Thursday , December 14 2017

Tag Archives: oil

Saudi and Russia agree oil output freeze – Kuwait welcomes deal: Iran could be obstacle

DOHA, Feb 16, (RTRS): Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal was contingent on other producers joining in — a major sticking point with Iran absent from the talks and determined to raise production. The Saudi, Russian, Qatari and …

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‘Better Iran-Saudi ties would help oil prices’ – Venezuela talks to Russia, other producers

MOSCOW, Feb 15, (RTRS): Venezuela is talking to some OPEC members and Russia about the possibility of joint action to prop up oil prices, a Russian Foreign Ministry official said, while another diplomat said Moscow wanted better ties between Iran and Saudi Arabia. Russia, one of the world’s top oil …

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Total cuts investment amid oil price collapse

PARIS, Feb 11, (AFP): French oil company Total said Thursday it had cut its investment target this year as it steps up efforts to drastically cut costs to counter a global collapse in oil prices. Total said it would invest up to two billion dollars less in 2016 than originally …

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‘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 …

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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, …

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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 …

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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 …

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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 …

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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 …

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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 …

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