Wednesday , October 18 2017

Tag Archives: oil

‘Kuwait facing very dangerous situation due to oil prices fall’ – State will one day borrow money for paying salaries

KUWAIT CITY, Feb 10: Former minister of Social Affairs and Labor and former state minister for Municipal Affairs Dr Fadhel Al-Safar says the current status of the country is very dangerous because of the falling oil prices, indicating that Kuwait may one day end up having to borrow money for …

Read More »

WB sees Kuwait GDP growth of 2.5% in ’16, 2.7% in ’17 – Oil, war stunt region

WASHINGTON, Feb 5, (Agencies): The World Bank in a report published Thursday, forecast Kuwait’s GDP growth at 2.5 percent in 2016 and 2.7 percent in 2017. In the report, the World Bank said that 2015 economic growth in the Middle East and North Africa likely came to just 2.6 percent, …

Read More »

Kuwait follows UAE footsteps – Bid to cut dependence on oil

KUWAIT CITY, Feb 4: Government of Kuwait is following the same steps taken by the United Arab Emirates in adopting serious measures to reduce dependence on oil, which is the main source of income for the State of Kuwait, reports Al-Nahar daily quoting informed sources. They said the Ministers Council …

Read More »

Cabinet approves ’16-’17 draft budget – Revenue assumes $25 price for oil

KUWAIT CITY, Jan 28, (Agencies): His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah presided over a joint meeting of the Cabinet and the Supreme Council for Planning and Development (SCPD) at Al-Saif Palace on Wednesday. The meeting discussed a report by the SCPD economic development committee on the …

Read More »

Low oil price chance for Gulf economic reforms: ministers – ‘We saw an opportunity to have people do the right thing’

DAVOS, Switzerland, Jan 22, (AFP): The sharp drop in the price of oil, the lifeblood of Gulf economies, is an opportunity to end subsidies and introduce reforms in the energy-rich region, ministers said Friday. “With low prices … it is the right time” to cut subsidies on oil products, Kuwait’s …

Read More »

No sign Saudi Arabia will ride to oil market rescue – Reforms to reduce spending key to long-term oil policy

RIYADH/DUBAI, Jan 21, (RTRS): Low oil prices have pushed top exporter Saudi Arabia to hasten difficult economic reforms and cut spending on popular benefits, but it has few options beyond sticking with a strategy to defend its market share – no matter how low prices sink. A return of Iranian …

Read More »

Cheap oil slamming stocks – Good for consumers

NEW YORK, Jan 21, (AP): Wall Street is drowning in oil. Stocks are having their worst start to a year in history in part because of a rapid plunge in the price of oil. The price of crude is down 28 percent this year already, which in turn has dragged …

Read More »

Exports from joint oil fields with Saudi to resume: Amir

KUWAIT CITY, Jan 21, (RTRS): His Highness the Amir has said operations and exports from oil fields jointly operated with Saudi Arabia will resume soon, local media reported on Thursday. “The resumption of operations and exports in joint oil fields will resume soon. No matter what happens, we don’t have …

Read More »

Study needed to find means of diversifying sources of revenues: KCB

KUWAIT CITY, Jan 21: Amidst the change in Kuwait’s economic situation coupled with prices of oil dropping below the benchmark and necessitating initiatives for appropriate solutions, Kuwait Credit Bank has been considering the need to carry out a study with an international consultancy firm to find means of diversifying the …

Read More »

Oil sector staff increments postponed

KUWAIT CITY, Jan 20: There is no intention to cancel the annual increments for the employees of the oil sector, reports Al- Nahar daily quoting sources from the oil sector. They stressed that the circular issued by the Kuwait Petroleum Corporation (KPC) is related to delay in the disbursement of …

Read More »
Translate »