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Global prices increased by 2.5% on Wednesday.
13 February 10:54 AM Kuwait’ oil up $1.28 on Wednesday – KPC
Mubasher: Kuwait’s crude oil price increased by $1.28 on Wednesday, 12 February, to finish at $56.14 per barrel (pb) as compared to $54.86 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC). On the global …
Brent futures finished at $53.27 pb
11 February 12:45 PM Kuwait’s oil slides to $55.07 pb on Monday – KPC
Mubasher: The price of Kuwait crude oil dipped by $1.01 on Monday, 10 February, to stand at $55.07 per barrel (pb) from $56.08 pb last Friday, according to official data from Kuwait Petroleum Corporation (KPC). Globally, prices fell to their …
Remittances from Egyptians working abroad increased to $6.71 billion
10 February 04:59 PM Egyptian pound records highest level in 3 years
Cairo - Mubasher: The Egyptian pound traded at EGP 15.66 to the US dollar on Monday, compared to EGP 15.69 on Sunday, registering its three-year highest level, Reuters reported. The pound has gained its strongest level since Egypt weakened the …
Egypt’s gold reserves increased to $3.424 billion
9 February 02:57 PM Egypt’s gold reserves up $123m in January amid coronavirus worries
Cairo – Mubasher: Gold reserves in Egypt rose in January for the second month in a row as concerns about the spreading coronavirus fuelled safe-haven demand. Egypt’s gold reserves increased by $123 million to $3.424 billion in January from $3.301 …
OPEC producers may meet earlier than scheduled
8 February 05:50 PM Oman backs deeper oil output cut until June-end
Mubasher: Oman is supporting the recommendations made by an OPEC+ Joint Technical Committee (JTC) for a short, deeper oil output cut until the end of June, the GCC country’s oil minister Mohammed bin Hamad al-Rumhy announced, as Reuters reported …
ADFD’s director-general Mohammed Al Suwaidi
5 February 11:03 PM ADFD funds AED 24.6bn projects in Africa
UAE – Mubasher: The Abu Dhabi Development Fund (ADFD) has pumped AED 24.6 billion in 40 African countries over the four past decades, the Emirates News Agency reported on Wednesday. The fund provided concessionary development funds worth AED 241 …
Brent crude inched down by 0.9% on Tuesday
5 February 11:10 AM Kuwait oil plummets $1.25 on Tuesday – KPC
Mubasher: Kuwait oil price went down by $1.25 on Tuesday, 4 February, to settle at $55.68 per barrel (pb) from $56.93 pb a day earlier, according to the official prices of Kuwait Petroleum Corporation (KPC).    On the global level, oil prices …
Brent crude dipped by $2.17 on Monday
4 February 01:52 PM Kuwait’s oil slides to $56.93 pb on Monday – KPC
Mubasher: The price of Kuwait’s crude oil dropped by $2.77 on Monday, 3 February, to settle at $56.93 per barrel (pb) from $59.7 pb on Friday, according to Kuwait Petroleum Corporation’s (KPC) official prices. On the global level, oil prices saw …
he signing ceremony was attended by Sheikh Al Maktoum and Sheikh Al Nahyan
3 February 05:11 PM ADNOC, DUSUP ink agreement to develop UAE’s new gas field
UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) and Dubai Supply Authority (DUSUP) have signed a strategic agreement to explore and develop Jebel Ali Project gas reservoir. The reservoir is one of the largest shallow gas fields discovered …
Initial output at 10,000 barrels per day
2 February 02:15 PM Saudi Arabia, Kuwait to resume production in Khafji
Riyadh – Mubasher: Saudi Arabia and Kuwait are reportedly preparing to resume crude oil production from Khafji oilfield in the neutral zone later this month. Initial output at 10,000 barrels per day (b/d) is expected around the end of February, …
The health condition of those infected in UAE is stable
29 January 11:42 AM UAE reports first coronavirus case in Middle East
UAE – Mubasher: The UAE’s Ministry of Health and Prevention announced on Wednesday the first case of new coronavirus in the UAE, being the first to be unveiled in the Middle East. This case was registered for members of a family arriving from the …
Brent futures rose by 19 cents on Tuesday
29 January 11:01 AM Kuwait oil crude down to $60.15 pb on Tuesday – KPC
Mubasher: The price of Kuwait’s crude oil slipped by $3.42 on Tuesday, 29 January, to settle at $60.15 per barrel (pb) from $63.57 pb on Friday, according to Kuwait Petroleum Corporation’s (KPC) official prices.        Globally, oil prices …
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 …
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 …
The EGP exchange rate climbed to EGP 15.86 for buying
14 January 11:39 AM Egyptian banks receive $1.7bn foreign cash inflows in 4 days
Cairo – Mubasher: foreign cash inflows into banks operating in Egypt reached $1.7 billion in just four days ending on Monday, 13 January, according to a statement by the Central Bank of Egypt (CBE). Such inflows have helped push the Egyptian pound …
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 …
Gov't added 1,500MW clean energy to national electricity grid
11 January 08:46 PM Jordan attracts over $5bn clean energy investments
Mubasher: Jordan has expanded renewable energy share in its energy mix, attracting more than $5 billion in investments, the kingdoms’ ambassador to the UAE, Jumaa Al-Abadi, stated on Saturday, according to the Jordan News Agency (Petra). Since …
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 …