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European Union

Kuwait will send 5 times as much diesel to Europe as Russia sanctions kick in

by BloombergTue 10 Jan 2023Tue 10 Jan 2023

Kuwait ramps up exports as diesel prices could hit $200 per barrel says Bank Of America

Kuwait

Kuwait Petroleum exports aviation jet fuel from mega-refinery

by BloombergSun 27 Nov 2022Sun 27 Nov 2022

Kuwait Petroleum Corp. exported its first shipment of aviation jet fuel from the country’s newly commissioned Al-Zour mega-refinery.
The first cargo is currently being shipped aboard the Pacific Sarah tanker, KPC said in a statement on Sunday.
The company and its subsidiaries are “continuously working to meet the rising demand of the global market for clean […]

Energy industry

Kuwait’s candidate for OPEC chief has wide support from members

by BloombergThu 30 Dec 2021Thu 30 Dec 2021

Haitham al-Ghais, an executive at Kuwait Petroleum Corp., has backing from a number of nations to succeed Mohammad Barkindo as secretary-general

Oil accounts for around 90 percent of Kuwait’s revenue. The nation pumps around 2.4 million barrels of crude a day, making it the fourth-biggest member of the Organisation of Petroleum Exporting Countries.

budget deficit

Kuwait’s state oil firm said to seek up to $20bn in funding

by BloombergFri 26 Mar 2021Wed 6 Oct 2021

Source says Kuwait Petroleum Corp will need the money to maintain the country’s crude production levels

Years of lower oil prices have forced the Kuwaiti government to burn through its cash reserves while a festering political standoff has prevented it from borrowing

Kuwait economy

Kuwait facing ‘immediate crisis’ as it seeks cash to plug deficit

by BloombergWed 3 Feb 2021Wed 6 Oct 2021

Source says government has transferred the last of its performing assets to wealth fund in exchange for cash

State-run KPC also may merge Kuwait Foreign Petroleum Co., Kuwait Oil Tanker Co., Kuwait Gulf Oil Co. and Kuwait Integrated Petroleum Industries Co. into larger units as part of its long-term strategy.

capital investments

Kuwait Petroleum said to reassess $500bn investment plan

by BloombergSun 10 Feb 2019Wed 6 Oct 2021

Lower oil prices, Kuwait’s reduced output under a deal by OPEC to pump less crude, and a re-evaluation of how best to spend the money have prompted the review