Kuwait Archives - Oil & Gas 360

Iranian strike on Kuwait airport raises stakes for Gulf States

June 3, 2026

(Oil Price) – Iranian drones and missiles struck Kuwait International Airport overnight, hitting Terminal One, killing at least one person, injuring several others, and causing what Kuwaiti authorities described as significant material damage. Kuwait immediately suspended air traffic, activated emergency procedures, and diverted flights to alternative airports. In what is being viewed as one of the most direct Iranian strikes against

Kuwait declares force majeure as Hormuz disruption halts oil export flows

April 20, 2026

(World Oil) – Kuwait declared force majeure on shipments of crude oil and refined products as the blockade of the Strait of Hormuz makes it impossible to meet obligations to customers that can’t bring vessels into the Persian Gulf. State-run Kuwait Petroleum Corp. notified customers Friday that it was invoking the contractual clause that allows a supplier to miss deliveries,

Exclusive: Kuwait plans to shorten oil supply deals for some Asian buyers – sources

February 17, 2021

Reuters NEW DELHI – Oil producer Kuwait Petroleum Corp (KPC) is in talks to shorten its annual supply deals with some customers in India and Japan to nine months this year to meet demand from its new refinery, sources close the matter told Reuters. At a meeting with Indian refiners this month, KPC officials said the state-run company’s next oil

Saudi, Russian blame game stalls Monday’s OPEC+ meeting -oilandgas360

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

June 18, 2020

EIA Oil & Gas 360 Publishers Note: To help understand the OPEC + members, take a look at the breakeven crude oil prices. Breakeven is is the fiscal breakeven, the minimum price that a country needs to receive per barrel of crude oil sold for its government to meet its immediate spending needs and balance its budget. This says a

Saudi and Kuwait to halt neutral zone production in June

May 25, 2020

Oil & Gas The countries will stop production for a month as part of measures to reduce oil output Kuwait and Saudi Arabia will halt oil production in the neutral zone in June for one month, Abdullah al-Sumaiti, acting head of Kuwait Oil Gulf told KUNA news agency. The offshore Khafji oilfield had partially resumed production in March following a

OPEC+ cuts oil exports sharply so far in May: trackers

May 18, 2020

Reuters LONDON – OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement. The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, are cutting supply by a record 9.7 million barrels per

Saudi Arabia, Russia committed to oil market stability: statement

May 13, 2020

Reuters DUBAI – Saudi Arabia and Russia are firmly committed to achieving oil market stability and expediting a rebalancing of the market, the energy ministers of the two countries said in a joint statement on Wednesday. Saudi energy minister Prince Abdulaziz bin Salman and Russian counterpart Alexander Novak held a phone conversation as part of their consultations on oil market

Saudi Arabia and Kuwait start cutting oil output ahead of schedule

April 26, 2020

Oil&Gas The two nations acted prior to the May 1 deadline set by OPEC+ Saudi Aramco has reportedly started reducing production from 12 million barrels per day (bpd) to hit its target of 8.5 mbpd, Bloomberg reported. It made the move prior to the May 1 start date of the OPEC+ agreement, which will limit supply as the coronavirus pandemic

Yemen's Houthis say they fired at Aramco, other Saudi targets- oil and gas 360

Gulf state investors step in to help Aramco hit IPO target: sources

November 27, 2019

Reuters DUBAI/ABU DHABI – Saudi Arabia’s wealthy Gulf neighbors plan to invest in the initial public offering (IPO) of Saudi Aramco, sources familiar with the matter said, helping out Riyadh as it strives to raise $25.6 billion from a domestic listing of the state oil giant. Aramco has struggled to secure an anchor investor for the listing and found little

Oil Steadies as Saudi, Kuwait Signals Offset Demand Fears

August 12, 2019

From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were

OPEC Oil Output Hits Lowest Since 2011 on Saudi Cut, Sanctions: Reuters Survey

July 31, 2019

From Reuters OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.42 million barrels per day (bpd) this month, the survey showed, down

Kuwait Teams Up with Halliburton

July 3, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 First offshore project for Kuwait since early 1980s Kuwait Oil Company (KOC) and Halliburton (stock ticker: HAL) have signed an integrated offshore drilling services contract for six high-pressure, high-temperature exploration wells and two jack-up rigs in the Arabian Gulf. This marks the first time since the early 1980s that KOC is

Premium Content