Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members.
The Middle East has been a mainstay of Penspen and confirmation of that came earlier this week, with the announcement of a project management consultancy (PMC) award from Abu Dhabi’s ADNOC.
The oil price spike caused by a drone attack on a major Saudi processing facility will provide a welcome − but short-lived − boost to North Sea revenues, a prominent petroleum economist has said.
Kuwait's ruling emir has said his oil-rich nation will give one billion US dollars in loans and one billion dollars in direct investments to help rebuild Iraq, a stunning donation as only a generation ago Saddam Hussein invaded the small nation.
Kuwait Petroleum Corp. signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand.
Kuwait has reported another oil spill, this time in the southern marine area of Ras Al-Zour.
At least 34,000 gallons of oil have leaked out during a spill off the coast of Kuwait, according to an analysis of satellite imagery.
Petrofac has landed a $35million contract in Kuwait.
Kuwait’s emir has travelled to Qatar and met the country’s leader as part of his efforts to mediate an end to a crisis that has seen Arab nations cut ties to the energy-rich country and attempt to isolate it.
Kuwait is trying to mediate a crisis in the Gulf after several Arab nations cut ties with Qatar, moving to isolate the energy-rich travel hub from the outside world.
Lawyer and Middle East business expert Hugh Fraser has been inducted into a global networking initiative set up to help Scottish firms break international markets.
Cape today confirmed it had landed a deal with Heavy Engineering Industries & Shipbuilding Co. (HEISCO) covering painting, insulation and passive fire protection at Kuwait National Petroleum Company’s (KNPC) Fifth Gas Train project.
Kuwait Energy Plc is planning an initial public offering in London that could value the oil and gas exploration business at as much as $1 billion, according to unnamed sources.
Analysts have poured cold water on the idea that the recent output deal from Opec and non-Opec countries will lead to a major rebalancing of the oil market.
Kuwait renewed a contract to supply Egypt with crude oil for the next three years, according to a senior Kuwaiti government official, who said the shipments are not intended to make up for the loss of Saudi fuel shipments to the North African country.
Kuwait’s government approved an increase in prices of gasoline sold locally by as much as 83 percent, becoming the latest oil-rich Arab nation to cut subsidies as lower crude prices squeeze finances.
Kuwait is open to liaising with neighboring Saudi Arabia on its planned debt sale as the two OPEC nations prepare to test investor appetite for about $20 billion of bonds.
Crude oil will rise to a range of $50 to $60 a barrel until at least 2018 as demand increases and markets absorb an oversupply that’s led to lower prices over the last two years, according to the acting oil minister of OPEC member Kuwait.
Kuwait has ring-fenced $115billion (34.5billion dinars) to spend on oil projects over the next five years, according to a senior oil executive.
OPEC’s strategy to defend market share over prices is working as oil approaches $50 a barrel amid rising demand and declining output from producers including U.S. shale companies, Kuwait’s acting oil minister said.
Oil fell after Kuwait workers said they would end a strike that disrupted output in OPEC’s fourth-largest producer for three days.
Oil held near $40 a barrel as a strike in Kuwait cut output by more than half from OPEC’s fourth-biggest producer.
Kuwait’s three oil refineries were operating at reduced rates on Monday on the second day of an open-ended labor strike.
Kuwait Oil Co. will soon offer contracts for offshore rigs and support services to drill its first undersea wells as the Persian Gulf nation tries to boost crude output to the highest level in more than four decades.
Kuwait’s first CO2 plant has officially launched.