08272016Sat
Last update: Sat, 27 Aug 2016 08pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Saudi Aramco cuts Arab Light crude price to Asia DUBAI: Saudi Arabia has slashed the September price for its Arab Light crude oil for Asian customers by $1.30 a barrel, setting it at a discount of $1.10 to the Oman/Dubai average, the state oil company said on Sunday. Saudi Arabia's move to lower the official selling price (OSP) is likley to intensify competition with rivals such as Russia and the United Arab Emirates, who produce similar oil grades and are also looking for a bigger share of the market in Asia, the world's top oil consuming region.Iraq overtook Saudi Arabia for the first time to be India's top oil supplier in the June quarter, helped by sales of discounted heavy crude that refiners have also been using to make bitumen to build roads in the world's No.3 oil consumer.OPEC's top producer has lost ground in a number of major global markets including to Russia in China, and is also ...

Markets - Energy - Middle East & Africa

Libya's NOC welcomes 'unconditional' opening of ports, aims for 900,000 bpd by year end TRIPOLI: Libya's state oil company said on Sunday it welcomed the "unconditional" reopening of blockaded oil ports following a deal between the UN-backed government and the Petroleum Facilities Guard.The National Oil Corporation (NOC) also welcomed fresh funding from the government that it said would allow it to increase production by 150,000 barrels per day (bpd) within two weeks. The NOC said in a statement that it aims to gradually increase production to 900,000 bpd by ...

Markets - Energy - Middle East & Africa

Nigeria assumes oil at $42.5, output at 2.2mn bpd for 2017 ABUJA: Nigeria is assuming an oil price of $42.5 per barrel and output of 2.2 million barrels per day (bpd) in 2017, the budget minister said on Monday as he outlined the country's three-year fiscal plan.The blueprint expects both production and prices to rise each year up to 2019, and that the naira currency will recover and settle at 290 per dollar, according to the presentation by Udoma Udoma.OPEC member state Nigeria's economy has been ...

Markets - Energy - Middle East & Africa

Algeria boosts oil output at two major fields, official says HASSI MESSAOUD: Algeria has boosted output at two major oil fields, including the giant Hassi Messaoud field, an official at state energy firm Sonatrach said on Monday. Production at Hassi Messaoud, 800 km (500 miles) southeast of the capital Algiers, has risen to 470,000 barrels from 420,000 barrels a few months ago, the Sonatrach source told Reuters on the sidelines of a conference. Output at Ourhoud oil field, around 1,100 km southeast of Algiers, has ...

Markets - Energy - Middle East & Africa

Azerbaijan's oil output edges up 0.4pc in first half BAKU: Azerbaijan produced 21.06 million tonnes of oil in January-June, 0.4 percent more than in the first half of last year and the first rise since May last year, the State Statistics Committee said on Thursday.It increased its output of natural gas to 14.9 billion cubic metres (bcm), from 14.6 bcm.The central Asian country expects to produce 41 million tonnes of oil this year and 29 bcm of gas.Last year it produced 41.7 million tonnes ...

Markets - Energy - Middle East & Africa

Nigerian oil militants claim new attacks LAGOS: Nigerian oil militant group the Niger Delta Avengers on Sunday claimed five attacks on the country's oil and gas infrastructure in a revival of their sabotage campaign after a recent lull. Since early this year, the Avengers have been bombing pipelines as they fight to win the Niger delta region a bigger share of crude revenue and greater political autonomy. The sabotage is hitting the economy -- the central bank governor has warned a ...

Markets - Energy - Middle East & Africa

Kuwait to strengthen security at oil sites DOHA: Kuwait National Petroleum Company (KNPC) will reinforce security measures at oil installations in coordination with the country's interior ministry, a KNPC official spokesman said on Sunday. "Intensive security plans to protect oil installations and facilities will be supported by the military and taken up after coordinating with the Ministry of Interior and its subsidiary bodies," Khaled Al-Asousi was quoted as saying by state news agency KUNA on Sunday. He did not provide further details. ...