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Middle East & Africa


Iraq sees exports reaching 6mn bpd by 2017  BAGHDAD: Iraq's Oil Minister Abdul-Kareem Luaibi said on Saturday he expected oil exports will reach 2.9 million barrels per day next year before hitting 3.5 million bpd in 2014 and 3.75 million bpd in 2015. Luaibi told an oil conference in Baghdad that exports will reach 6 million bpd by 2017. Current production in the OPEC country is at 3.2 million bpd, and exports so far are at an average of 2.6 million bpd. "We expect exports for this month to be more than 2.6 million barrels per day. So far they are at 2.6 million barrels per day, and output is at 3.2 million," the minister told reporters. Recovering from years of war and sanctions, Iraq is expected to become one of the world's largest sources of new oil in the market as it rebuilds its industry after signing major contracts for its southern oilfields with foreign companies. Copyright Reuters, 2012 ...

Iraq BAGHDAD: Iraq's oil exports so far this month are at an average of 2.6 million barrels per day with production at 3.2 million bpd, the country's oil minister told reporters on Saturday.   Copyright Reuters, 2012 ...
Kenya regulator raises fuel prices NAIROBI: Kenya's energy regulator raised fuel prices on Friday, saying this was due to rising international crude oil and refined product prices, increasing the likelihood of higher inflation. Fuel prices have a big effect on the year-on-year rate of inflation, which fell to 6.09 percent in August from 7.74 percent a month before. The Energy Regulatory Commission (ERC) raised the maximum price of a litre of super petrol in the capital, Nairobi, by 2.47 shillings to 108.95 ...
Iraq, Kurds reach preliminary oil deal: officials  BAGHDAD: The Iraqi government and Kurdistan struck a preliminary deal on Thursday on a months-long oil dispute that will see the autonomous region export 200,000 barrels of oil per day, officials said. Kurdistan halted its oil exports via the federal government on April 1 over $1.5 billion it said is owed to foreign oil companies working in the region that Baghdad has allegedly withheld, but then resumed them again on August 7, in what was billed ...
Rwanda to double power output with peat-fuelled plant  KIGALI: Rwanda plans to almost double its electricity generating capacity by burning peat under a 220 million euro ($283 million) deal it signed with a Turkish company on Tuesday to build and run a power plant, the government said. The project, which will be operated by Hakan Mining and Generation Industry and Trade Inc., is expected to produce 100 megawatts (MW) annually once it is running at full capacity. "The implementation of the peat-to-power plant will result ...
High oil price not justified by market fundamentals: Saudi RIYADH: Saudi oil minister Ali Naimi said on Monday the high price of crude was not justified by market fundamentals, stressing that supply and demand are balanced.   "Saudi Arabia is concerned about rising oil prices in the international oil market. The current high price of oil is simply not supported by market fundamentals," he said in a statement.   "The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate," he ...
Kurdish oil trade with Turkey rising, more to come  KHOR MOR: Kurdistan is taking its first steps towards gaining independence from Baghdad in the sale of its oil and gas with a convoy of trucks taking the condensate liquid fuel bi-products of a remote gas field directly into Turkey. At least 15 trucks a day are loading up with high quality condensate at Khor Mor's gas plant and then trundling down a bumpy road to start the two-day journey to Mersin on the Turkish Mediterranean. In ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln