 1960 dealer technicians in Middle East participate in event

KUWAIT CITY, Nov 29: Yusuf A. Alghanim & Sons Automotive, the exclusive distributor of both Chevrolet and Cadillac vehicles in Kuwait, adds a new entry in its achievement record by winning first place at one of the biggest automotive service competitions in the region. Organized by General Motors, the competition …

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Kuwait to give Tunisia $500mn in loans – Financing spread over five years

TUNIS, Nov 29, (Agencies): Kuwait will provide Tunisia with $500 million in loans over the next five years, Kuwait’s finance minister told delegates at a Tunis investment conference on Tuesday. Western and regional partners have been offering Tunisia financial backing as the conference gets under way, including a pledge of …

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