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Saudi Arabia, Kuwait Discuss Projects and Unified Tax Framework in Divided Zone

Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy Mohammed Al-Brahim during the meeting. (KUNA)
Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy Mohammed Al-Brahim during the meeting. (KUNA)
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Saudi Arabia, Kuwait Discuss Projects and Unified Tax Framework in Divided Zone

Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy Mohammed Al-Brahim during the meeting. (KUNA)
Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy Mohammed Al-Brahim during the meeting. (KUNA)

Saudi Arabia and Kuwait have discussed major projects and the establishment of a unified mechanism for tax procedures in the Divided Zone, during a meeting of the Permanent Joint Saudi-Kuwaiti Committee held on Sunday at its headquarters in Al-Khafji, Saudi Arabia.

The meeting, co-chaired by Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy, Mohammed Al-Brahim, reviewed progress in creating a unified tax framework aimed at providing a clear regulatory structure for relevant authorities, improving revenue organization, boosting procedural efficiency, and ensuring fairness and transparency in line with shared interests.

The meeting examined reports on petroleum operations in the onshore and offshore areas of the Divided Zone, including strategic plans, current and future projects, potential challenges to implementation, and the use of advanced technologies in oil operations, environmental and safety initiatives, development plans, and national workforce training.

According to the Kuwaiti Ministry of Oil, the meeting forms part of ongoing efforts to implement the memorandum of understanding signed between the two countries on December 24, 2019, strengthening bilateral coordination and serving their strategic interests in the Divided Zone.

The committee reviewed completed procedures for the evacuation of Chevron Saudi Arabia from its sites in the Al-Zour area. The Kuwaiti government officially took over the locations on January 20, reflecting a high level of institutional cooperation between the two sides.

The meeting addressed efforts to allocate dedicated routes at the Al-Nuwaiseeb and Al-Khafji border crossings for joint operations personnel, including the opening of a new lane and the provision of technical infrastructure, which has facilitated staff mobility and eased logistical challenges.

Officials further reviewed development and investment plans for onshore and offshore fields, emphasizing the need to accelerate implementation and provide full support for engineering and technical works.

Sheikh Nimer Al-Sabah stressed the importance of holding regular committee meetings to monitor petroleum operations, address challenges, and advance strategic projects. He praised the close cooperation between Kuwait’s Ministry of Oil and Saudi Arabia’s Ministry of Energy, as well as joint operations involving the Kuwait Gulf Oil Company, Aramco Gulf Operations Company, and Chevron Saudi Arabia.

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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.

Business

Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
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Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.

Business

ONS Data: UK Economy Lost Steam Unexpectedly at Start of 2026

FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025. REUTERS/Toby Melville//File Photo
FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025. REUTERS/Toby Melville//File Photo
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ONS Data: UK Economy Lost Steam Unexpectedly at Start of 2026

FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025. REUTERS/Toby Melville//File Photo
FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025. REUTERS/Toby Melville//File Photo

Britain's economy stagnated unexpectedly in January and expanded weakly in preceding months, according to official data on Friday that showed only tepid growth during the lead-up to the US-Israeli war in Iran.

The figures mean British gross domestic product has been essentially flat since June, ending January at the same level as six months earlier.

GDP rose during the three months to January by 0.2%, the Office for National Statistics ⁠said, against expectations ⁠in a Reuters poll of economists for a 0.3% increase.

The flat reading for January alone also dashed the median prediction for a 0.2% month-on-month increase.

Sterling slipped against the US dollar on the back of the figures, which showed no ⁠growth in the dominant services sector in January, against modest upticks in manufacturing and construction output.

Last month, the Bank of England said it expected the economy to grow 0.3% in the first quarter as a whole and 0.9% over 2026 as a whole - although that was before the conflict in Iran kicked off, prompting a surge in oil prices.

Earlier this week, finance minister Rachel Reeves ⁠said ⁠it was too soon to say how soaring energy prices would affect Britain's economy.

But investors see it as more exposed than other Western European economies due to its weak public finances, reliance on natural gas for electricity generation, and already high rates of inflation.

Financial markets no longer believe the Bank of England is likely to cut interest rates this year, and investors will be watching the central bank's communications carefully at next Thursday's interest rate announcement.