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Tag Archives: oil

‘Oil revenue management’ major challenge facing Kuwait economy

KUWAIT CITY, Nov 16, (KUNA): The main challenge facing the Kuwaiti economy lies in “how to manage oil revenues and prepare for the post-oil era,” an international economic expert said in remarks published on Monday. The budget deficit for the current and next years is not a real problem, but …

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Snub out bid to control oil

BEWARE! The oil is an inflammable substance. Do not come close to it with the fire of your conflicts — political or personal — lest you set ablaze the entire nation. Keep off. We ask you to stay away and stop throwing your weight behind a senior employee of the …

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Kuwait oil production hits 2.8mn bpd in 2014/15

KUWAIT CITY, Nov 2, (KUNA): Kuwait’s crude oil production hit 2.8 million barrels per day (bpd) by the end of the fiscal year 2014-2015, less than the targeted 2.9 million bpd, the Kuwait Oil Company (KOC) said on Monday. In its recently-issued 2014-2015 annual report, the company noted that the …

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Low prices hit oil companies’ earnings during third quarter – Trend expected to continue next year 

All international oil companies are expected to announce low earnings for the third quarter of this year. BP, Shell and Total companies have already announced their results. The earnings of BP have reduced by 40 percent as a result of the oil prices, which have been at the lowest since …

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Kuwait oil up

Kuwait oil price rose $1.51 to $42.52 per barrel in Thursday’s trades from $41.01 pb on Wednesday, Kuwait Petroleum Corporation said on Friday. In the international markets, the American crude price climbed two percent, amid negative reports about the American economy, after climbing by six percent on Wednesday. The American …

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Saudi Arabia considering hiking domestic energy prices: oil min – Al-Naimi comments come as kingdom confronts record budget deficit

RIYADH, Oct 27, (AFP): Saudi Arabia is considering raising its heavily subsidised domestic energy prices, the oil minister said Tuesday, as the kingdom confronts a record budget deficit caused by falling oil revenues. “All prices eventually rise,” Ali al-Naimi said on the sidelines of a mining conference. “Is it under …

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Weak oil and strong dollar – a puzzling relationship – Widely used currency versus widely traded commodity in world

The relationship between oil price and dollar value is intriguing not only to the US and the oil-exporters, but to researchers and governments all over the world. Most commodities, including oil tend to be negatively correlated with the US dollar as most commodities are traded in dollar. The magnitude of …

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Saudi crude oil exports fall in August to 6.998 mln bpd – World’s biggest oil exporter trims its production

DUBAI, Oct 18, (RTRS): Saudi Arabia’s crude oil exports fell by 278,000 barrels per day in August, despite historically high wellhead production, while volumes of shipped refined oil products rose to a record high, official data showed on Sunday. The OPEC heavyweight shipped 6.998 million bpd in August, down from …

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Saudi’s Naimi says sees oil demand improving – OPEC strategy working — analysts

RABAT, Oct 16, (RTRS): Saudi Oil Minister Ali al-Naimi said on Thursday he saw signs of global oil demand improving despite the economic slowdown in China and that the market’s supply/demand balance would shortly move more into line. Oil prices have almost halved in the past year because of excess …

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Kuwait signs $13bn contract for new refinery

KUWAIT CITY, Oct 13, (AFP): The Kuwait National Petroleum Company (KNPC) Tuesday signed contracts worth $13.2 billion (11.6 billion euros) with international firms to build a refinery said to be the Gulf state’s largest development project. The deal comes as Kuwait, a key oil producer, moves to modernise its energy …

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