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Kuwait, Venezuela Deny Existence of a ‘Current Agreement’ to Extend Oil Cut

Kuwait and Venezuela oil ministers meet in Kuwait city, EPA
Kuwait and Venezuela oil ministers meet in Kuwait city, EPA
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Kuwait, Venezuela Deny Existence of a ‘Current Agreement’ to Extend Oil Cut

Kuwait and Venezuela oil ministers meet in Kuwait city, EPA
Kuwait and Venezuela oil ministers meet in Kuwait city, EPA

Each of Kuwait and Venezuela confirmed that the Organization of the Petroleum Exporting Countries (OPEC) is not nearly close to extending the current cut in production agreement, saying onlookers are trying to introduce the idea into the market.

Kuwait Oil Minister Essam al-Marzouq holds a press conference with Venezuelan Oil Minister Eulogio Del Pino in Kuwait city on Wednesday.

Oil Minister Marzouq said OPEC could hold an extraordinary meeting in mid-March if it did not reach a decision on extending oil production cuts when it meets in November.

The two ministers explained that they are against speculation in the market and false broadcasts are core to negatively affecting price rates at the moment.

OPEC and other major producers, including Russia, agreed at the end of last year to cut oil production by 1.8 million bpd to support rebalancing the market. In May they agreed to extend the agreement until March 2018.

The Venezuelan oil minister said that every time ministers hold any meetings, speculators try to create an environment that suggests there is "confirmation" of a decision to extend the agreement.

Ministers were aiming for oil prices to be at $60 or more a barrel when they first agreed last year to cut output, but crude is trading at $10 less than what they had expected, Del Pino said.

Kuwait and Venezuela are both on the joint ministerial monitoring committee, known as the JMMC, that reviews compliance with the agreed cuts. The committee will meet on Sept. 22 in Vienna, and Marzouq and Del Pino said there will be no serious discussions of an extension then.

“The JMMC meeting next week is to review the agreement and not take any decision,” Del Pino said. “Speculators are trying to create an environment that we will be taking a decision next week.”

Marzouq said the committee is currently considering six scenarios and may discuss a recommendation to ease production targets for countries that aren’t complying fully with the cuts accord. Ecuador announced in July that it won’t be able to meet its target because it needs to boost its revenue.

Nigeria, which together with Libya is exempt from OPEC’s cuts deal due to internal strife, has agreed to join the agreement if it reaches and sustains crude production at 1.8 million barrels day, Kuwait’s Marzouq said.

Nigeria’s oil minister has assured that he will attend the next JMMC meeting, while Libya will send a senior official, probably the head of its national oil company, Marzouq said.

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Business

Russia Extends Ban on Gasoline Exports Until February

Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
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Russia Extends Ban on Gasoline Exports Until February

Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin

Russia has extended the temporary ban on gasoline and fuel exports, including producers and intermediaries, until the end of next February, the Russian news agency Interfax said, citing a government website.

“The new decree extended the temporary ban on the export of gasoline outside the country until February 28, 2026, inclusive. It will be valid for all exporters, including direct producers,” the website wrote.

The decree also extends the ban on the export of marine fuel, vacuum gas oil and other types of gas oils, including volumes purchased at exchange auctions, until 28 February 2026. In this case, the restriction will not apply to direct producers of petroleum products.

Russia introduced the measures at the end of August due to the exacerbation of the fuel crisis.

Several major refineries were attacked by drones in August and September, including Surgutneftegaz's Kirishinefteorgsintez refinery, Lukoil's Volgograd refinery and Rosneft's Samara group of refineries.

Prices for gasoline, which are tightly monitored by authorities, were up 10.2%, above general inflation, since the start of the year, with the spike in part attributed to a step up in Ukrainian attacks on Russian refineries.

Last October, US President Donald Trump mentioned “long lines waiting for gasoline” and said the Russian “economy is going to collapse.”

Trump said his Russian counterpart Vladimir Putin should settle the war in Ukraine which was making Russia look bad.

Asked about Trump's remarks at an energy conference in Moscow, Deputy Prime Minister Alexander Novak, who oversees energy and the economy for the government, said that Russia had a stable supply of gasoline.

“We have a stable domestic market supply, we see no problems in this regard,” Novak said.

