01192017Thu
Last update: Thu, 19 Jan 2017 01pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Iran sells 11mn bbl condensate to South Korea in Decembe DUBAI: Iran exported 11 million barrels of condensate to South Korea in December, partly delivered from tankers located outside the Gulf, the Iranian oil ministry's news website SHANA said on Sunday. "Three South Korean companies bought a total of 11 million barrels of gas condensates from Iran in December, so the Asian country remains the biggest receiver of condensate from Iran," SHANA said.The report was published as a denial of a Reuters story that quoted a source with knowledge of Iran's preliminary tanker schedule as saying Iranian condensate exports were set to fall 17 percent to a five-month low in January, as main buyer South Korea cut purchases by nearly half and takes more barrels from Qatar."It appears that Reuters' report is based on monitoring of vessels passing through the Strait of Hormuz (at the mouth of the Gulf), while Iran had several supertankers full of condensate located since earlier ...

Markets - Energy - Middle East & Africa

UAE minister says too early to consider prolonging oil cuts ABU DHABI: UAE Energy Minister Suhail al-Mazrouei said Wednesday it is too early to consider extending an OPEC deal to cut oil output and lift low prices."Let's wait a little bit. It's premature to jump" on extending the deal, he told journalists on the sidelines of an oil conference in Abu Dhabi.Mazrouei said the Organization of the Petroleum Exporting Countries would hold a meeting on January 20 in Vienna.OPEC and non-OPEC oil producing countries agreed ...

Markets - Energy - Middle East & Africa

Iranian oil firm NIOC names new international affairs head DUBAI: State-run National Iranian Oil Company (NIOC) has named Saeid Khoshrou as its new director of international affairs, the Iranian oil ministry's news website SHANA said on Sunday. Ali Kardor, NIOC's managing director, said in a decree that reducing transportation and maintenance costs, and diversification of markets and customers would be among the main goals of the international department under Khoshrou, SHANA reported. Khoshrou has worked more than 20 years in Iran's oil industry and ...

Markets - Energy - Middle East & Africa

Iraq cuts oil production per OPEC deal: ministry BAGHDAD: Iraq has cut crude production by some 200,000 barrels per day as part of an OPEC oil cartel agreement aimed at boosting flagging prices, the oil ministry's spokesman said Thursday."Iraq reduced its production to around 4.6 million barrels (per day)" from more than 4.8 million, Assem Jihad told AFP.The Organization of the Petroleum Exporting Countries agreed last year to cut production to reduce a global supply glut that had kept prices painfully low.The accord ...

Markets - Energy - Middle East & Africa

Libya's oil output close to 700,000 bpd TRIPOLI: Libya's oil production is close to 700,000 barrels per day after the restart of two major oil fields, an official from the NOC state energy company said on Wednesday. Copyright Reuters, 2017 ...

Markets - Energy - Middle East & Africa

Libya's oil production rises to 685,000 bpd - National Oil Corp TRIPOLI: Libya was producing 685,000 barrels of oil per day (bpd) on Sunday, up from around 600,000 a day last month, an official from the National Oil Corporation (NOC) said.Output has risen after a two-year blockade was lifted two weeks ago on major pipelines leading from the western fields of Sharara and El Feel.Production has been resuming gradually at Sharara, which has a capacity of 330,000 bpd. But there has been no announcement of a ...

Markets - Energy - Middle East & Africa

Oman notifies customers of crude term volume cut in March SINGAPORE/DUBAI: Gulf oil producer Oman has notified customers that it will reduce its crude term allocation volumes by 5 percent in March, industry and trading sources with knowledge of the cuts said on Friday.The notification only made reference to a cut in volumes in March and did not state if the reductions would continue thereafter, a trading source who received the notice said.An industry source based in Oman said all customers and lifters had been ...