Kuwait oil price up 30 cents to USD 68.98 pb
Globally, price of Brent crude went up by USD 1.21 to USD 66.84 pb, and West Texas Intermediate crude rose by USD 1.31 to USD 63.96 pb. (end) km.mt
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Arab Times
an hour ago
- Arab Times
Kuwait Shrimp Season Revitalizes Markets: Strong Catch and Stable Supply
KUWAIT CITY, Aug 16: With the conclusion of the second week of the shrimp fishing season in Kuwait's economic waters, the Kuwaiti fishing fleet has successfully landed approximately 214 tons of shrimp, 50 tons of various local fish, and 221 tons of imported fish, thereby revitalizing local markets and strengthening the country's fish stocks. Hamoud Al-Hamdi, Shift A Supervisor at Sharq Fish Market, explained that since the start of the fishing season on August 1, the Kuwaiti fleet has caught around 214 tons of local shrimp, 90 percent of which is the Umm Al-Nairah variety. Its prices have ranged between KD 45 and KD 65 per basket, with each basket weighing 23 kilograms. Approximately 50 tons of various Kuwaiti fish were supplied to the market, including around 4.75 tons of Zubaidi fish, with prices ranging between KD 35 and KD 130 per 10-kilogram lot. The prices for Kuwaiti Hamour ranged from KD 20 to KD 65, Balool from KD 11 to KD 18, and Sha'um from KD 25 to KD 66. Regarding imported fish, Al-Hamdi explained that around 52 tons of imported shrimp were brought in over the past two weeks. This included jumbo shrimp priced between KD 85 and KD 110 per basket, and Umm Al-Nairah priced between KD 40 and KD 76 per basket. Approximately 221 tons of imported fish were supplied to the markets. This included Hamour (grouper) priced between KD 17 and KD 58 per basket, Balool priced between KD 4 and KD 21 per basket, and Sha'um ranging from KD 12 to KD 40 per basket. Local fish prices: Umm Al-Nairah shrimp: KD 45-65 per basket; Zubaidi fish: KD 35-130; Balool fish: KD 11-18; Hamour fish: KD 20-65; Sha'um fish: KD 25-66. Imported fish prices: Jumbo shrimp: KD 85-110 per basket; Umm Al-Nairah shrimp: KD 40-67 per basket; Zubaidi fish: KD 35-107; Hamour fish: KD 17-58; Balool fish: KD 4-21; Sha'um fish: KD 12-40. In related news, Vice President of Kuwait Fishermen Union Jaber Al-Ali affirmed that the union is working diligently to provide all types of fresh fish and shrimp on a daily basis, in accordance with the fishing seasons set by the Fisheries Sector at the Public Authority for Agriculture Affairs and Fish Resources (PAAAFR). Al-Ali made the statement during a symposium conducted by union for students attending the 'Blue Pioneer' summer camp, organized by the Regional Organization for the Protection of Marine Environment. He confirmed the commitment of the union to protect the marine environment through its vital role in educating fishermen. He stressed that the members of the union are licensed fishermen using trawls, nets, traps, integrated 'lanjat' and trawlers. He disclosed that the shrimp fishing season in the economic waters of Kuwait started on Aug 1, while the season in regional waters will begin early next month. He said all vessels in the Kuwaiti fishing fleet continue their operations to ensure marine food security for consumers in the country. He asserted that the union, in cooperation with PAAAFR, is regulating the fishing process and maintaining fish stocks in accordance with the laws. He also expressed appreciation for the efforts of PAAAFR, particularly its full support and cooperation with the union in achieving the sustainable development of marine resources. He said this collaboration serves the interests of both fishermen and consumers; as per the directives of Minister of Electricity, Water and Renewable Energy Dr. Subaih Al- Mukhaizeem. He acknowledged as well the cooperation of the Coast Guard General Department with the union, stating that the department ensures maritime security. He praised the efforts of Director General Sheikh Mubarak Al-Sabah and the contributions of various government agencies involved in supporting the fishing sector like the Ministry of Finance, Environment Public Authority, Public Authority for Food and Nutrition, and Ministry of Commerce and Industry.
