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Commodities

Saudi Minister of Energy, Prince Abdulaziz bin Salman
27 January 12:35 PM Saudi Arabia monitors impact of coronavirus outbreak on oil market
Riyadh – Mubasher: Saudi Arabia is closely monitoring developments in the global oil market resulting from concerns about the coronavirus outbreak and its impact on China and the global economy, according to the Saudi Minister of Energy, Prince …
Kuwait’s oil economy slipped by 1% in 2019
27 January 11:49 AM Kuwait’s GDP down to 0.7% in 2019 on lower oil sector growth – IMF
Mubasher: The International Monetary Fund (IMF) on Monday stated that Kuwait’s gross domestic product (GDP) slowed to 0.7% in 2019 from 1.2% in 2018, pressured by lower oil prices and output, despite the growing non-oil sector. Kuwait’s real oil …
Total Saudi merchandise exports slipped by 14.9% in November 2019
26 January 01:50 PM Saudi oil exports dip 15.4% in November - GaStat
Riyadh – Mubasher: Recent data from the Saudi Arabia General Authority for Statistics (GaStat) showed a 15.4% year-on-year (YoY) decrease in Saudi oil exports in November 2019. Oil exports retreated to SAR 62.3 billion in November last year from …
Brent crude was down by 2.1% or $1.38 on Wednesday
23 January 12:22 PM Kuwait oil slips to $65.66 pb on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil dipped by 2 cents on Wednesday, 22 January, to settle at $65.66 per barrel (pb) from $65.68 pb a day earlier, according to the official prices announced by Kuwait Petroleum Corporation (KPC). Globally, oil …
Photo Archive
22 January 01:10 PM Aramco agrees LNG sale to S-Oil
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has reportedly sold a liquefied natural gas (LNG) cargo to South Korea’s S-Oil Corporation, through its trading arm Aramco Trading Company. The cargo was sold at around $4.40-$4.60 …
Photo Archive
22 January 11:01 AM Mubadala Petroleum completes farmout in 2 Indonesian blocks
UAE – Mubasher: Mubadala Petroleum announced the completion of an agreement to farmout a 20% participating interest in the Andaman I and South Andaman blocks in Indonesia to the UK’s Premier Oil following the approval of the Indonesian government. …
Iron prices have dropped by EGP 300 per tonne since the beginning of the week
15 January 03:28 PM Iron prices to further decline as EGP levels up
By: Abdullah Bedeir Cairo – Mubasher: Iron prices are expected to further decline in the coming period, Ahmed El-Zeiny, the head of chamber of building materials at the Federation of Egyptian Chambers of Commerce (FEDCOC) told Mubasher. With the …
The shipment reflects the success of KNPC’s international marketing sector
15 January 02:07 PM KNPC exports first low-sulfur diesel shipment
Mubasher: Kuwait National Petroleum Company (KNPC) announced that the first shipment of low-sulfur diesel (ULSD 10ppm) has been exported through Mina Abdullah refinery to global markets after fulfilling al requirements. The exported 40,000-tonne …
Prince Abdulaziz bin Salman speaking at IPTC 2020
13 January 12:13 PM Saudi Arabia underlines commitment to oil market stability
Riyadh – Mubasher: The Saudi Minister of Energy, Prince Abdulaziz bin Salman, has reiterated Saudi Arabia’s commitment to do all it can to ensure the stability of the global oil market. The minister’s remarks came during his keynote speech at the …
Egypt aims to expand into natural gas as an alternative to LPG
12 January 02:44 PM Egypt’s LPG sales drop 6% in H1-19/20
Cairo – Mubasher: Total sales of liquefied petroleum gas (LPG) fell by 6% year-on-year during the first half of fiscal year 2019/2020, the Egyptian minister of petroleum and mineral resources, Tarek El-Molla, said. The decline in local consumption …
The Ministry of Economy delegation visiting DMCC
12 January 12:06 PM DMCC plays vital role in diamonds, precious metals trade in Dubai
UAE – Mubasher: DMCC has recently hosted the UAE’s minister of economy, Sultan Bin Saeed Al Mansouri, to sum up the entity's role in streamlining, boosting, and driving global trade through Dubai. The minister toured Almas Tower and visited both …
GCC's geopolitical risk is higher in nature than in the past
9 January 05:28 PM Moody’s: 3 factors behind GCC sovereigns’ 2020 negative outlook
Mubasher: Moody's Investors Service explained the factors which led to the negative outlook for sovereign creditworthiness in the Gulf area for the year 2020. A recent report by Moody’s showed that the slowdown in the development of fiscal reforms …
Tanker Forward Freight Agreement (FFA) volumes increased by 38% YoY in 2019
7 January 01:35 PM Volatility boosts freight derivative volumes in 2019
