KUWAIT CITY: Thousands of Kuwait's oil workers began an open-ended strike on Sunday in protest at plans to cut their wages, action which saw the emirate's crude production plunge.
A spokesman for the Kuwait Oil Co. (KOC), Saad Al-Azemi, said on Twitter that "average production reached 1.1 million" barrels in Kuwait on Sunday.
Daily production in OPEC's fourth largest producer is normally around 3.0 million barrels per day.
Al-Azemi also said natural gas production was at 620 million cubic feet, down from Kuwait's daily average of more than 1.3 billion cubic feet.
The strike comes as world oil producers gathered in Qatar aiming to negotiate an output freeze to boost prices.
"Thousands of workers began their strike," the oil workers union chief Saif Al-Qahtani told AFP, adding that production had been partly halted but without clarifying which sites were affected.
"Observed since 7:00 am (0400 GMT), this open-ended strike will continue until the workers' demands are met," Al-Qahtani said.
The cabinet strongly criticized the "unacceptable" strike, calling it a "clear violation of the law", and demanded legal measures against those involved.
Strike by Kuwait oil workers slashes output
Strike by Kuwait oil workers slashes output
Closing Bell: Saudi main market edges up to 10,745 points
RIYADH: Saudi equities closed higher on Monday, with the Tadawul All Share Index finishing up 135.69 points, or 1.28 percent, at 10,745.45.
The MSCI Tadawul 30 Index also advanced, rising 22.21 points, or 1.57 percent, to close at 1,436.31, while the Nomu Parallel Market Index slipped 31.80 points, or 0.13 percent, to 23,586.94.
Market breadth was positive on the main market, with 216 gainers against 42 decliners, while Nomu saw 42 stocks advancing and 36 declining.
Trading activity picked up, with 261.7 million shares changing hands, while total turnover reached SR5.10 billion ($1.3 billion).
Among the top performers, Saudi Fisheries Co. led the gains, closing at SR63.90, up SR5.80, or 9.98 percent. Naseej International Trading Co. rose to SR34.94, gaining SR3.16, or 9.94 percent, while Dar Al Arkan Real Estate Development Co. ended at SR16.74, up SR1.16, or 7.45 percent.
Zahrat Al Waha for Trading Co. added 6.84 percent to close at SR2.50, and Alamar Foods Co. climbed 5.75 percent to SR42.70.
On the losing side, Al Masar Al Shamil Education Co. fell 4.36 percent to SR23.90, while Saudi Paper Manufacturing Co. declined 2.82 percent to SR62.05.
United International Holding Co. slipped 2.36 percent to SR153.40, Saudi Aramco Base Oil Co. dropped 2.09 percent to SR98.60, and United Electronics Co. eased 1.90 percent to SR85.00.
On the announcement front, Mouwasat Medical Services Co. announced that its board has approved the establishment of a new hospital in Riyadh’s Al-Narjis District, with a planned capacity of 280 beds and a total investment cost of SR900 million.
The project will be financed through a mix of self-funding and long-term Shariah-compliant bank facilities, with further details on timelines and financial impact to be disclosed at a later stage.
Shares of Mouwasat Medical Services Co. closed at SR67.95, gaining SR1.40, or 2.10 percent.
Saudi Arabian Mining Co. reported a net addition of 7.8 million ounces of new gold resources following extensive exploration and drilling activities across multiple sites, alongside the identification of new mineralization opportunities in gold and base metals.
The company noted that the financial impact of these discoveries has yet to be determined and will be assessed in due course.
Shares of Saudi Arabian Mining Co. closed at SR67.50, up SR3.05, or 4.73 percent.
