KUWAIT CITY, July 27: The Embassy of India in Kuwait, in collaboration with the Agricultural and Processed Food Export Development Authority (APEDA), launched a large-scale promotional campaign to market Indian mangoes and other agricultural products. The campaign included festivals in major shopping malls and hypermarkets, as well as meetings between exporters and importers, on July 23-24.

In a press statement, the embassy explained that the goal of the event is to strengthen India’s position as a reliable source of high-quality mangoes in the Kuwaiti market, especially since Kuwait is among the top five importers of mangoes from India, with a value exceeding $3 million last year.

The campaign included a major event titled “Mango Mania”, at Lulu Hypermarket in Al-Rai, which was inaugurated by Indian Ambassador to Kuwait Dr. Adarsh Swaika, with the participation of a delegation of 10 Indian exporters. The delegation presented several Indian mango varieties, such as Chausa, Mallika, Amrapali, Dasheri, Fazli, and Langra from Uttar Pradesh and West Bengal. Fazli mango received special attention due to its Geographical Indication of Origin (GI) label. Meanwhile, the embassy organized a meeting between Indian exporters and local importers at the Kuwait Chamber of Commerce and Industry (KCCI); with the ambassador, KCCI director general, and representatives of major retail and hypermarket companies in attendance

By Fares Ghaleb
Al-Seyassah/Arab Times Staff 

The current glut in the oil market is the reason behind the decline in oil prices to below $70 per barrel, with prices currently hovering around $68 and no signs of recovery yet. OPEC+ continues to maintain maximum output, which is contributing to the ongoing oversupply. There appears to be a hidden war with non-OPEC producers in an attempt to stabilize prices, but so far, this strategy has had little effect. The problem continues and is expected to continue for the foreseeable future. As a result, the oil market seems to be left to adjust on its own, with prices driven by market forces regardless of the outcome. Is this a deliberate move by OPEC+ to keep oil prices within a “comfort zone” for the benefit of both buyers and OPEC. With OPEC+ increasingly limited in its ability to influence prices, traditional measures such as production cuts and quota distribution are no longer effective. While OPEC appears to be adapting to lower oil prices for now, it may be reluctant to implement further production cuts that could benefit non-OPEC producers at the expense of its own market share.

However, the ongoing weakness in oil prices is forcing OPEC+ members to borrow from international banks to meet annual budget requirements. In Kuwait’s case, the fiscal year that ended on March 31 saw a budget deficit of approximately KD 1.3 billion, which is significantly lower than the earlier projected deficit of KD 3-4 billion. This is relatively good news for the country, as it reduces the need for external borrowing or the sale of overseas assets to cover the shortfall. It may now be the right time to reassess our fiscal policy and focus on reducing unnecessary expenditures, particularly those that benefit some individuals rather than the state. It is time to cut down on unwarranted expenses. The currently weak crude oil prices is bad news for oil-producing countries, as it leads to larger deficits in their annual budgets. However, in the long term, lower prices are expected to stimulate global demand for oil.

That said, this is not yet the case. Increased U.S. tariffs on imports from most countries trading with it are fueling infl ation and dampening overall demand, including demand for services tied to energy consumption, such as crude oil. Global oil demand is softening, with the U.S. seeing a decline in crude imports, now averaging around six million barrels per day. Domestic production stands at 13.3 million barrels per day, down by roughly 200,000 barrels per day. This imbalance is contributing to further drops in oil prices, with U.S. crude trading below $67 per barrel. On the positive side, lower fuel prices are making travel and driving more affordable, especially during the winter season, which could lead to a seasonal boost in demand. Today’s oil market remains uncertain and offers little indication of a positive turnaround. With weak global demand and oil prices falling below $70 per barrel, and potentially declining further, the outlook remains gloomy. The recent increase in U.S. tariffs on its close trading partners is adding to global inflationary pressures. In response, those partners may impose retaliatory tariffs, further intensifying inflation and reducing overall demand. This, in turn, will put additional downward pressure on oil prices. OPEC+ currently finds itself unable to intervene to stabilize the oil prices. Any attempt to adjust output could risk losing more of its legitimate market share to non- OPEC producers. Given these conditions, now may not be the right time for OPEC+ to step in.

GCC stat headquarters in Muscat.

MUSCAT, July 27: The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) countries at current prices reached USD 587.8 billion by the end of the fourth quarter of 2024, marking a 1.5 percent growth compared to the same period in 2023, according to data released on Sunday by the Statistical Center for the Cooperation Council for the Arab States of the Gulf.

The increase represents a rise of USD 8.8 billion from the USD 579 billion recorded at the end of the fourth quarter of 2023.

The center’s report highlighted that non-oil activities continued to dominate the region’s economic output, contributing 77.9 percent to the total GDP at current prices, while oil-related activities accounted for 22.1 percent.

Among the non-oil sectors, manufacturing industries contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, public administration and defense 7.5 percent, finance and insurance 7 percent, and real estate activities 5.7 percent. Other non-oil activities collectively accounted for 27 percent of the GDP.

Compared to the third quarter of 2024, the GCC’s GDP grew by 1.3 percent, rising from USD 580.1 billion recorded in Q3.

The Statistical Center, headquartered in the Sultanate of Oman, serves as the official authority for data, statistics, and information relevant to GCC countries. It also works to support and coordinate with national statistical centers and planning bodies across the member states.