KUWAIT: Kuwaiti oil experts have welcomed the 90-day suspension of tariffs between the United States and China, describing the move as a step toward restoring global economic confidence and stabilizing oil markets. The temporary truce, they say, could lead to a recovery in global oil demand after months of volatility. Experts told KUNA that oil prices had declined sharply since the start of the trade dispute in April, as fears of a global economic slowdown weighed on market sentiment. However, the recent agreement has reversed that trend, pushing prices higher and easing investor concerns.
Oil expert Jamal Al-Gharabally said the suspension of tariffs was a “positive step” toward easing trade tensions that have cast a shadow over energy markets. He noted that OPEC projects oil demand could rise by one to two percent annually if trade relations between major economies stabilize. Energy analyst Dr Abdulsamee Behbehani pointed out that despite OPEC’s recent decision to increase production in May and June — a move typically associated with downward pressure on prices — the market reacted positively to the tariff agreement.
Ahmad Mulla Juma
Dr Abdulsamee Behbehani
Jamal Al-Gharabally
“The positive sentiment from the US-China deal outweighed the production increase,” he said, adding that oil prices climbed to $66 per barrel, the highest in two weeks. He also highlighted that Iran’s willingness to continue indirect negotiations with the US may exert further upward influence on prices in the near term. Analyst Ahmad Mulla Juma stressed that oil prices are closely linked to market sentiment.
“Optimism about economic recovery drives demand expectations higher, while negative outlooks result in price declines,” he said. Meanwhile, Chairman of the Kuwait Business Council in Dubai, Dr Firas Al-Salem, cautioned that despite the temporary relief, uncertainties remain in global economic policy. He predicted that oil prices will likely hover between $60 and $70 per barrel in the coming period, citing subdued demand prospects and ongoing pressure on petrochemical margins.
The US and China agreed to suspend tariffs imposed since April 2, forming a joint consultation committee to manage trade issues. As part of the agreement, tariffs on Chinese goods were reduced from 145 percent to 30 percent, with the remainder of duties postponed for 90 days. – KUNA
RIYADH: Bahraini Crown Prince Salman bin Hamad Al-Khalifa, HH the Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Qatari Amir Sheikh Tamim bin Hamad Al-Thani, Omani Deputy Prime Minister Sayyid Asaad Tariq Al-Said, US President Donald Trump, Saudi Crown Prince Mohammed bin Salman, Bahraini King Hamad bin Isa Al-Khalifa, Abu Dhabi Crown Prince Khaled bin Mohammed bin Zayed Al-Nahyan and GCC Secretary General Jasem Al-Budaiwi pose for a group photo during the GCC-US Summit on May 14, 2025. – KUNA photos
Sheikh Meshal calls for deeper investment, proposes cultural dialogue forum at Gulf-US Summit
RIYADH: HH the Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah on Wednesday called for stronger investment ties between GCC states and the United States, proposing the establishment of a Gulf-American forum for educational and cultural dialogue. Speaking at the US-Gulf Summit in Riyadh, HH the Amir expressed hope the summit would serve as a gateway to address regional challenges.
He thanked Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman for hosting the summit, and acknowledged the support of GCC leaders for Kuwait’s efforts during its current chairmanship of the bloc. HH the Amir also expressed gratitude to US President Donald Trump for his commitment to Gulf-US relations, praising decades of strategic partnership that extend beyond security to economic and cultural cooperation.
HH the Amir Sheikh Meshal addresses the summit.
Highlighting economic collaboration as the foundation of the partnership, HH the Amir called for joint initiatives in smart infrastructure, innovation, fair trade and SME support. He reaffirmed Kuwait’s commitment to collective GCC efforts to promote stability and security amid growing global challenges.
On regional issues, HH Sheikh Meshal emphasized the need for a just solution to the Palestinian cause based on international resolutions and the Arab Peace Initiative. He also urged support for Syria’s sovereignty and stability, welcomed the lifting of US sanctions on Syria and praised Omani-led efforts to mediate a ceasefire between the US and the illegitimate authorities in Yemen.
The Amir lauded US diplomatic efforts in resolving conflicts worldwide, including those between India and Pakistan and in Ukraine. He concluded by stressing the importance of a stable and integrated regional order based on international law and mutual respect, and expressed hope for a strong and lasting Gulf-US partnership. — KUNA
KUWAIT: Bader Nasser Al-Kharafi, Zain Vice Chairman and Group CEO, welcomed John Lee Ka-chiu, Chief Executive of the Hong Kong Special Administrative Region of the People’s Republic of China, to Zain’s headquarters as part of his official visit to Kuwait. Lee was accompanied by a high-level delegation from Hong Kong and China during his visit to Zain, which came as part of his wider visit to Kuwait from May 13-14. His visit included meetings with HH the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, HH the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, Acting Prime Minister Sheikh Fahad Al-Yousef Al-Sabah and other senior government officials.
Bader Al-Kharafi stated: “We are committed to implementing the directives of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah to advance Kuwait’s transformation into a regional hub for the digital economy and create an attractive environment for investment led by the private sector. This visit aligns with that wise vision, as Kuwait and Hong Kong enjoy longstanding friendly relations.”
Al-Kharafi welcomed the Chief Executive and his accompanying delegation. “The two regions collaborate across various investment, trade, and economic fields at both governmental and private sector levels. This visit presents an opportunity to expand those horizons.” He added: “Our discussions with Chief Executive John Lee and his delegation explored ways to expand digital transformation initiatives, enhance telecom infrastructure, drive business growth, and explore opportunities for collaboration in 5G networks, the Internet of Things and potential strategic partnerships.” (See Page 3)
Kuwaiti firefighters and security forces gather outside a building which was ingulfed by fire, in Mangaf, on June 12, 2024. More than 35 people were killed and dozens injured in a building fire in an area heavily populated with foreign workers in Kuwait, the interior ministry said. – Photo by Yasser Al-Zayyat
KUWAIT: The misdemeanors court on Tuesday sentenced two Kuwaitis and an Egyptian to three years in prison, convicting them of manslaughter over a Mangaf building fire in which 46 Indian and three Filipino workers were killed. The case was treated as a misdemeanor and not a crime by the prosecution since the fire, which also injured dozens of others, was not intentional. The tragedy happened in June last year.
The court also sentenced two other men to one year in jail for perjury after lying to the court and jailed four others for giving shelter to a suspect wanted in the case. The six convicts are three Indians and three Egyptians. The rulings are not final as they are expected to be challenged by the prosecution and defense lawyers as well. The fire was the second-deadliest in Kuwait after a fire at a Jahra wedding tent killed 57 people, mostly women and children, in 2009.
The fire broke out at dawn in an apartment building housing 196 all-male expat workers. Most of the victims were reported to have succumbed after inhaling smoke as the door leading to the roof was locked by company officials, and as a majority of them were still sleeping. Some of the workers threw themselves from the six-storey building to escape the blaze.
An official investigation later said the fire resulted from an electrical short circuit on the ground floor. It spread quickly in the building because of partitions made of inflammable material. HH the Amir Sheikh Meshal Al-Ahmad Al-Sabah ordered cash payments to the relatives of each victim.