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Kuwait backs OPEC+ oil market stability efforts

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KUWAIT CITY, July 6: Minister of Oil Al-Roumi reaffirmed on Saturday Kuwait’s full support for OPEC+ efforts aimed at enhancing the stability of international oil markets. Al-Roumi headed the Kuwaiti delegation participating in the meeting of the eight OPEC+ countries, held via video conference on July 5, 2025, Ministry of Oil said in a statement. The meeting of the eight OPEC+ countries involved in voluntary production cuts agreed to increase output by 548,000 barrels per day starting in August 2025, the statement added.

The delegation also included Kuwait’s Governor at OPEC Mohammed Al-Shatti, and the country’s National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Homoud Al- Sabah. Meanwhile, the State of Kuwait and seven other countries of the OPEC+ coalition have affirmed their commitment to support the oil market stability in light of its current sound condition and positive forecast of the global economy. The joint statement was declared in a statement released by the media center of the Organization of Petroleum Exporting Countries (OPEC) after a virtual meeting held by the eight states — Kuwait, Saudi Arabia, Russia, Iraq, the UAE, Kazakhstan, Algeria and Oman.

The meeting was organized to examine the oil market conditions following the 2023 decision for a voluntary output cut. Moreover, the eight oil-producing countries declared that based on the decision released on December 5, 2024, regarding gradual and flexible return to the voluntary output change, amounting to 2.2 million barrels per day, effective April 1, 2025, a decision was also taken to alter the production by 548,000 barrels per day in August compared to the adopted production last July — equivalent to four consecutive monthly increases. These phased increases can be suspended or cancelled in light of the market conditions.

Furthermore, the eight crude producers indicated that such measures would enable them to speedily make up for the amounts that had been produced above the set quota since January 2024. They affirmed full adherence to attain consensus, including the voluntary modifications that had been agreed upon by the joint ministerial commission for observing the production during its 53rd meeting held on April 3, 2024. Additionally, they declared that they would hold monthly meetings to assess the market conditions and adherence to the output quota. They also agreed on holding the next meeting on August 3 to set the production ceiling for September. OPEC statistics on last July’s output showed that Saudi Arabia came first with the production standing at 9.5 million bpd, followed by Russia with 9.2 million bpd and then Iraq, 4.1 million bpd.

(KUNA)

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UK / KUWAIT, July 29:    Menzies Aviation, the leading service partner to the world’s airports and airlines, has finali…

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UK / KUWAIT, July 29:    Menzies Aviation, the leading service partner to the world’s airports and airlines, has finali…

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Asian shares mixed as investors focus on US trade talks with China

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A person walks in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on July 29 in Tokyo. (AP)

TOKYO, July 29,  (AP): Asian shares were mixed Tuesday ahead of a second day of trade talks between Chinese and US officials, while US futures and oil prices rose. Japan’s benchmark Nikkei 225 fell 0.8% to 40,674.55 on broad selling of major companies including automakers and big banks. Hong Kong’s Hang Seng dropped 0.6% to 25,398.83, while the Shanghai Composite gained 0.3% to 3,607.41. Analysts said investors were watching for the latest from US President Donald Trump and US trade talks with talks with China in Stockholm.

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting in the Swedish capital. “Aside from addressing economic imbalances, tariffs are also now well entrenched in the geo-political arena,” Tan Boon Heng of the Asia & Oceania Treasury Department at Mizuho Bank said in a commentary.

Australia’s S&P/ASX 200 edged 0.1% higher to 8,704.60. South Korea’s Kospi gained 0.3% to 3,230.57. US stock indexes drifted through a quiet Monday after the United States agreed to tax cars and other products coming from the European Union at a 15% rate, lower than Trump had threatened. Many details of the trade deal are still to be worked out, and Wall Street is heading into a week full of potential flashpoints that could shake markets, including an interest rate decision Wednesday by the Federal Reserve.

The widespread expectation on Wall Street is that Fed officials will wait until September to resume cutting interest rates, though a couple of Trump’s appointees could dissent in the vote. The Fed has been on hold with interest rates this year since cutting them several times at the end of 2024. The S&P 500 was nearly flat, edging up by less than 0.1% to 6,389.77 and setting an all-time high for a sixth straight day.

The Dow Jones Industrial Average dipped 0.1% to 44,837.56, while the Nasdaq composite added 0.3% to its own record, closing at 21,178.58. Tesla rose 3% after its CEO, Elon Musk, said it had signed a deal with Samsung Electronics that could be worth more than $16.5 billion to provide computer chips for the electric-vehicle company. Samsung’s stock in South Korea jumped 6.8% on Monday, but only 0.3% on Tuesday.  

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Kuwait Airways starts self-service check-in at T4 terminal

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KUWAIT CITY, July 28: Kuwait Airways announced the launch of a self-service check-in system at Terminal 4 (T4) that allows passengers to complete travel procedures independently, including weighing their luggage and printing boarding passes, reports Al-Seyassah daily. Captain Abdulmohsen Al-Faqan, the Board Chairman of Kuwait Airways, explained that this service enables passengers to weigh their luggage and issue boarding passes without staff intervention, thereby speeding up the process. This step is part of Kuwait Airways’ ongoing efforts to facilitate the check-in process and reduce congestion, especially during the summer travel season.

The company will release an explanatory video to guide passengers on using the new service with ease and convenience. He affirmed Kuwait Airways’ commitment to enhancing the travel experience by meeting passengers’ needs from the moment they enter the terminal, ensuring smooth procedures, boarding, and access to top-quality services. Captain Al-Faqan stressed that Kuwait Airways spares no effort in providing comfort to its customers by pursuing a strategy focused on achieving the highest service standards and expanding its network with new and diverse destinations and services. It is worth highlighting that Kuwait Airways operates a modern fleet consisting of the latest Boeing and Airbus aircraft models, equipped with advanced technologies that meet the highest international aviation standards. The fleet offers state-of-the-art entertainment systems and ergonomically designed seats to ensure maximum passenger comfort. The company also employs a select team of highly qualified technical specialists, according to the highest industry standards

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