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Middle East & Africa


Nigerian crude exports to hit 16 month high in Sept LONDON: Nigeria will export around 1.90 million barrels per day (bpd) of crude oil in September including deferred cargoes, the highest monthly total in more than a year, according to loading schedules seen by Reuters on Friday. September's total will load in 61 cargoes and is up from August's revised rate of 1.82 million bpd.The total includes two cargoes of Qua Iboe crude, which were delayed to September from August. Nigeria's exports in September will be the highest since May 2013, according to loading programmes compiled by Reuters. The rise in shipments could add downward pressure on Nigerian crude differentials, which have hit multi-year lows in recent weeks due to an overhang of supply and sluggish demand in Europe and Asia. Oil traders said the total could rise further because the programmes of some smaller crude streams have not been issued yet and because more shipments - known as injection ...

Uganda orders Tullow Oil to pay $407mn tax bill KAMPALA: A Ugandan tax appeals court on Wednesday ordered the Anglo-Irish firm Tullow Oil to pay a $407 million tax bill related to the sale of local assets in 2012.Tullow Oil, which had already paid $142 million or 30 percent of the bill to appeal an earlier ruling, contested the decision and said it might seek international arbitration.The ruling holds that the firm is fully liable to pay capital gains tax on the $2.9 billion ...
Saudi June oil production rises to 9.780mn bpd RIYADH: Saudi Arabia produced 9.780 million barrels per day (bpd) of crude oil in June, up from 9.705 million bpd in May, an industry source familiar with the matter said. The world's largest oil exporter supplied 9.745 million bpd to the market. Supply to the market may differ from production depending on the movement of barrels in and out of storage. Copyright Reuters, 2014 ...
Yemen oil export income tumbles 64pc in May, reserves sink DUBAI: Yemen's income from oil exports tumbled by over 64 percent to $73.4 million in May from a year ago, due to attacks on an export pipeline, and the central bank's foreign asset reserves shrank to their lowest since end-2011, data showed on Sunday.Sanaa's finances have deteriorated as it has been caught in a nationwide fight against al Qaeda militants and other rebel groups. It has suffered power cuts and petrol shortages with the government ...
Egypt says to pay $1.5bn oil debt this year as energy crisis mounts CAIRO: Egypt will pay $1.5 billion of the money it owes to foreign energy companies by the end of 2014, its oil minister said on Thursday, as the government tries to stave off a worsening power crisis.Political turmoil and violence since the 2011 revolt that ousted autocrat Hosni Mubarak has hit the economy hard and deepened problems in the chaotic and underdeveloped energy sector with generous state subsidies stoking demand.The latest government figures put Egypt's ...
Libya's oil output around 270,000 bpd, Hariga still closed: NOC TRIPOLI: Libya is currently producing around 270,000 barrels of oil, a spokesman for state-owned National Oil Corp (NOC) said on Tuesday.NOC spokesman Mohamed El Harari also said the eastern port of Hariga had been closed again by protesters. A first tanker had loaded oil on Saturday but protesters are blocking the docking of a second.The 340,000-bpd-El Sharara oilfield also remains closed, he said, adding that the El Feel oilfield was pumping around 95,000 bpd.Copyright Reuters, ...
Baghdad condemns Kurds for oil exports BAGHDAD: Baghdad's oil ministry condemned Iraqi Kurdistan Saturday for further exports of crude from wells in the autonomous northern region, part of a long-running row over the country's vast hydrocarbon reserves.The federal government alleged that a shipment of oil, the second to be pumped in the three-province Kurdish region and shipped internationally in the past month, had been sent to Israel. It reiterated the threat of legal action against any companies that receive the crude."The ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln