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Middle East & Africa

Markets - Energy - Middle East & Africa

OPEC members increasingly keen to end oil glut -Nigeria oil minister ABUJA: The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria's oil minister told Reuters.Oil prices have slumped by more than 70 percent to near $30 a barrel over the past 18 months as OPEC, led by top producer Saudi Arabia, sought to drive higher-cost producers out of the market by refusing to cut production despite a supply glut.The price crash has crippled some economies that depend heavily on oil sales for income, such as Nigeria and Venezuela, and even Saudi Arabia is shoring up its resources to withstand the painful revenue drop."There's increased conversation going on. I think when we met in December ... they (OPEC members) were hardly talking to one another. Everyone was protecting their own positional logic," Nigerian oil minister Emmanuel ...

Markets - Energy - Middle East & Africa

North Iraq oil exports rise to 601,811 bpd in January BAGHDAD: Oil exports from northern Iraq via pipeline to Turkey rose to an average of 601,811 barrels per day (bpd) in January, the Kurdistan region's Ministry of Natural Resources said on Thursday, up around 17,755 bpd from December.The pipeline, which links oilfields in Iraq's autonomous Kurdish region and Kirkuk with Turkey's Mediterranean port of Ceyhan, was idle for one day in January "for circumstances beyond the (government's) control", the ministry said.Exports via the pipeline increased ...

Markets - Energy - Middle East & Africa

Gas from Israel's Leviathan could reach markets by late 2019 TEL AVIV: Partners in Israel's Leviathan natural gas field should reach a final investment decision by the end of 2016 if government and regulatory approvals are granted as hoped, an official of the companies involved said.That would enable the first gas from the field to reach markets by the last quarter of 2019, Bini Zomer, the Israel country manager for Noble Energy, said on Sunday.Holding estimated reserves of 622 billion cubic meters off Israel's Mediterranean ...

Markets - Energy - Middle East & Africa

Kuwait projects record deficit on falling oil income KUWAIT CITY: OPEC member Kuwait projected a record budget deficit for the fiscal year starting April 1 on the sliding price of oil, the finance ministry said on Thursday.The shortfall for the 2016-2017 fiscal year is estimated at 11.5 billion dinars ($38 billion) due to a sharp decline in oil revenues, the ministry said on its Twitter account. Spending was estimated at 18.9 billion dinars, just 1.6 percent lower than in the current year, the ...

Markets - Energy - Middle East & Africa

Saudis battle for oil market supremacy RIYADH: By abandoning the tight rein it held for decades on the oil market, OPEC heavyweight Saudi Arabia launched a battle for control that sent crude prices plummeting.It has been a painful fight, experts say, but with its vast resources the Gulf kingdom is showing no signs of giving up.The huge drop in oil prices since mid-2014, from more than $110 a barrel to around $30, followed a decision by the Saudi-influenced Organization of the ...

Markets - Energy - Middle East & Africa

Kuwait, Iraq say OPEC will not cut output alone KUWAIT CITY: The Kuwaiti and Iraqi oil ministers said Tuesday that OPEC will not cut production unless producers outside the cartel do the same, despite the plunge in crude prices."OPEC cannot cut its production unless there is a similar reduction by producers outside OPEC," Kuwait's acting oil minister, Anas al-Saleh, told reporters on the sidelines of an oil conference."I don't see any logic in OPEC cutting production while non-OPEC (countries) don't cut," Saleh said.Iraqi Oil ...

Markets - Energy - Middle East & Africa

Saudi Aramco CEO sees year-end oil price recovery RIYADH: Global crude prices should recover near the end of this year, the president of the world's biggest oil exporter, Saudi Aramco, said on Tuesday."Our prediction is that we will see some adjustment but it will happen toward the end of this year," Amin al-Nasser, president and chief executive officer of the state-owned company, told a business forum in the Saudi capital.Global crude prices have plunged from above $100 a barrel in early 2014 to ...