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Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin highlighted that, despite the overall easing, most PPI sectors recorded increases in August, with the notable exception of the mining sector, which faced significant downturns.
OPEC’s decision to lower its demand growth forecast underscores the shifting dynamics in the oil market.
Oil prices dipped as traders weighed Middle East tensions and a partial shutdown of Libya’s Sharara oilfield. Prices were also influenced by US economic concerns and recent geopolitical events.
Revenue dropped by 6% to 18.7 trillion won, slightly surpassing the forecasted 18.4 trillion won. Net losses amounted to 120 billion won, better than analysts' predictions of 196.3 billion won in net losses.
Kuwait, a crucial player in the global oil market, is feeling the ripple effects of these broader economic forces.
Markets are experiencing significant volatility due to geopolitical tensions, economic data, and central bank decisions.
Japan's exports surged almost 10% in December from a year earlier, helped by a revival in trade with China and strong demand for vehicles.
The U.S.-UK operation targeted Houthi military infrastructure in retaliation for a series of maritime attacks that have rattled international commerce.
Fears that the Israel-Hamas conflict would impact other Middle Eastern countries have lead to a rise in price of oil and shares in weapons manufactures. Earlier this morning, the price of a barrel of Brent crude (the benchmark for oil prices,) rose by 3.8% - costing around $88 a barrel.