09272016Tue
Last update: Tue, 27 Sep 2016 10pm

Middle East & Africa

Markets - Energy - Middle East & Africa

North Sea Crude-Output to reach two-year low in Sept LONDON: North Sea output will hit a two-year low in September due to field maintenance, according to loading programmes, tightening the market. There are signs that a build-up of Forties held on VLCCs off the UK coast is easing, potentially helping to support differentials. Two such vessels, Gener8 Ulysses and Orthis, have left for Rotterdam in recent days, according to shipping data. At least one other VLCC of Forties, Maran Thetis, is still close to Hound Point. Forties differentials were unchanged on Wednesday, while Ekofisk was bid higher. No deal was done. WINDOW SUMMARY Forties: Petroineos bid up to dated Brent minus 10 cents for a Sept. 9-11 cargo, 5 cents less than a bid on Tuesday, leaving Forties unchanged. Ekofisk: Vitol bid for a Sept. 14-16 cargo at dated plus 35 cents, 5 cents higher than a bid on Tuesday and equal to dated Brent parity when allowing for ...

Markets - Energy - Middle East & Africa

Iran's crude oil exports above 2.1mn bpd in July: SHANA DUBAI: Iran's crude oil exports in July were more than 2.1 million barrels per day, the oil ministry's news agency SHANA cited a senior Iranian oil official as saying on Wednesday.Director of the International Affairs Department at National Iranian Oil Company (NIOC) Mohsen Ghamsari told SHANA the total amount of crude and gas condensate exports by Iran reached 2.740 million bpd in July. He said 600,000 bpd out of that figure were condensate exports."Exports of ...

Markets - Energy - Middle East & Africa

Ghana's GNPC says prepared to sell oil from new field to local refinery ACCRA: State-owned Ghana National Petroleum Corporation (GNPC) is prepared to sell crude from the new TEN field to the country's sole oil refinery in a bid to boost national supply, its chief executive Alex Mould told Reuters on Tuesday. Ghana holds a 20 percent stake in the Tweneboa, Enyenra and Ntomme offshore field, which is due to produce its first oil on Thursday and aims for average production of 80,000 barrels per day. Copyright Reuters, ...

Markets - Energy - Middle East & Africa

Egypt's gas production will exceed 7.5bn cubic feet per day by 2020/21 CAIRO: Egypt will increase its production of natural gas to more than 7.5 billion cubic feet per day by 2020-21, Oil Minister Tarek El Molla said on Saturday. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Oman says new refinery capacity to cut crude oil exports MUSCAT: Oman's crude oil exports will drop by about 50,000 barrels per day when new refining capacity comes onstream in the northern city of Sohar by early 2017, Minister of Oil and Gas Mohammad bin Hamad al-Rumhy said on Wednesday. Rumhy said the refinery project had been due to be commissioned by the end of 2016, but there had been a delay so the commissioning date would be in the first quarter of next year. ...

Markets - Energy - Middle East & Africa

Saudi Aramco appoints chief of sovereign wealth fund to board KHOBAR: State oil giant Saudi Aramco has appointed to its board Yasir al-Rumayyan, managing director of its top sovereign wealth fund, in a sign that the two institutions plan to cooperate closely to restructure the economy in an era of low oil prices. Aramco updated its website to show Rumayyan as a new board member but did not explain the change. Two sources familiar with the matter told Reuters that Rumayyan had replaced telecommunications minister ...

Markets - Energy - Middle East & Africa

Saudi Arabia tells OPEC its oil output hit record high in July LONDON: Top oil exporter Saudi Arabia boosted its output to a record high in July, it told OPEC, in a sign that key members remain focused on market share rather than tackling a supply glut by curbing production.The kingdom pumped 10.67 million barrels per day in July, according to figures it provided to the Organization of the Petroleum Exporting Countries which published them in a monthly report on Wednesday.Saudi-based industry sources had said in April ...