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Kuwait: Limited Exposure to Collapse of SVB

The financial sector in Kuwait said that it had registered limited exposure to the collapse of Silicon Valley Bank. (Asharq Al-Awsat)
The financial sector in Kuwait said that it had registered limited exposure to the collapse of Silicon Valley Bank. (Asharq Al-Awsat)
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Kuwait: Limited Exposure to Collapse of SVB

The financial sector in Kuwait said that it had registered limited exposure to the collapse of Silicon Valley Bank. (Asharq Al-Awsat)
The financial sector in Kuwait said that it had registered limited exposure to the collapse of Silicon Valley Bank. (Asharq Al-Awsat)

The financial sector in Kuwait announced that it had registered limited exposure to the collapse of Silicon Valley Bank.

The Central Bank of Kuwait (CBK) affirmed on Sunday that the exposure of Kuwaiti banks to Silicon Valley Bank (SVB), following the closure of the bank by the US authorities, was “very, very limited”.

The National Bank of Kuwait (NBK) said in a statement that its exposure was “minimal” and would not affect the bank’s financial position.

The disclosure published on the Boursa Kuwait website said NBK’s small exposure was represented in off-balance sheet items in the form of letters of guarantee worth $4.9 million (around 1.5 million Kuwaiti dinars).

For its part, Kuwait Finance House announced on Monday that the value of its exposure to the Silicon Valley Bank was in the range of 381,000 Kuwait dinars ($1.2 million).

Eight Kuwaiti banks listed on the Kuwait Stock Exchange confirmed Monday that they were not exposed to SVB, which was closed by the US authorities due its bankruptcy last week.

Those included Warba, Boubyan, Kuwait International (KIB), Ahli United, Al Khaleej, Al-Tejari, Al-Ahli and Burgan.

In its statement, the CBK pointed to the stability of the conditions of the banking system’s units.

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Aramco Chief Expects Additional Oil Demand of 1.3 Million bpd this Year

Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
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Aramco Chief Expects Additional Oil Demand of 1.3 Million bpd this Year

Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025

Saudi oil giant Aramco's Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million barrels per day of demand this year.
Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Nasser was responding to a question on the impact of US President Donald Trump's energy decisions, which could increase US hydrocarbon output.
Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said.
“We still think the market is healthy ... last year we averaged around 104.6 million barrels (per day), this year, we're expecting an additional demand of about 1.3 million barrels ... so there is growth in the market,” he said.
Asked about US sanctions on Russian crude tankers, he said the situation was still at an early stage.
“If you look at the impacted barrels, you're talking about more than 2 million barrels,” he said. “We will wait and see how would that translate into tightness in the market, it is still in the early stage.”
Asked if China and India have sought additional oil volumes from Saudi Arabia on the back of the sanctions, Nasser said Aramco is bound by the levels the Kingdom's energy ministry allows it to pump.
“The Kingdom and the Ministry of Energy is always looking at balancing the market. They take that into account when they give us the target of how much we should put in the market,” he said.
In a Bloomberg television interview in Davos, Nasser said: “We still see good demand coming out of China.” The country, along with India, make up about 40% of the rise in global consumption and, “demand is increasing year on year.”
Nasser’s comments echo those he made back in October, saying he was bullish on China after a series of government stimulus measures aimed at reviving the economy.
Nasser also said that Aramco is working with MidOcean, an LNG firm in which it took a 51% stake, and “looking at expanding our position globally in LNG,” without giving details.