12042016Sun
Last update: Sun, 04 Dec 2016 02am

Middle East & Africa

Markets - Energy - Middle East & Africa

OPEC sees rival oil supply down, but not out LONDON: Global demand for OPEC's crude oil will rise in the next three years, the group forecast, suggesting its 2014 decision to let prices fall to curb costlier rival supplies such as U.S. shale is delivering higher market share.The Organization of the Petroleum Exporting Countries, which in 2014 refused to cut supply despite a glut, said in its 2016 World Oil Outlook that demand for its crude would reach 33.70 million barrels per day in 2019, up 1 million bpd from 2016.The report shows that the market outlook for the next few years - from OPEC's point of view as the supplier of a third of the world's oil - has improved. In the 2015 edition, demand for OPEC crude was expected to fall to 30.70 million bpd by 2020.However, expected demand for OPEC crude in 2019 is only 300,000 bpd more than it is pumping now, based on OPEC's ...

Markets - Energy - Middle East & Africa

Total, CNPC to sign new gas contracts with Tehran BEIRUT: France's Total and China National Petroleum Corp (CNPC) will sign new contracts on Tuesday with National Iranian Oil Company (NIOC) concerning the second phase of the South Pars gas field, the Iranian oil ministry's SHANA news agency said on Monday. Using the new Iran Petroleum Contract (IPC) which Tehran announced this year, the contract will be signed between NIOC and a consortium of Total and CNPC and Iranian Petropars as a local contractor, SHANA ...

Markets - Energy - Middle East & Africa

Saudi Aramco CEO predicts oil market balance by early 2017 RIYADH: The global oil market should be balanced early next year, the president of Saudi Aramco said on Tuesday, after over-supply drove prices to multi-year lows in 2016."The gap between supply and demand is closing," Amin Nasser, who is also the state-owned oil company's chief executive, told an international energy forum.He said Aramco's analysis sees the market "balanced by the first half of 2017."Last week, the chief of the International Energy Agency said the market ...

Markets - Energy - Middle East & Africa

South Africa's petrol price to rise by 3.6 percent next week JOHANNESBURG: The retail price of petrol in South Africa will rise by 3.6 percent from Nov. 2, while the price of wholesale diesel will go up by 5.9 percent, the energy department said on Friday. The price of 93 octane petrol will rise by 45 cents to 12.79 and 95 octane by 45 cents to 13.05 rand per litre in the commercial hub of Gauteng province, while diesel will go up by 63 cents to ...

Markets - Energy - Middle East & Africa

W. Africa Crude-BPCL stocks up on Nigerian, Avengers hit Escravos LONDON: Nigeria had reached production of 1.9 million barrels per day (bpd), according to the petroleum ministry, but the Niger Delta Avengers claimed to have hit a pipeline exporting Chevron's Escravos crude in the early morning hours on Tuesday. Iraq's oil exports are set to rise slightly in October, according to loading data and an industry source, a sign OPEC's deal to limit supplies has yet to restrain shipments from the group's second-largest producer. Global ...

Markets - Energy - Middle East & Africa

Iraq seeks OPEC deal that would preserve oil output BAGHDAD: Iraq told a top OPEC official on Tuesday of its hope that the group could reach a deal to lift oil prices while preserving its own output level, a spokesman of the oil ministry said. Iraqi Oil Minister Jabar al-Luaibi and OPEC Secretary General Mohammed Barkindo, who is is trying to bring about an agreement on supply cuts that would support sagging prices, met in Baghdad ahead of the cartel's meeting on Nov. 30."The ...

Markets - Energy - Middle East & Africa

Middle East Crude-Sellers cap Dubai's strength SINGAPORE: Middle East crude benchmark Dubai stayed weak on Monday as sellers outnumbered buyers on window.Cash Dubai was at 2 cents a barrel above swaps after 12 December partials were traded at $49.40-$49.45. SK Energy sold an Upper Zakum cargo to Shell at 10 cents above its OSP, traders said.This is the fourth Upper Zakum cargo Shell has purchased on window this month, in addition to an al-Shaheen cargo it took delivery last week, they ...