KUWAIT CITY, June 1: The eight countries participating in the voluntary production reduction within OPEC+ are committed to market stability, considering the fundamentals pertaining to the oil market’s current statues and stable global economic forecasts, in addition to the flexibility in adjusting production, Minister of Oil, Tareq Al-Roumi said on Sunday.

This came in a press statement issued by the Ministry on Al-Roumi’s participation in the in the eight OPEC+ countries’ meeting, which was held via video conference on Saturday, on May 31. According to the statement, the minister praised the results of the meeting, saying that it discussed the current levels of commitment to oil production, along with evaluating the voluntary adjustments agreed upon by eight member countries earlier in April and November 2023. In accordance to the decision agreed upon on December fifth, 2024, to start a gradual and flexible return of adjustments of 2.2 million barrels per day starting from April first, 2025, it has been agreed to increase production for the eight countries participating in the voluntary reduction for July 2025 by an additional total of 411,000 barrels per day.

Minister Al-Roumi reaffirmed Kuwait’s steadfast support for all efforts aimed at enhancing the stability of the oil market, considering the stable global economic forecasts and the recovery of the fundamentals of the oil market based on indicators such as the decrease in oil inventories. He added that the member countries have clearly shown a desire to adopt flexible and well-considered measures that consider economic changes and market developments, contributing to achieving long-term stability that enhances the global economy’s ability to face challenges.

Minister Al-Roumi also confirmed that these measures, which involve accelerating the adjustment of production, would provide participating countries with the opportunity to expedite their compensation for previous overproductions starting from January 2024. Minister Al-Roumi, headed the delegation of the State of Kuwait, which included Kuwait’s Governor to OPEC, Mohammad Khudr Al-Shatti, and Kuwait’s National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah.(KUNA)

KUWAIT CITY, June 1: Real estate trading activity witnessed a huge difference in the number and value of transactions in the third week of May, compared to the second week of the same month. The number of transactions in various property types increased by 13.8 percent, compared to a 10.6 percent decrease in the value of transactions. The total number of real estate transactions during the third week reached around 123, valued at KD76.956 million, compared to 106 transactions, valued at KD86.059 million in the second week of May. The weekly statistical report on real estate trading activity at the Real Estate Registration and Documentation Departments from May 18-22 revealed an increase of around 26 percent in the number and 6.8 percent in the value of private residential real estate transactions.

The total number of transactions during the week reached 100, valued at KD41.270 million, compared to 74 transactions, valued at KD38.450 million in the previous week. Private residential real estate transactions accounted for the lion’s share of the number and value of transactions during the week, accounting for 81.3 percent of the total number and 53.6 percent of the value of transactions. Investment real estate transactions followed, accounting for 17.9 percent of the total number and 39.7 percent of the total value. Weekly investment real estate transactions witnessed a significant decline in the number and value of transactions.

The report revealed approximately 22 real estate transactions worth KD30.572 million — 26.7 percent decrease in the number and 9.9 percent decrease in value compared to the previous week’s 30 transactions worth KD33.849 million. Although only one commercial real estate transaction was recorded in the second and third weeks of May, the decline in the value of commercial transactions in the third week compared to the second week may reflect an anticipated stagnation in real estate transactions during summer.

The value of commercial transactions in the third week decreased by 39.8 percent (KD3.386 million) compared to the second week, reaching 8,500 transactions, compared to KD5.114 million in the third week. There was no movement in real estate transactions for crafts, warehouses, showrooms, shops or the coastal strip this week

By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff

 TWO of the biggest American oil companies, ExxonMobil and Chevron, are locked in a legal battle over an oilfield in Guyana. Both companies are industry giants and pioneers with a presence in oil fields worldwide. They have their hands in every oil field, regardless of location. Oil is their bread and butter. They are the biggest in the field with unmatched expertise. Today, however, they find themselves in a legal battle in a London court over the ownership of a massive oil project, estimated to hold over$1 trillion in reserves. The outcome of this case carries huge implications for the global oil industry. The two U.S. oil supermajors are battling over a 30 percent stake in a major oil field in Guyana, which is currently owned by Hess Corporation, a U.S. energy company that agreed to a $54 billion takeover by Chevron in 2023.

ExxonMobil, which already owns approximately 45 percent of the same field, claims it holds a “first right of refusal” under its existing agreement. This is likely to be a long legal battle over a valuable oil reserve, which is what every oil company wants. The fight between the world’s two biggest oil firms could shape the future of the industry. Whoever wins will strengthen their position in the global market. For ExxonMobil, the most valuable American oil company, winning could help it stay on top. The two oil companies are no match for national oil companies in terms of oil reserves, nor do they possess as much oil as those state-owned companies.

However, they do have the know-how, the experience, and the technology to operate in almost any oil field in the world. They are always in desperate need of more oil reserves and will go anywhere, to any place, in search of a few barrels of black gold. It is their bread and butter. For Guyana, with its small population and clean environment, there is no real need for the polluting effects of black oil to disrupt its natural surroundings. However, the financial rewards are too great to ignore, offering the country a chance to place itself on the global energy map. With oil reserves exceeding 12 billion barrels, and more expansion on the horizon, Guyana stands to gain immensely. The current legal battle between the two oil giants is over a prize worth more than $1 trillion. In the end, Chevron has more at stake and a greater need to win, as it aims to boost its oil reserves to better compete with the world’s leading oil company, ExxonMobil. It is a matter of competition and narrowing the gap with its top rival. Without a doubt, this is a case well worth fighting for.

By Kamel Al-Harami
Independent Oil Analyst
Email: [email protected]