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Nigerian oil production hits all time high ABUJA: Nigerian oil production hit its highest level ever this week, reaching 2.7 million barrels per day, the state oil firm said Friday, though hurdles remain to a sustained boost in production. Nigeria, home to Africa's largest oil industry, has seen crude production rebound since a 2009 amnesty deal for militants in the Niger Delta region which led to a sharp decline in unrest there. It has been producing between 2.0 and 2.4 million barrels per day in recent months, according to figures from the International Energy Agency. The head of state oil firm NNPC said production reached 2.7 mbd on Wednesday. "I am glad to report to you that in crude oil production (on Wednesday) we recorded an all-time high of 2.7 million barrels. This has not been recorded before," Andrew Yakubu said in a statement. Besides the improvement in security, French firm Total recently began long-awaited production at its offshore Usan field, ...

Iraqi Kurdistan says will resume oil exports  ARBIL: Iraq's Kurdistan region said it will resume oil exports during the first week of August as a confidence-building measure, after stopping them for more than four months following a row with Baghdad. Kurdistan halted oil exports to 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. If the exports resume, the move would represent an improvement in relations between ...
Chevron to invest $2 billion in Congo-Angola oil field  BRAZZAVILLE: Chevron Corp plans to invest $2 billion to develop its Lianzi oilfield straddling the maritime border between Republic of Congo and Angola, a company official said on Sunday. "Production from the Lianzi field will begin in 2015 and investments will cost $2 billion," Katia Mounthault-Tatu, a Chevron spokeswoman, told Reuters. State revenues from the field, which holds proven reserves of 70 million barrels, will be split 50-50 between Congo and Angola, the two countries confirmed in ...
Nigeria fines Shell $5.0bn over oil spill  LAGOS: Nigeria has fined Shell $5.0 billion over an oil spill late last year at an offshore field, but the company told AFP on Tuesday there was no basis for the fine. Shell was forced to halt operations at the Bonga oilfield in the Gulf of Guinea following the December 20 leak of some 40,000 barrels of crude. Nigerian authorities levelled the fine on Shell's local operation, the head of the state-run National Oil Spill Detection and ...
Yemen says oil exports may resume this week  SANAA: Yemen may be able to resume oil exports as planned this week after tribesmen agreed to allow repairs to the country's main crude pipeline, the oil minister said on Sunday. "Resumption of pumping oil is expected tomorrow if the teams complete fixing the pipeline," Minister Hisham Sharaf told Reuters, adding talks with tribes to allow the repairs to go ahead had been successful. Earlier, an oil official had said resumption of exports at the main Maarib ...
Turkey must end BAGHDAD: Turkey must stop accepting "illegal" transfers of crude oil from the autonomous Kurdistan region of northern Iraq or risk damaging bilateral ties, government spokesman Ali Dabbagh warned on Sunday. His remarks were the latest sign of cooling ties between Ankara and Baghdad, as well as between the central government and the autonomous Kurdish region over oil exports. "Turkey must stop the unauthorised export of oil through its land," Dabbagh said in an e-mailed statement. "Exporting oil ...
Kenya cuts retail fuel prices after crude fell  NAIROBI: Kenya has reduced the price of fuel at the pump by a big margin after prices of crude oil fell in global markets, the country's energy regulator said on Saturday, signalling that recent drops in the rate of inflation would accelerate. The Energy Regulatory Commission (ERC) cut the maximum price of a litre of super petrol in the capital by almost 8 percent to 108.39 shillings ($1.29), while reducing that of a litre of diesel ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln