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22 February 07:05 PM

Local Economy

Oil revenues dropped 18% YoY
1 hour ago Lower oil prices, higher public spending boost Kuwait’s budget deficit – NBK
Mubasher: Kuwait’s budget deficit reached KWD 800 million during the first 10 months of the fiscal year 2019/2020 which accounts for 2% of the country’s GDP in 2019. After the mandatory transfers to the Future Generations Fund, the deficit …
Macroeconomics
Brent crude futures decreased by $0.64
21 February 04:42 PM Kuwait crude oil price grows by 56 cents on Thursday
Mubasher: The price of Kuwait’s crude oil rose by $0.56 per barrel (pb) on Thursday, compared to the day earlier.   Kuwait’s crude oil settled at $59.04 pb on Thursday, against $58.48 pb on Wednesday, according to the Kuwait News Agency. Brent …
Macroeconomics
Global prices remained unchanged on Tuesday
19 February 11:41 AM Kuwait’s oil dips 77 cents on Tuesday – KPC
Mubasher: Kuwait’s crude oil price slid by 77 cents on Tuesday, 18 February, to settle at $57.18 per barrel (pb) as compared to $57.95 pb last Monday, according to official prices released by Kuwait Petroleum Corporation (KPC). Global prices …
Macroeconomics
Global prices increased on Monday
18 February 12:07 PM Kuwait oil up 70 cents on Monday – KPC
Mubasher: The price of Kuwait’s crude oil rose by 70 cents on Monday, 17 February, to reach $57.95 per barrel (pb) from $57.25 pb last Friday, according to official prices released by Kuwait Petroleum Corporation (KPC).   Meanwhile, Global prices …
Commodities
Photo Archive
18 February 10:20 AM Saudi oil exports down 10.75% in 2019
Riyadh – Mubasher: Saudi Arabia’s oil exports decreased by 10.75% last year, as shown by the Joint Organisations Data Initiative (JODI) figures. Total exports, including crude oil and petroleum products, declined by 366.59 million barrels per day …
Commodities
Revenues slipped by 17.6% YoY in 10M-19/20
18 February 09:52 AM Kuwaiti oil revenues drop to KWD 13bn in 10M
Mubasher: Kuwait’s oil revenues amounted to KWD 13.07 billion ($42.97 billion) in the first 10 months of fiscal year 2019/2020, down by 17.64% year-on-year (YoY) from KWD 15.87 billion ($52.17 billion) Oil revenues in Kuwait accounted for 94.2% of …
Commodities
The USD dropped to EGP 15.65 for buying at ADIB
17 February 02:43 PM USD falls against EGP at local banks on Monday
Cairo – Mubasher: The US dollar exchange rate declined against the Egyptian pound at 12 local banks on Monday. The USD dropped to EGP 15.65 for buying and EGP 15.75 for selling at Abu Dhabi Islamic Bank (ADIB) and EGP 15.63 for buying and EGP …
Banking and Finance
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 …
Macroeconomics
Egypt and Somalia agreed to enhance cooperation in the petroleum industry
12 February 12:26 PM Several MoUs signed on EGYPS 2020 second day
Cairo – Mubasher: The Egyptian Petroleum Projects and Technical Consultations Company (PETROJET) will be working on petroleum and refining projects in Equatorial Guinea for the first time, as per agreements signed during day two of the Egypt …
Event
Kuwaiti public debt declined by 4.61% MoM
12 February 12:29 AM Kuwait’s public debt hits over KWD 2bn in December 2019
Mubasher: Kuwait’s public debt instruments dropped 41.5% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). The GCC country’s debt instruments went down to KWD 2.072 billion ($6.822 billion) …
Macroeconomics
Kuwaiti M2 declined to KWD 38.129 billion
12 February 12:16 AM Kuwait’s M2 falls 1.24% YoY in December 2019
Mubasher: Kuwait’s local liquidity went down by 1.24% year-on-year at the end of December 2019, according to data released by the Central Bank of Kuwait (CBK). Kuwaiti money supply (M2) declined to KWD 38.129 billion ($125.534 billion) last …
Macroeconomics
Federal Tax Authority (FTA)
11 February 03:52 PM UAE bans tobacco, e-cigarette plugs without digital tax stamps
Abu Dhabi – Mubasher: The UAE Federal Tax Authority (FTA) announced that importing waterpipe tobaccos and electrically heated cigarette plug not marked with digital tax stamps will be prohibited across country as of 1 March 2020. The ban comes as …
Markets Regulations
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 …
Commodities
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 …
Macroeconomics
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 …
Banking and Finance
MCDC logo
8 February 11:51 PM Muscat Clearing & Depositing to apply blockchain technology
Mubasher: Muscat Clearing and Depositing Company (MCDC) on Saturday signed an agreement with Trust Chains Solutions and Services Company (Salasil al-Thiqa) to supply programmes, systems, and services for MCDC for the management of meetings and …
Macroeconomics
The issue will be open for subscription on 9-17 February
8 February 10:54 PM Oman C. Bank to issue OMR 150m gov’t bonds
Mubasher: The Central Bank of Oman (CBO) is set to launch the 63rd issue of government development bonds (GDB) on Sunday through auction, the Oman News Agency (ONA) reported on Saturday. The new issue is fixed at OMR 150 million with a maturity …
Bonds
Brent crude futures went down by $0.46
8 February 07:40 PM Kuwait crude oil price goes down by 82 cents pb on Friday
Mubasher: The price of Kuwait’s crude oil declined by $0.82 per barrel (pb) on Friday, compared to the day earlier.   Kuwait’s crude oil settled at $56.08 pb on Friday, against $56.90 pb on Thursday, according to the Kuwait News Agency. Brent …
Macroeconomics
Oil sector activity fell 5.3% YoY last year
8 February 06:50 PM Kuwait sees sluggish growth in Q3-19 on oil output cuts – NBK
Mubasher: Kuwait’s GDP growth slowed to 0.4% year-on-year in the third quarter of 2019, compared to 1.8% in Q2-19, according to a report released on Saturday by the National Bank of Kuwait (NBK). This is the slowest rate since Q1-18 due to a …
Macroeconomics
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 …
Global Economy
Kuwait's exports to GCC countries rose by 4.1% YoY
5 February 12:29 PM Kuwait’s trade surplus hits KWD 679m in October; down 14.2% in 10M-19
Mubasher: Kuwait’s exports plummeted by 26.1% year-on-year (YoY) in October 2019 to reach KWD 1.55 billion from KWD 2.10 billion in the same month in 2018, recent statistics from the Central Statistical Bureau (CSB) showed.   Imports slipped by …
Sector Reports
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 …
Commodities
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 …
Macroeconomics
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 …
Macroeconomics
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, …
Commodities