05262016Thu
Last update: Thu, 26 May 2016 07pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Nigeria oil output hits 22-year low on renewed unrest LAGOS: Nigeria's oil output has slumped to a 22-year low, figures showed on Tuesday, because of pipeline sabotage and increasing unrest that has seen major companies evacuate staff.Data compiled by Bloomberg indicated that output in Africa's biggest oil producer has fallen below 1.7 million barrels per day (bpd) for the first time since 1994.Rebels seeking a fairer share of revenue for locals in the oil-rich southern delta are increasingly targeting facilities, posing a fresh security challenge for President Muhammadu Buhari.The attacks have sparked fears of a repeat of violence and kidnappings that plagued the region in the 2000s and saw Nigeria's output cut by a third, slashing government revenue.It also risks hitting crude supplies at a time when Nigeria's oil-dependent economy is facing a slump because of the fall in global prices.Nigeria's military described the attacks as "economic terrorism" and vowed to employ "all available means within its rules of ...

Markets - Energy - Middle East & Africa

Oil market on track to rebalance in H2: Qatar energy minister ABU DHABI: Qatar's energy minister and current OPEC president Mohammed al-Sada said on Tuesday that the oil market was on the right track towards rebalancing in the second half of 2016. "As we proceed to the second quarter of the year, we see an increase in global demand for oil due to demand for oil products, particularly gasoline," he said in a statement. "This trend is likely to increase further from next month due to ...

Markets - Energy - Middle East & Africa

Egypt to receive first LNG shipment from Rosneft in May CAIRO: Egypt will receive the first of five agreed shipments of liquefied natural gas (LNG) from Russia's Rosneft this month, an official at the state gas board EGAS told Reuters on Thursday. Last year Egypt and Rosneft signed a memorandum of understanding for a slew of petroleum products as well as 24 LNG cargoes. Only five of the 24 initially agreed cargoes were later inked into a final deal. "We're receiving the first shipments of ...

Markets - Energy - Middle East & Africa

Oil shipments from Georgia's Batumi port fall 17pc in Jan-Apr TBILISI: Shipments of crude and refined oil products from Georgia's Black Sea port of Batumi fell 17.4 percent in January-April from a year earlier, a senior official at the terminal said on Tuesday.The terminal, operated by Kazakh state energy company KazMunaiGas , shipped 1.128 million tonnes of oil and oil products in the first four months of this year, down from 1.365 million tonnes in the same period last year, the official, who asked not ...

Markets - Energy - Middle East & Africa

South Africa's petrol pump price to increase in May JOHANNESBURG: The retail price of petrol in South Africa will increase by nearly 1 percent from May 4, while the price of wholesale diesel will largely remain steady, the energy department said on Monday. The price of petrol will increase by 12 cents to 12.74 rand per litre in the commercial hub of Gauteng province, while diesel will go down by 1 cents to 10.52 rand per litre, the department said in a statement.Copyright Reuters, ...

Markets - Energy - Middle East & Africa

Iran oil exports to South Korea rise to 400,000 bpd after sanctions lifted: Shana DUBAI: Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency.Iran, whose exports to South Korea were less than 100,000 barrels a day before sanctions were lifted, has since worked to quickly boost its output. It has focused on selling to its traditional customers in Asia, but has ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports rise in April to 3.364mn bpd BASRA: Iraq exported oil from southern fields at an average rate of 3.364 million barrels per day in April, higher than the March average of 3.286 million, Oil Ministry spokesman Asim Jihad said on Sunday.That is close to the record of 3.37 million bpd exported in November as OPEC's second-largest producer resumes the supply growth that has added to downward pressure on global prices.Iraq looked set to exceed that rate, with exports in the first ...