UAE – Mubasher: Freight derivatives markets showed higher traded volumes in 2019 for both tankers and dry cargo vessels, data by the Baltic Exchange showed.  Tanker Forward Freight Agreement (FFA) volumes increased by 38% year-on-year (YoY) to …
Officials from Kuwait Petroleum Corporation and Qatar Petroleum
5 January 05:00 PM Qatar Petroleum to provide Kuwait with LNG for 15 yrs
Mubasher: Qatar Petroleum has signed a long-term sale and purchase agreement with Kuwait Petroleum Corporation (KPC) to annually supply Kuwait with up to 3 million tonnes of Liquefied Natural Gas (LNG). Upon the 15-year agreement, Qatar Petroleum …
Egypt's plants season started in mid-November 2019
1 January 02:26 PM Egypt’s wheat planted area to exceed 3m feddans in days
Cairo – Mubasher: The total planted area of wheat in Egypt will reach more than 3 million feddans in the coming two to three days, Reuters reported on Wednesday, citing the head of services and follow-up at the Ministry of Agriculture, Abbas …
Global oil prices declined by 1%
1 January 11:31 AM Kuwaiti oil drops to $68.35 pb on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil fell by 62 cents to $68.35 per barrel (pb) on Tuesday, compared to $68.97 pb on Monday, according to the Kuwait Petroleum Corporation (KPC). Globally, oil prices declined by 1%, while NYMEX crude oil …
Aramco set the January price for butane at $590 per ton
31 December 2019 04:39 PM Saudi Aramco raises propane prices for January 2020
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has set the price for January propane shipments at $565 per ton, up from $440 in December. Meanwhile, Aramco set the January price for butane at $590 per ton, compared with $455 in …
DME oil futures is a benchmark for Oman, Dubai, Saudi Arabia, Bahrain and now Kuwait
31 December 2019 01:49 PM DME Oman to price Kuwait oil futures from February 2020
Dubai – Mubasher: Dubai Mercantile Exchange (DME) recently announced that Kuwait Petroleum Corporation (KPC) will use the DME Oman Futures contract as a price reference for Kuwaiti crude oil exports to Asia starting from 1 February 2020 onwards. …
Global oil prices hit the highest records in three months on Monday
31 December 2019 11:55 AM Kuwait’s crude oil down 7 cents on Monday – KPC
Mubasher: The price of Kuwait's crude oil declined by 7 cents to settle at $68.97 per barrel (pb) on Monday, compared to $69.04 pb on Friday, 27 December, according to the latest data by the Kuwait Petroleum Corporation (KPC). Globally, oil prices …
Global oil prices increased by 1% on Tuesday
25 December 2019 11:52 AM Kuwait's crude oil up 59 cents on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 59 cents on Tuesday to reach $68 per barrel (pb), compared to $67.41 pb on Monday, 23 December, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
Kuwait crude oil closed at $67.87 per barrel
20 December 2019 11:18 AM Kuwaiti oil barrels end Thursday at $67.87 pb – KPC
Mubasher: Kuwait crude oil rose by $0.37, to close at $67.87 per barrel (pb) on Thursday, compared with $67.50 pb in Wednesday’s settlement, according to the Kuwait Petroleum Corporation (KPC). Outside Kuwait, oil prices rose worldwide, as global …
This will boost Egypt’s oil reserves and production rates
19 December 2019 11:08 AM Egypt makes new oil discovery in Western Desert
Cairo – Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources announced a new oil discovery in ASH-2 in the Abu Senan area in the Western Desert. The discovery was made after Borg El-Arab Petroleum Company has drilled several …
The North African nation’s oil output reached about 602,580 bpd in the tenth month of 2019
19 December 2019 10:41 AM Egypt’s oil daily output hits lowest level since July 2009
By: Heba El-Kordy Cairo – Mubasher: Oil production in Egypt declined by about 26,600 barrels per day (bpd), or 4.2%, month-on-month in October, according to data released by the Joint Organisations Data Initiative (JODI). The North African …
Kuwait crude oil closed at $67.2 per barrel
18 December 2019 10:18 AM Kuwait oil ends Tuesday at $67.2 pb – KPC
Mubasher: Kuwait crude oil rose by $0.26, to close at $67.2 per barrel (pb) on Tuesday, compared with $66.94 pb in Monday’s settlement, the Kuwait Petroleum Corporation (KPC) said. Globally, oil prices surged by more than 1%, hitting a three-month …
Kuwait crude oil closed at $66.94 per barrel
17 December 2019 10:01 AM Kuwait oil climbs to $66.94 pb on Monday–KPC
Mubasher: Kuwait crude oil rose by $0.46, to close at $66.94 per barrel (pb) on Monday, compared with $66.48 pb in Friday settlement, the Kuwait Petroleum Corporation (KPC) said. Outside Kuwait, oil prices hit their highest levels in three months …