Oil prices hold steady
Kuwait At 10.30 am (GMT+3), Brent crude was USD 43.31 per barrel. WTI was also holding steady above the USD 40-mark at USD 40.14. Prices had rebounded from USD 41.78 and USD 39.73 per barrel, respectively.
Using its crude inventories, Kuwait could potentially increase output during the strike, which is open-ended. The government could also pursue legal action in a bid to end the strike. In both scenarios, it could spark renewed attention for the global glut and place further strain on oil prices.
For more news and features on the oil and gas industry in Kuwait, click here.
Recent Posts
UK allows oil exploration in North Sea wind project zones
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Chariot starts gas drilling campaign in Morocco
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone acquires Trinidad E&P player Trinity
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More