05012016Sun
Last update: Sun, 01 May 2016 05am

Middle East & Africa

Markets - Energy - Middle East & Africa

Saudi says will only freeze oil output if Iran, others do RIYADH: Top oil exporter Saudi Arabia will only freeze output if other key producers, including Iran, take a similar measure, its deputy crown prince told Bloomberg News in an interview published Friday."If all countries agree to freeze production, we're ready," Mohammed bin Salman said. "If there is anyone that decides to raise their production, then we will not reject any opportunity that knocks on our door."His remarks come ahead of a meeting of major oil producers led by Russia and Saudi Arabia set to take place in Doha on April 17 to discuss measures to stabilise prices, including a proposal not to pump out oil above a certain level.Iran indicated it was "ready to participate" in the meeting and demanded an exemption from the freeze in order to boost its exports, according to Russian Energy Minister Alexander Novak.Oil prices are being hit in part owing to the return of Iranian ...

Markets - Energy - Middle East & Africa

Oil slick stains Taiwan coast after cargo ship runs aground TAIPEI: An oil slick from a stricken cargo ship off Taiwan's north coast could cause "massive" devastation to the area's sea life, environmentalists said Friday, as clean-up workers scrambled to contain the leak.Bad weather is hampering more than 100 workers who are trying to contain the slick after the Taiwanese ship "T.S. Taipei" became stranded on a reef earlier this month off the shore of Shihmen in New Taipei City."Even if the oil stains can ...

Markets - Energy - Middle East & Africa

Nigeria raises 115bn naira in Treasury bills at higher yields LAGOS: Nigeria sold 114.97 billion naira ($579.05 million) worth of three-month to one-year treasury bills on Wednesday at higher returns than in its previous auction, the Debt Management Office (DMO) said on Thursday. The debt office said 18.12 billion naira of three-month paper was sold at 5.99 percent, up from 5.74 percent at a sale on March 3. It raised 13.68 billion naira of six-month debt at 8.30 percent against 7.95 percent, while a total ...

Markets - Energy - Middle East & Africa

Oman Oil in talks with banks on $1bn loan for subsidiary DUBAI/MUSCAT: State-owned Oman Oil Co, the national petroleum investment company, is seeking a $1 billion loan from banks for a subsidiary, chief executive Issam al-Zadjali told Reuters on Thursday.Banks in Oman have also been active in the loan market in the past few months, potentially a sign that liquidity is becoming tighter due to low oil prices.The oil industry contributes around 44 percent to Oman's economy, according to government estimates. Oman Oil would use the ...

Markets - Energy - Middle East & Africa

Qatar says Iran invited to talks on oil output freeze DOHA: Qatar said on Tuesday that it has invited Iran to join talks among the world's top oil producers next month on implementing a proposed output freeze to stabilise plummeting prices.The Qatari energy ministry said all 13 OPEC members including Iran had been invited to the April 17 talks in Doha with key non-cartel producers including Russia.Russian Energy Minister Alexander Novak said last week that Iran had indicated it was "ready to participate" despite its ...

Markets - Energy - Middle East & Africa

Saudi oil exports rise to 7.835mn bpd in January DUBAI: Saudi Arabia's crude oil exports in January rose to their highest level in nine months to 7.835 million barrels per day from 7.486 million bpd in December, official data showed on Thursday.The world's largest oil exporter and OPEC heavyweight produced 10.230 million bpd in January, a record high, compared with 10.144 million bpd a month earlier, the data showed.Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum ...

Markets - Energy - Middle East & Africa

Algeria to reduce imports by 15pc as oil price drop bites ALGIERS: Algeria has decided to reduce its imports by 15 percent in 2016 to save foreign currency reserves as the crash of oil prices has put the OPEC state under financial pressure, according to a letter to banks from the prime minister. The North African state, which relies on oil and gas for 60 percent of its budget, has already cut public spending, reduced some energy subsidies and frozen infrastructure projects since its energy revenues ...