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Oil market outlook bright: Minister

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Kuwait endorses OPEC+ strategy shift, with officials citing signs of sustained global demand

KUWAIT: Kuwait’s Oil Minister Tareq Al-Roumi voiced optimism about the future of the global oil market during the 61st OPEC+ ministerial meeting, saying the alliance’s ongoing efforts aim to ensure energy security and restore market balance.

In a statement following the virtual meeting, Al-Roumi said the fundamentals of the oil market are strong. “Kuwait supports efforts to stabilize the global oil market,” he added, noting that OPEC+ decisions are made in response to evolving market conditions.

He emphasized that the meeting reflected a collective commitment to the Declaration of Cooperation, which, he said, contributes to “supporting global economic growth and enhancing investor confidence in the oil market.”

OPEC+, which produces nearly half of the world’s crude, has shifted strategy this year—moving from years of output cuts to phased increases. Eight member countries began raising output in April, and the group’s latest agreement calls for a boost of 548,000 barrels per day in August. Kuwait’s delegation to the OPEC+ meeting included its OPEC Governor Mohammed Al-Shatti and National Representative Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.

Earlier this month, Kuwait Petroleum Corporation (KPC) also signaled confidence in demand growth, particularly in Asia. “We’re seeing some potential tightness in the market, which gives us an opportunity to capture market share in the future,” said KPC CEO Sheikh Nawaf Al-Sabah in an interview with Bloomberg TV on the sidelines of an OPEC seminar in Vienna.

Sheikh Nawaf said that recent interactions with global clients suggest persistent demand beyond the summer driving season. “There are indications that the customer isn’t concerned about a peak in demand—certainly in China,” he said. “They’re also looking toward the quality of the supplier, and that is us, because we are committed to a low-cost and low-carbon intensity barrel.”

Bloomberg reported that Kuwait’s crude exports surged to a 19-month high in June, with most volumes flowing to China, Japan, and South Korea. Demand growth this year is expected to reach between 1 million and 1.3 million barrels per day, according to Sheikh Nawaf.

Despite its substantial reserves, Kuwait remains heavily dependent on oil revenues. It recorded a $5.23 billion budget deficit in the 2023–2024 fiscal year, based on an average crude price of $86.36 per barrel. For 2025–2026, the draft budget projects a deeper shortfall of $20.43 billion, as oil revenues are forecast to fall 5.7 percent with prices averaging $68 per barrel, according to the Ministry of Finance. — Agencies

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Cabinet orders quick removal of all encroachments on state properties

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 KUWAIT:  Kuwait’s Cabinet, in its weekly meeting on Tuesday, gave instructions to relevant state bodies to speed up the removal of all encroachments on state properties.

Following the meeting, headed by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Mousherji said the instructions were made after reviewing the Ministry of Finance’s report about encroachments on state properties in 2024.

At the advent of the meeting, the Cabinet members reviewed a number of letters sent by several world leaders to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah about strengthening bilateral relations and expanding cooperation in various realms. Minister of Commerce and Industry Khalifa Al-Askar and the acting undersecretary of the ministry made a presentation to the Cabinet about the Ministry’s plans to establish warehouses for strategic commodities in the country’s five governorates to enhance food security.

Minister of Education Jalal Al-Tabtabae briefed the Cabinet about the ministry’s preparations for the upcoming academic year. The Cabinet reviewed the minutes of the ministerial economic committee meeting, especially its report about the public-private partnership projects during the period from March 2024 to April 2025.It referred the report to the higher committee for public-private partnership projects to take necessary decisions.

It deliberated others issues on its agenda and approved some of them and referred some others for ministerial committees for more study. Finally, the Cabinet approved the minutes of the Supreme Committee for the Investigation of Kuwaiti Citizenship, which included cases of loss, withdrawal and revocation of Kuwaiti citizenship from some individuals, in accordance with the provisions of Decree Law No. (15) of 1959 regarding Kuwaiti nationality and its amendments. — KUNA

 

 

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Kuwait, China near completion of joint ammunition factory

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Deputy Defense Minister hails military cooperation with China as ‘strategic pathway’

KUWAIT: Deputy Minister of Defense Sheikh Dr Abdullah Meshal Al-Sabah reaffirmed the importance of Kuwaiti Chinese military cooperation, describing it as a “strategic pathway”.

On the sidelines of a reception hosted by the Chinese Embassy in Kuwait, marking the 98th anniversary of the founding of the Chinese People’s Liberation Army (PLA), he highlighted Kuwait’s participation as a reflection of the strong ties between the two countries, particularly in defense cooperation.

“The Ministry of Defense’s presence here today expresses the depth of our military relationship with China, alongside our broader collaboration across various sectors,” he said.

He revealed that Kuwait and China are currently engaged in several joint defense projects, most notably the near completion of a factory for medium and light ammunition.

“This project is a milestone in our cooperation, and its inauguration is expected soon,” Deputy Minister noted. He pointed out that bilateral collaboration extends to national infrastructure, including the development of Mubarak Al-Kabeer Port and major housing initiatives.

The Deputy Minister also emphasized the continuity and annual expansion of training programs between the Kuwaiti and Chinese armed forces. He underscored that Kuwait’s defense policy focuses on strengthening ties with Gulf and Arab neighbors while also fostering strategic partnerships with friendly countries worldwide.

During his remarks, Chinese Chargé d’Affaires Liu Xiang announced Senior Colonel Liu Zongzhen as the new Defense Attaché at the Chinese Embassy in Kuwait. He expressed confidence that the newly appointed military envoy would play a pivotal role in deepening defense and diplomatic relations between the two countries.

The Chinese Chargé d’Affaires praised Kuwait’s consistent support for China’s global initiatives, noting that His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah was the first Gulf leader to endorse China’s Global Development Initiative, Global Security Initiative and Global Civilization Initiative. “China is ready to work hand in hand with Kuwait and other friends to uphold peaceful development, defend multilateralism, and build a shared future for humanity,” he concluded.

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Cabinet recalls with bitterness Iraq’s occupation of Kuwait

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 KUWAIT:  Kuwait’s Cabinet has recalled with resentment the Iraqi occupation of the country on 2nd August 1990, and expressed pride of the national heroes who sacrificed their lives to defend their homeland.

The Cabinet, in its weekly meeting held Tuesday at Bayan Palace and headed by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, highly appreciated the unforgettable roles of the late Amirs; Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah, Sheikh Saad Al-Abdullah Al-Salem Al-Sabah, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, in ending the Iraqi occupation and fully liberate Kuwait.

The Cabinet remembered with admiration the Kuwaiti people’s unity, steadfastness and heroic sacrifices to repel the enemies and defend their dear homeland, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Mousherji said in a statement after the meeting.It recalled with pride the martyrs who sacrificed their lives for their country’s liberation. The Cabinet thanked all friendly countries, which participated in the liberation of Kuwait from the Iraqi occupation. — KUNA

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