Brent crude extended its decline to a third day, dropping towards $85 a barrel on Tuesday, still under pressure from a Goldman Sachs report that slashed the investment bank's oil price forecasts amid a global supply glut.
Brent crude futures extended declines to below $86 a barrel on Monday after Goldman Sachs cut its price forecasts for the contract and for US oil by $15 in the first quarter of next year.
The US investment bank said in a research
Kuwait's privately owned Jazeera Airways is preparing to bid for a big stake in state-run flag carrier Kuwait Airways, Jazeera's chairman told Reuters. If the deal goes through, it will be a sign that the business scene is changing in th
Gulf oil exporters face inevitable spending cuts as weak oil prices cloud their economic outlook, Kuwaiti Finance Minister Anas al-Saleh said on Saturday.
"We must undertake comprehensive economic reforms including the reform
Brent oil prices fell on Friday but were little changed on the week as traders caught their breath from a months-long rout, even as signs of rising global supply and a US contango structure threatened deeper losses.
US crude oil f
Falling oil prices and their impact on revenues will dominate European oil majors’ quarterly results next week, with investors eager to hear how companies plan to achieve ambitious cost-cutting plans in an increasingly tough environment.
The oil price drop to four year lows will not affect Kuwait's output plans or rate of production, the head of its state oil company said on Thursday.
Speaking to reporters, Hashem Hashem, chief executive of Kuwait Oil Co, said
Iran, in a change of tack, is saying it can live with lower oil prices, moving closer to the views of Saudi Arabia and other Gulf Opec members and reducing the likelihood of any collective cut in Opec output to support prices.
Kuwait has maintained a wide discount between the crude it sells to Asia against a comparable Saudi Arabian grade for November, amid increasing signs that Gulf producers are engaged in a price war to compete for market share.
Nearly 3 per cent of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency (IEA) said.