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Kuwait’s oil minister urges striking union to resume work

Kuwait's oil minister urges striking union to resume work

KUWAIT CITY (AP) — Kuwait’s acting oil minister has urged striking union workers to get back to their jobs, promising the government will not reduce their “core benefits.” The statement by Anas al-Saleh, who’s also finance minister, was carried on the official Kuwait News Agency Monday. Thousands of workers in six oil and petrochemical companies went on strike Sunday to ...

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Kuwait oil workers union threatens strike over benefits cut

KUWAIT CITY (AP) — A union in Kuwait says employees in six oil and petrochemical companies will go on strike next Sunday over their salaries and benefits unless the country’s Oil Ministry agrees to their demands. That’s according to a statement Monday signed by the head of Kuwait Oil and Petrochemical Workers Union, Saif al-Qahtani. The statement said that all ...

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Kuwait in deal to import 2.5 million tons of liquefied gas

KUWAIT CITY (AP) — Kuwait’s state oil company has signed deals to import 2.5 million tons of liquefied gas per year into the country to help power electricity plants during its scorching summer. The state-run Kuwait News Agency reported Thursday that the deals involve BP PLC, Royal Dutch Shell PLC and Qatargas. It offered no financial terms for the deal, ...

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OPEC official: Oil production freeze deal likely to be reached

OPEC official: Oil production freeze deal likely to be reached

KUWAIT CITY (AP) — Kuwait’s OPEC governor is saying members of the oil cartel and other producing countries likely will reach a deal later this month for a production freeze as crude prices sit below $40 a barrel. The state-run Kuwait News Agency quoted Nawal al-Fuzai on Tuesday as saying that oil ministers of OPEC nations and several non-OPEC nations showed interest ...

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Echoes of 1991 Gulf War linger on in Mideast

Echoes of 1991 Gulf War linger on in Mideast

The 1991 Gulf War saw only 100 hours of ground fighting as U.S. forces entered Kuwait to end the Iraqi occupation but echoes of that conflict have lingered on for decades in the Mideast. The war pushed America into opening military bases in the Persian Gulf and Saudi Arabia, drawing the anger of an upstart militant named Osama bin Laden ...

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Kuwait says fire at northern oil well has been contained

KUWAIT CITY (AP) — A fire that erupted at an oil well in northern Kuwait has been extinguished, the Gulf nation’s state news agency reported Wednesday. Government-run Kuwait Oil Co. announced the fire earlier in the day, with an official saying that firefighters were working to put it out. Company spokesman Saad al-Azmi was quoted by the official Kuwait News ...

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Low oil prices drop Gulf Arab defense spending

DUBAI – Low oil prices are eating into defense spending in the Gulf region, one of the world’s largest arms markets, with budgets trimmed for the first time in a decade this year and deeper cuts expected in 2016, according to a report published on Thursday. Overall spending fell to $81.6 billion in 2015 from $86.7 billion last year, London-based ...

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OPEC sees oil glut shrinking in 2016 as low prices curb rival output

LONDON – OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries said it pumped 31.38 million barrels per day (bpd) last month, down ...

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Official: Kuwait to produce 4M barrels of oil daily by 2020

KUWAIT CITY — Kuwait’s oil minister says his country still plans to produce 4 million barrels of oil a day by 2020, even as global crude prices have slumped. Ali Al-Omair made the comments Monday at an oil and gas conference in the capital, Kuwait City. The state-run Kuwait News Agency also quoted al-Omair as saying Kuwait’s production now stood ...

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Kuwait sees no call for policy change as OPEC eyes balanced market

KUWAIT CITY – Kuwait said on Monday there were no calls within OPEC to change the oil group’s production policy and that lower output from high-cost producers could support prices in 2016, adding to signs OPEC will keep its strategy of defending market share. Meanwhile, OPEC forecast in a monthly report that demand for its oil in 2016 would be ...

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