12092016Fri
Last update: Fri, 09 Dec 2016 12pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Shell to sign 3 deals to develop Iran oil and gas fields      DUBAI: Royal Dutch Shell will sign three initial agreements on Wednesday to develop Iranian oil and gas fields, an Iranian oil ministry official said.  Shell will sign the agreements in Tehran to develop the South Azadegan, Yadavaran oilfields and the Kish gas field, the Iranian official said.  Total will start negotiations for new oil and gas projects but was not signing any deals on Wednesday, the official said.  The Wall Street Journal earlier reported that both Shell and Total were to sign initial agreements on Wednesday.  Shell and Total declined to comment.   Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

OPEC to meet non-OPEC producers on Dec. 10 in Vienna DUBAI: OPEC will meet non-OPEC countries to finalise a global oil limiting pact on Dec. 10 in Vienna, two sources told Reuters on Saturday.Two OPEC sources earlier said the meeting was due to take place in the Russian capital Moscow, but later said that plan had changed.OPEC agreed this week to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.It hopes non-OPEC countries will contribute another ...

Markets - Energy - Middle East & Africa

Libya rules itself out of OPEC output cuts TRIPOLI: Strife-torn Libya on Sunday ruled itself out of the oil production cuts which OPEC members are due to discuss at a meeting in Vienna this week."Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for the foreseeable future," National Oil Corporation chairman Mustafa Sanalla said in a statement on NOC's website."The important thing now is that all Libyans should benefit from increased revenues. This ...

Markets - Energy - Middle East & Africa

Algeria proposes 1.1mn bpd OPEC cut: Iran media TEHRAN: Algeria has proposed that OPEC members cut 1.1 million barrels of daily oil production to boost prices, Iran's Shana news agency reported Sunday.Members of the Organization of the Petroleum Exporting Countries are due to meet on Wednesday in Vienna to discuss capping production.At an informal meeting in Algiers in September, the 14 members agreed to work towards a cut of between 500,000 and one million barrels."The Algerian government has proposed a 1.1 million barrel ...

Markets - Energy - Middle East & Africa

Middle East Crude-Jan-Feb Dubai spread narrows 30pc in 1 week SINGAPORE: The Middle East crude market structure has strengthened over the past week with the front-month spread narrowing by almost 30 percent.The January-February spread was at minus 41 cents a barrel versus 58 cents last Friday, Reuters data showed.Buying interest for January-February and January-March spreads was strong, pointing to a bullish pricing agenda next month, trade sources said."It's going to go on regardless of OPEC as the market is genuinely strong anyway," a trader said, ...

Markets - Energy - Middle East & Africa

Saudi Aramco to supply more oil to Asia in January SINGAPORE: State oil giant Saudi Aramco has agreed to supply some customers in Asia with incremental crude that will load in January, as it holds to a strategy of maintaining market share, three sources with knowledge of the matter said on Friday. The decision by the world's top exporter to give extra oil came weeks before Saudi Aramco was due to notify customers of their monthly supply allocation. For January supplies, allocations would have been ...

Markets - Energy - Middle East & Africa

African Petroleum pulls out of Liberia offshore blocks ABIDJAN: West Africa-focused oil and gas company African Petroleum is pulling out of its two Liberian offshore prospecting licences after it failed to attract new partners, it said in a statement on Wednesday. Production-sharing contracts for the LB-08 and LB-09 blocks formally expired in June, and African Petroleum had been in negotiations with the Liberian authorities for an extension to allow it time to seek out new investors. It blamed challenging market conditions for exploration ...