Arab Times
an hour ago
- Arab Times
Al-Durra project ignites gas push
KUWAIT CITY, Aug 16: The completion of the initial engineering studies and design of wells for the Al-Durra field between Kuwait and Saudi Arabia signals the beginning of the implementation of the early stages of the project. While sources confirmed that the project will be completed according to the predetermined strategy agreed upon by both countries – expected before 2030; they stated that Kuwait Petroleum Corporation (KPC) puts importance on the Durra field due to its role in reducing gas import rates, especially since the joint field reserves between Kuwait and Saudi Arabia are estimated at 60 trillion cubic feet. Kuwait's daily share of gas production from the field is around half a billion cubic feet. Moreover, sources revealed that Kuwait Gulf Oil Company (KGOC) will expand its operations in the Al-Khafji and Al-Wafra fields to boost production. They said a highlevel meeting of the executive management was recently held to discuss mechanisms for the next phase of development. Acting CEO Bader Al-Munifi, his deputy for Joint Operations and Technical and Commercial Affairs Fahd Al- Kharqawi, and the managers of the main office divisions and joint operations teams attended the meeting. According to the sources, Gulf Oil, in collaboration with Saudi companies Chevron and Aramco (co-managers of the joint fields), is striving to maximize the utilization of available resources and enhance operational performance. They indicated that average production from the Khafji field for both the Kuwaiti and Saudi sides rose in the first half of 2025 to 256,000 barrels of oil per day; compared to 250,000 barrels per day last year. Sources also unveiled a plan to increase production to around 310,000 barrels per day by 2029. Regarding the joint Wafra field, sources indicated that its capacity reached 155,000 barrels of oil per day at the end of the fiscal year ending March 31; down from a previous level of around 170,000 barrels per day. They pointed out that exploration efforts are ongoing at full capacity in the Wafra field to enhance its production potential, especially since the Wafra Joint Operations discovered new reservoirs yielding 200 to 380 barrels per day per well. It is worth mentioning that Kuwait and Saudi Arabia announced in May the discovery of a new oil field in the divided zone – five kilometers north of the Wafra field. This is the first such discovery since the resumption of Kuwaiti-Saudi joint production operations in the divided zone and the adjacent offshore area in mid-2020.
Arab Times
2 hours ago
- Arab Times
KFH Concludes the Second Edition of KFH Academy
KUWAIT CITY, Aug 16: Kuwait Finance House (KFH) has concluded its second enhanced edition of KFH Academy, which offered a comprehensive training experience combined with theoretical knowledge and practical application. The program provided a professional learning model within a leading banking environment for preparing Kuwaiti youth across diverse areas including Public Relations (PR) and Media, Digital Transformation and Innovation, in addition to Engineering Projects. A special honoring ceremony for the trainees was held, attended by Acting Group Chief Executive Officer, Deputy Group CEO Transformation, Technology and Operations, Haytham Alterkait, alongside several officials from the Bank. This edition builds on the success of the inaugural PR Academy, launched by KFH last year, expanding the scope of training and introducing new areas of learning. The program aims to meet the aspirations of a wider segment of university students and recent graduates from various disciplines. It also reflects KFH's commitment to empowering Kuwaiti youth competencies. In his address, Acting Group Chief Human Resources and Transformation Officer, Ahmad Al hammad, said: 'At KFH, we are proud to reiterate our unwavering commitment to empowering young national talents by offering the best specialized training programs. These initiatives pave new paths for students and recent graduates to develop their skills and prepare for the job market with confidence and knowledge.' He added that KFH Academy, in its upgraded edition, is a continuation of the first PR Academy. This year's edition included an expanded training scope with new key areas such as PR and Media, Digital Transformation and Innovation, and Engineering projects, all designed to meet the ambitions of a broader group of students from diverse academic backgrounds. Alhammad highlighted that the program was designed in accordance with the highest global training standards, combining rich theoretical learning with real-world, practical experience in a professional banking environment. The program also featured field visits and intensive workshops in collaboration with KFH partners from both the public and private sectors. 'At KFH, we believe that investing in people is the smartest investment. Building a capable, attentive, and innovative generation is the foundation for sustaining our success as a leading financial institution,' he remarked. Meanwhile, Head of Public Relations and Media at KFH, Yousef Abdullah Al-Ruwaieh, said that the upgraded edition of KFH Academy delivered an actual training model for empowering Kuwaiti youth to excel in a professional banking environment through diverse fields. 'This program's is an extension of the previous successful PR Academy, but with wider scope, reflecting KFH's commitment to continuous development and offering programs that meet the evolving needs of the employment market,' he commented, 'It also reaffirms the Bank's leadership in supporting national talent and youth, while providing a comprehensive training program that combines theoretical learning with practical application at Kuwait's largest bank and the world's second-largest Islamic bank.' Al-Ruwaieh stressed KFH's commitment to organizing relevant impactful programs. This commitment aligns with the Bank's social responsibility and leadership in supporting the youth and investing in honing their skills to prepare them as future leaders.