“The balance is maintained between production and consumption, and we, on the part of the government and the relevant ministries, are doing everything to ensure that this remains the case.”

Russia's seaborne oil product exports fell 17.1% in September from August to 7.58 million metric tons due to less fuel production as various refineries were impacted by drone attacks, data from industry sources and Reuters calculations showed.

The economy is slowing sharply this year and the government forecasts gross domestic product (GDP) growth of 1.0% after 4.3% growth in 2024 and 4.1% growth in 2023, though the International Monetary Fund has downgraded its 2025 forecast to 0.6% from 0.9%.

Business

Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
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Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo

Hong Kong Financial Secretary Paul Chan raised his 2025 economic growth forecast to 3.2% on Sunday, saying the city would bolster its role as a financial center, innovation hub and trade center to maintain the momentum.

In February, Chan had forecast growth of between 2% and 3%.

Hong Kong, the world's biggest venue for initial public offerings this year, will lure more listings from companies in areas such as Southeast Asia and the Middle East and will actively promote internationalization ⁠of China's yuan currency, Chan said in a blog post.

The city will also focus on developing artificial intelligence and biotech to lead the global race in technology and will strengthen its role as a trade hub by helping more Chinese companies expand overseas, Reuters quoted him as saying.

"Looking into ⁠next year, Hong Kong's economy is expected to keep the good trend of growth," Chan said. "Finance, tech innovation and trade will be Hong Kong's key engines of growth as the city actively embraces China's development strategy."

Hong Kong has one of the world's best-performing stock markets this year, with the Hang Seng Index up 30%.

Resilient exports, brisk fixed-asset investment and recovering consumption have helped Hong Kong's growth beat forecast, Chan said.

To ⁠bolster its status as a financial center, Hong Kong will strengthen the competitiveness of its stock market and develop areas including bonds, money market, fintech, commodities and gold trading, he said.

In terms of innovation, Hong Kong will develop AI into a "core industry,” as the technology will define economies' competitiveness and reshape the global economic landscape, he said.

The city is also establishing a center for cross-border supply chain management and trade finance, to better help Chinese companies expand offshore, Chan said.

Business

China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
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China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)

China on Saturday passed revisions to a key piece of legislation aimed at strengthening Beijing's ability to wage trade war, curb outbound shipments from strategic minerals, and further open its $19 trillion economy.

The latest revision to the Foreign Trade Law, approved by China's top legislative body, will take effect on March 1, 2026, state news agency Xinhua reported on Saturday.

The world's second-largest economy is overhauling its trade-related legal frameworks partly to convince members of a major trans-Pacific trade bloc created to counter China's growing influence that the manufacturing powerhouse ‌deserves a seat at ‌the table, as Beijing seeks to reduce ‌its ⁠reliance on the US.

Adopted ‌in 1994 and revised three times since China joined the World Trade Organization in 2001, most recently in 2022, the Foreign Trade Law empowers policymakers to hit back against trading partners that seek to curb its exports and to adopt mechanisms such as "negative lists" to open restricted sectors to foreign firms.

The revision also adds a provision that foreign trade should "serve national economic and social development" and help build China ⁠into a "strong trading nation", Xinhua said.

It further "expands and improves" the legal toolkit for countering external challenges, according ‌to the report.

The revision focuses on areas such ‍as digital and green trade, along ‍with intellectual property provisions, key improvements China needs to make to meet the ‍standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, rather than the trade defense tools the 2020 revamp honed in on following four years of tariff war with the first Trump administration.

Beijing is also sharpening the wording of its powers in anticipation of potential lawsuits from private firms, which are becoming increasingly prominent in China, according to trade diplomats.

"Ministries have become more concerned about private sector criticism," ⁠said one Western trade diplomat with decades' of experience working with China. "China is a rule-of-law country, so the government can stop a company's shipment, but it needs a reason."

"It's not totally lawless here. Better to have everything written out in black and white," they added, requesting anonymity, as they were not authorized to speak with media.

China's private exporting firms attracted global attention in November after the French government moved to suspend the Chinese e-commerce platform Shein.

The Chinese government increasingly could also find itself at odds with private enterprise when seeking to carry out sweeping bans, ‌such as Beijing's prohibition of all Japanese seafood imports, as Asia's top two economies continue to feud over Taiwan, trade diplomats say.