Kuwait committed to implement accord to reduce oil output, says oil minister

Minister Khaled Al-Fadhel said his country has cut its own output by more than required by this agreement. (File/AFP)
Updated 12 August 2019

Kuwait committed to implement accord to reduce oil output, says oil minister

  • Khaled Al-Fadhel says country has cut output by more than required
  • Minister says fears of a global economic downturn were ‘exaggerated’

DUBAI: Kuwait is “fully committed” to implementing an agreement between oil exporting countries to cut production in order to support crude prices, Oil Minister Khaled Al-Fadhel said on Monday.
He said his country has cut its own output by more than required by this agreement.
“The compliance of Kuwait was close to 160 percent last July,” he was quoted as saying by the official news agency KUNA.
He said fears of a global economic downturn, which have weighed down on prices, were “exaggerated,” and global demand for crude should pick up in the second half, helping reduce the surplus in oil inventories gradually.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC producers, known as OPEC+, agreed to reduce output by 1.2 million barrels per day (bpd) from Jan. 1 for six months, a deal designed to stop inventories building up and prop up prices.


US President Trump does not want to do business with China’s Huawei

Updated 19 August 2019

US President Trump does not want to do business with China’s Huawei

  • US Commerce Department expected to extend a reprieve that permits Huawei to buy supplies from US companies to service its customers

WASHINGTON: US President Donald Trump on Sunday said he did not want the United States to do business with China’s Huawei even as the administration weighs whether to extend a grace period for the company.
Reuters and other media outlets reported on Friday that the US Commerce Department is expected to extend a reprieve given to Huawei Technologies Co. Ltd. that permits the Chinese firm to buy supplies from US companies so that it can service existing customers.
The “temporary general license” will be extended for Huawei for 90 days, Reuters reported, citing two sources familiar with the situation.
On Sunday, Trump told reporters before boarding Air Force One in New Jersey that he did not want to do business with Huawei for national security reasons.
He said there were small parts of Huawei’s business that could be exempted from a broader ban, but that it would be “very complicated.” He did not say whether his administration would extend the “temporary general license.”
Speaking earlier on Sunday, National Economic Council director Larry Kudlow said the Commerce department would extend the Huawei licensing process for three months as a gesture of “good faith” amid broader trade negotiations with China.
“We’re giving a break to our own companies for three months,” Kudlow said on NBC’s “Meet the Press.”