Latest news with #Al-Roumi
Kuwait Times
10-07-2025
- Business
- Kuwait Times
oil market stable, outlook positive despite challenges
Minister of Oil Tariq Al-Roumi VIENNA: Kuwait's Minister of Oil Tariq Al-Roumi said on Thursday that the global oil market is witnessing remarkable stability, with relatively stable prices and increasing demand. In a statement to KUNA, during the Ninth OPEC International Seminar currently held in Vienna, Al-Roumi expressed his optimism about the market's future in the near and medium term, noting the market's ability to absorb any potential increases in demand. The minister said the market is currently experiencing a period of relative balance, explaining that prices are stable and demand is on the rise, noting that this impression was also shared by the majority of participants in the discussions held at the seminar. On the recent increase in supplies by some OPEC+ countries, Al-Roumi said that the move came as a result of concerns about price levels, but it contributed to maintaining price stability and there was no real need to pump additional quantities. He emphasized that the current market fundamentals, in terms of the balance between supply and demand, are reassuring, despite the difficulty of accurately predicting price levels. Al-Roumi said that the seminar provided an opportunity for in-depth dialogue and bilateral meetings with leaders and influential figures in the energy sector. — KUNA
Kuwait Times
10-07-2025
- Business
- Kuwait Times
Kuwait committed to energy security
Calls for future-focused investments as markets thirsty for more oil VIENNA: Kuwait reaffirmed its commitment to ensuring global energy security on Wednesday while calling for increased investments in future energy projects and the adoption of solutions that reduce emissions and support the transition to a more efficient energy system. This came in a speech delivered by Oil Minister and Chairman of Kuwait Petroleum Corporation (KPC) Tareq Al-Roumi at the 9th International Seminar of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna. Leading Kuwait's delegation to the seminar, Al-Roumi said the event comes at a critical time marked by mounting challenges in the energy sector, particularly amid shifting regional and global dynamics. He noted that OPEC continues to work toward market stability by balancing supply and demand and strengthening partnerships with non-OPEC producers through the OPEC+ alliance, contributing to the sustainability of energy supplies. Al-Roumi emphasized the importance of market stability in achieving energy security and supporting global economic growth, stressing that oil will remain a key part of the global energy mix for decades to come. He also reiterated the need to boost investment in future energy projects and adopt solutions that cut emissions and facilitate a shift toward a more efficient energy ecosystem. Sheikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of KPC, affirmed the corporation's commitment to providing stable and reliable supplies of crude oil and environmentally friendly products. He highlighted KPC's adaptability to market shifts through a flexible and innovative approach that reflects its achievements in exploration, development, production and expansion in the petrochemical industry. Chinese and Japanese buyers are requesting more oil in a further indication of strong demand, Shaikh Nawaf told the seminar. KPC is also participating in the accompanying exhibition of the 9th OPEC International Seminar through a dedicated pavilion showcasing highlights of its 2040 strategy, digital transformation initiatives, emission reduction efforts, success stories in international partnerships and global expansion — bolstering Kuwait's presence in the global energy landscape. Kuwaiti Oil Minister Tareq Al-Roumi KPC CEO Sheikh Nawaf Saud Al-Sabah Output increases from oil producer group OPEC+ are not leading to higher inventories, showing that markets are thirsty for more oil, ministers and executives from OPEC nations and bosses of Western oil majors said on Wednesday. OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share. OPEC+, comprising OPEC and allies such as Russia, began to unwind cuts of 2.17 million barrels per day in April with a production boost of 138,000 bpd. Hikes of 411,000 bpd followed each month in May, June and July. On Saturday, the group approved a 548,000-bpd jump for August and will likely approve a large hike for September when it meets again in August, sources told Reuters. 'You can see that even with the increases for several months we haven't seen a major buildup in inventories, which means the market needed those barrels,' United Arab Emirates' Energy Minister Suhail Al-Mazrouei told reporters. Global oil demand will increase by about 1.2-1.3 million bpd for the rest of this year, despite challenges from US tariffs and trade tensions, Amin Nasser, the CEO of Saudi oil giant Aramco told the seminar. Nasser cited rising US gasoline demand and China's petrochemical sector as growth drivers. OPEC has ramped up production partly because it wants to regain market share from rivals such as the United States, sources have told Reuters. BP CEO Murray Auchincloss said he saw non-OPEC production stagnating next year after hitting new highs in recent months. The physical oil market looks tight and China is boosting stockpiles, Auchincloss said. Shell CEO Wael Sawan said he was more concerned about oil field depletion rates of 4-5 percent a year, meaning more investments were needed. TotalEnergies CEO Patrick Pouyanne said he thought the market was rather well supplied given that demand growth has halved in China in recent years. With planned output rises, OPEC+ will likely complete the return to the market of the 2.17 million bpd of voluntary cuts in September. It is also allowing the UAE to complete a 300,000 bpd separate output increase. OPEC+ still has separate cuts of 3.65 million bpd in place, consisting of 1.65 million bpd in voluntary cuts by eight members and 2 million bpd across all members. Those cuts expire at the end of 2026. Iranian Oil Minister and current OPEC President Mohsen Paknejad underscored the importance of scientific and pragmatic approaches to energy issues, urging the global community to set aside ideological divides in favor of realistic and inclusive dialogue. 'Energy is the cornerstone of the global economy and an essential part of our daily lives,' Paknejad said in a video address. 'Last year witnessed an unprecedented rise in energy demand across all sources, including oil and gas.' Paknejad reaffirmed oil's prominent role in the global energy mix, noting it continues to supply nearly 30 percent of global energy needs. He stressed OPEC's crucial role in maintaining market balance and preventing price volatility that affects not only producing nations but the entire international economy. On the energy transition, he acknowledged significant progress in renewable energy and electric vehicle deployment but cautioned that decarbonization efforts must be grounded in science and practical policy rather than slogans. Calling for the inclusion of all technologies, sectors and stakeholders, he said: 'This is the only path to success — and precisely why OPEC remains a vital organization for the world.' – Agencies
Arab Times
06-07-2025
- Business
- Arab Times
Kuwait backs OPEC+ oil market stability efforts
KUWAIT CITY, July 6: Minister of Oil Al-Roumi reaffirmed on Saturday Kuwait's full support for OPEC+ efforts aimed at enhancing the stability of international oil markets. Al-Roumi headed the Kuwaiti delegation participating in the meeting of the eight OPEC+ countries, held via video conference on July 5, 2025, Ministry of Oil said in a statement. The meeting of the eight OPEC+ countries involved in voluntary production cuts agreed to increase output by 548,000 barrels per day starting in August 2025, the statement added. The delegation also included Kuwait's Governor at OPEC Mohammed Al-Shatti, and the country's National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Homoud Al- Sabah. Meanwhile, the State of Kuwait and seven other countries of the OPEC+ coalition have affirmed their commitment to support the oil market stability in light of its current sound condition and positive forecast of the global economy. The joint statement was declared in a statement released by the media center of the Organization of Petroleum Exporting Countries (OPEC) after a virtual meeting held by the eight states — Kuwait, Saudi Arabia, Russia, Iraq, the UAE, Kazakhstan, Algeria and Oman. The meeting was organized to examine the oil market conditions following the 2023 decision for a voluntary output cut. Moreover, the eight oil-producing countries declared that based on the decision released on December 5, 2024, regarding gradual and flexible return to the voluntary output change, amounting to 2.2 million barrels per day, effective April 1, 2025, a decision was also taken to alter the production by 548,000 barrels per day in August compared to the adopted production last July — equivalent to four consecutive monthly increases. These phased increases can be suspended or cancelled in light of the market conditions. Furthermore, the eight crude producers indicated that such measures would enable them to speedily make up for the amounts that had been produced above the set quota since January 2024. They affirmed full adherence to attain consensus, including the voluntary modifications that had been agreed upon by the joint ministerial commission for observing the production during its 53rd meeting held on April 3, 2024. Additionally, they declared that they would hold monthly meetings to assess the market conditions and adherence to the output quota. They also agreed on holding the next meeting on August 3 to set the production ceiling for September. OPEC statistics on last July's output showed that Saudi Arabia came first with the production standing at 9.5 million bpd, followed by Russia with 9.2 million bpd and then Iraq, 4.1 million bpd.
Kuwait Times
21-06-2025
- Politics
- Kuwait Times
Kuwait Fire Force chief inspects hazardous materials centers
Visit highlights national preparedness amid ongoing Iran-Zionist conflict KUWAIT: Kuwait's fire force chief inspected key emergency response units on Friday, highlighting the country's heightened state of readiness to confront chemical and radiological threats. The visit follows more than a week of escalating missile exchanges between the Zionist entity and Iran, fueling regional security concerns and fears of chemical or radiological fallout. Lieutenant General Talal Al-Roumi, Chief of the Kuwait Fire Force (KFF), toured the Shadadiya Hazardous Materials Center, accompanied by Acting Deputy Chief for Firefighting Operations Brigadier General Omar Hamad. The visit aimed to assess operational procedures, response capacity, and the advanced technologies used in high-risk emergency scenarios. According to a KFF statement, Al-Roumi received detailed briefings on handling chemical and biological incidents, as well as safety protocols, protective strategies, and technical training programs for specialized personnel. He was also shown the latest detection and rescue equipment used by the centers. KUWAIT: Lieutenant General Talal Al-Roumi, Chief of the Kuwait Fire Force (KFF), tours the Shadadiya Center for Hazardous Materials on Friday. — KUNA photos Al-Roumi praised the professional preparedness of the teams. 'The progress achieved in both technical equipment and qualified human resources is commendable. It is vital that we continue updating and developing our capabilities to keep pace with growing challenges in this vital field. This will enhance the Fire Force's ability to protect lives and property and to ensure community safety.' The visit comes days after the Kuwait Fire Force publicly confirmed its full operational readiness following Zionist strikes on Iranian nuclear sites that raised international concern about environmental and radiological hazards. While no leaks have been detected, the International Atomic Energy Agency (IAEA) has warned of potential dangers if facilities like Iran's Bushehr nuclear plant are affected. Speaking earlier this week, Brigadier General Mohammed Al-Ghareeb, Director of Public Relations and Media at the Fire Force, said all land, marine, and airport fire stations are on high alert and equipped to handle emergencies. 'The force maintains a state of continuous readiness 24/7 throughout the year to receive and respond immediately to all emergency calls — whether serious or minor — via the emergency number 112,' he said. The Fire Force has recently deployed advanced CBRN detection vehicles capable of on-site chemical and radiological analysis, in addition to robotic reconnaissance devices and specialized suits for handling hazardous substances. A weather monitoring system is also used at incident sites to support live decision-making. 'These technologies enhance our ability to act quickly and safely in a range of emergency scenarios,' Al-Ghareeb added. He urged the public to report any suspected emergencies, noting: 'Every report is treated seriously, regardless of the level of danger.' — Agencies
Kuwait Times
06-05-2025
- Business
- Kuwait Times
Kuwait affirms commitment to innovation
KUWAIT: Oil Minister Tareq Al-Roumi affirmed Kuwait's keenness to promote environmental awareness and sustainable development during the inauguration of the First Forum and Exhibition of Kuwaiti Environmental Engineers, describing the event as a pioneering initiative that highlights the country's growing interest in environmental sciences. The forum, organized by the Kuwait Environment Protection Society (KEPS) under the patronage of HH the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, continues until Tuesday. In a speech delivered on behalf of His Highness, Minister Al-Roumi said the premier's patronage of the event underscores the leadership's commitment to supporting environmental initiatives, particularly in light of accelerating global environmental challenges. Al-Roumi noted that the oil sector is working closely with the Environment Public Authority and civil society institutions to implement green projects, including mangrove planting in the Jahra Reserve, as part of broader efforts to build a sustainable, eco-friendly economy. Minister of Oil in the pavilion of Engineer Yousef Al-Ramzi. Minister of Oil in the pavilion of Engineer Sarah Al-Ramzi He highlighted significant progress in reducing gas flaring within the oil sector, stating that flaring rates were cut from 17.2 percent in 2005-06 to just 0.51 percent. He added that the sector continues to adopt best practices and advanced technologies aimed at minimizing environmental impact while balancing economic and environmental sustainability. Al-Roumi further emphasized that the sector is working toward a comprehensive energy transition strategy by 2050, with the goal of achieving carbon neutrality by 2060. He pointed to Kuwait's growing interest in clean and alternative energy, referencing strategic partnerships with international firms in the production of biofuels as part of the country's efforts to diversify its energy sources. For her part, Dr. Wijdan Al-Oqab, KEPS President and Chair of the Forum's Supreme Organizing Committee, noted the Society's longstanding contributions to environmental advocacy and its innovative approach to community engagement. She said KEPS has, for over a decade, encouraged high school students to pursue academic paths in environmental sciences and engineering, recognizing the essential link between environmental research and national development goals. Al-Oqab emphasized that the Society's initiative in launching the first forum of its kind reflects its pioneering role in the environmental field, noting a steady increase in student interest in environmental engineering, a milestone being celebrated during the forum. Engineer Sara Al-Ramzi, Chairwoman and Founder of the Kuwaiti Environmental Engineers Team, said the Prime Minister's support sends a strong message of encouragement to national talent, especially those in environmental specializations. She added that the forum provides a vital platform for environmental engineers to showcase their work and contribute meaningfully to the country's sustainability goals. Vice President and official spokesperson of the team, Engineer Yousef Al-Ramzi, affirmed that the forum plays an important role in elevating the status of environmental engineers, opening up new job prospects and promoting sustainable practices across the public and private sectors. He announced the launch of the Environmental Engineers Platform to further support knowledge sharing, collaboration, and innovation in the field. The forum features five scientific sessions and includes 25 expert-led lectures in addition to an exhibition of 21 booths representing various participating organizations. — KUNA
