OPEC+ Seen Likely to Approve Another Output Hike for November - Bloomberg
OPEC+ will likely raise oil output again in November as the group continues its strategy to reclaim global market share, according to people familiar with its plans.
The alliance led by Saudi Arabia will consider adding at least as much as the 137,000 barrel-a-day hike scheduled for October when it meets online Oct. 5, the people said. They asked not to be identified as the talks are private.
The Organization of the Petroleum Exporting Countries and its allies have started to revive a new layer of halted output, amounting to 1.66 million barrels a day, in monthly stages despite warnings from across the oil industry of an impending surplus.
So far, the oil market has absorbed additional barrels from the group without significant ructions, and Brent futures have risen 3% this month.
Still, the planned October hike is sharply lower than the increments that the group announced in the two prior months, and delegates emphasized at the time that the actual supply boost would be even smaller because some countries lack the ability to increase.
The upcoming meeting also takes place against the backdrop of a planned trip by Saudi Crown Prince Mohammed bin Salman to Washington in November. He will meet President Donald Trump, who has repeatedly called for lower fuel prices while he seeks to tame inflation and reduce interest rates.
No final decision has been made yet, and deliberations could still evolve ahead of Sunday’s meeting, the people said. The expectation for the meeting was first reported by Reuters.
Sunday, 28 September 2025
#Kuwait Airways restructures capital to write off nearly $1 bln in losses | Reuters
Kuwait Airways restructures capital to write off nearly $1 bln in losses | Reuters
A shareholder meeting of state-owned Kuwait Airways approved an accounting move to extinguish 300 million dinars ($983 million) of accumulated losses via a capital reduction, the official gazette reported on Sunday.
Kuwait Airways previously said it aims to break even in 2025 after years of accumulated losses. The airline has not disclosed its financial results for 2023 and 2024.
Regional carriers, like their global peers, were hit hard by the COVID-19 pandemic, but many Gulf airlines have since seen a strong rebound in demand and have become central players in broader regional economic diversification efforts, in areas such as tourism.
MEETING APPROVES CAPITAL REDUCTION
Yet Kuwait Airways is facing difficulties in achieving its strategic targets, including breaking even and increasing passenger numbers, due to delayed aircraft deliveries and geopolitical pressure in the region, the carrier’s chairman said in August.
Kuwait's official gazette said the extraordinary general assembly, held on September 2, had approved a reduction of the carrier's paid-up capital by 294 million dinars to 683.7 million dinars and a cut in its legal reserve by 6 million dinars.
The company did not respond to Reuters’ request for comment.
A shareholder meeting of state-owned Kuwait Airways approved an accounting move to extinguish 300 million dinars ($983 million) of accumulated losses via a capital reduction, the official gazette reported on Sunday.
Kuwait Airways previously said it aims to break even in 2025 after years of accumulated losses. The airline has not disclosed its financial results for 2023 and 2024.
Regional carriers, like their global peers, were hit hard by the COVID-19 pandemic, but many Gulf airlines have since seen a strong rebound in demand and have become central players in broader regional economic diversification efforts, in areas such as tourism.
MEETING APPROVES CAPITAL REDUCTION
Yet Kuwait Airways is facing difficulties in achieving its strategic targets, including breaking even and increasing passenger numbers, due to delayed aircraft deliveries and geopolitical pressure in the region, the carrier’s chairman said in August.
Kuwait's official gazette said the extraordinary general assembly, held on September 2, had approved a reduction of the carrier's paid-up capital by 294 million dinars to 683.7 million dinars and a cut in its legal reserve by 6 million dinars.
It also approved increasing the airline’s issued capital by 300 million dinars, "to be called up according to a payment schedule determined by the Kuwait Investment Authority", which owns 100% of the company's shares.
Following the changes, the airline’s issued capital was set at 983.66 million dinars, the Gazette said.
Following the changes, the airline’s issued capital was set at 983.66 million dinars, the Gazette said.
The company did not respond to Reuters’ request for comment.
#Saudi bourse extends losses on profit-taking; #Qatar edges higher | Reuters
Saudi bourse extends losses on profit-taking; Qatar edges higher | Reuters
Saudi Arabian stock market nudged lower on Sunday, following losses from the prior session as investors harvested profits after a dynamic rally, spurred by anticipated reforms in foreign ownership policies, while the Qatari index ended higher.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.7%, dragged down by a 3.2% fall in Al Rajhi Bank (1120.SE), opens new tab and a 3% decline in Saudi National Bank (1180.SE), opens new tab.
On Wednesday, the Saudi bourse soared 5.1%, marking its largest single-day gain in over five years, driven by broad-based strength following a Bloomberg News report that regulators may relax the 49% foreign ownership cap on listed companies, a move anticipated to attract significant new foreign investment to the region's leading equity market.
In Qatar, the index (.QSI), opens new tab added 0.2%, helped by a 1.3% rise in Qatar Islamic Bank (QISB.QA), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - rose on Friday as Ukraine's drone attacks on Russia's energy infrastructure cut the country's fuel exports.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.4%, led by a 1.9% rise in Commercial International Bank (COMI.CA), opens new tab, after the lender's shareholders approved using part of the general reserve to boost the issued and paid-in capital by EGP 3.07 billion ($63.83 million).
Saudi Arabian stock market nudged lower on Sunday, following losses from the prior session as investors harvested profits after a dynamic rally, spurred by anticipated reforms in foreign ownership policies, while the Qatari index ended higher.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.7%, dragged down by a 3.2% fall in Al Rajhi Bank (1120.SE), opens new tab and a 3% decline in Saudi National Bank (1180.SE), opens new tab.
On Wednesday, the Saudi bourse soared 5.1%, marking its largest single-day gain in over five years, driven by broad-based strength following a Bloomberg News report that regulators may relax the 49% foreign ownership cap on listed companies, a move anticipated to attract significant new foreign investment to the region's leading equity market.
In Qatar, the index (.QSI), opens new tab added 0.2%, helped by a 1.3% rise in Qatar Islamic Bank (QISB.QA), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - rose on Friday as Ukraine's drone attacks on Russia's energy infrastructure cut the country's fuel exports.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.4%, led by a 1.9% rise in Commercial International Bank (COMI.CA), opens new tab, after the lender's shareholders approved using part of the general reserve to boost the issued and paid-in capital by EGP 3.07 billion ($63.83 million).
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