02122016Fri
Last update: Fri, 12 Feb 2016 05pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Kuwait OPEC governor expects oil to return to, hold $100 level KUWAIT: Kuwait OPEC Governor Nawal Al-Fuzaia said on Wednesday that a recent drop in oil prices was due to a rise in supply and slower summer demand and that she expected prices to rise again and maintain the $100 per barrel level."In relation to oil prices, the current drop is due to a rise in supply, specifically the return in production from Libya. There are also supplies from U.S. shale, and there is a slowing in demand for crude in the summer, she told reporters."I expect prices will rise and maintain the level of $100 (per barrel)," she said, citing geopolitical reasons and pending winter demand. Copyright Reuters, 2014 ...

Markets - Energy - Middle East & Africa

South Africa says hopes to resume Iran oil imports in three months PRETORIA: South Africa is looking to resume oil imports from Iran, once its biggest supplier of crude, and hopes to resolve "sanction issues" that have blocked purchases within the next three months, its deputy foreign minister said on Tuesday.South Africa halted crude purchases from Iran in June 2012 because of Western pressure. South Africa bought around 68,000 barrels of oil per day from Iran in the month before exports halted, around a quarter of its ...

Markets - Energy - Middle East & Africa

Egypt puts back first LNG import terminal start to December CAIRO: Egypt will complete a liquefied natural gas (LNG) import terminal by December, oil minister Sherif Ismail said on Monday, pushing back by another month the long-delayed project that is meant to help the country combat an energy crisis. Egypt can export LNG but cannot import it without installing the terminal, which has been repeatedly delayed for two years, worsening an energy shortage that has caused regular blackouts throughout the country. Egypt's oil ministry and ...

Markets - Energy - Middle East & Africa

Somalia accuses Norwegian oil explorer DNO of destabilising country NAIROBI: Norwegian oil company DNO and other small explorers are destabilising Somalia, the African country's petroleum ministry said on Wednesday, warning it may lodge complaints against these firms to the United Nations Security Council.DNO has been prospecting for oil in Somaliland, a break-away territory of Somalia. The company did not respond to telephone and email requests for comment but in July a senior official said DNO would not engage in any activities that threaten peace ...

Markets - Energy - Middle East & Africa

Nigerian oil exports revised up LONDON: Nigeria will export about 1.86 million barrels per day (bpd) of crude oil in October, slightly more than earlier scheduled, according to revised loading schedules obtained by Reuters on Tuesday. The total is up from 1.83 million bpd initially planned because one 950,000-barrel cargo of the EA crude grade will go for export in October, traders said. There were no exports of EA scheduled in August or September. The upward revision, while slight, adds ...

Markets - Energy - Middle East & Africa

Iraq oil exports average 2.375mn bpd in August: officials BAGHDAD: Iraq's oil exports fell in August to an average of 2.375 million barrels per day (bpd) from 2.442 million bpd in the previous month, officials from the state-run South Oil Company (SOC) said on Monday.Iraq exports the bulk of its oil from its southern ports. But shipments from the northern oilfields of Kirkuk have been shut since March 2 due to attacks on a pipeline to Turkey, keeping total exports below their potential."Some days ...

Markets - Energy - Middle East & Africa

Shell sells some Nigerian onshore oil fields LONDON: Royal Dutch Shell said it had reached deals on some of the four Nigerian oil fields it has offered for sale as the oil major pushes ahead with divesting global assets to cut costs.Shell last year put up for sale its 30 percent shares in four oil blocks in the Niger Delta Oil Mining Licences (OML) 18, 24, 25, 29 - as well as a major pipeline, the Nembe Creek Trunk Line."We have signed ...