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Middle East & Africa


Libya could see new oil licences in interim period TRIPOLI: Libya could proceed with a new round of oil exploration and production agreements in the current transtional period but the priority for now is to maintain pre-war output levels and future targets, the OPEC member's new oil minister told Reuters.   "Our priority is to maintain the production at 1.5 million barrels per day (bpd)," Abdelbari al-Arusi said in his first major interview with international media since he was sworn in last month.   "We now have our target to increase production (by) 100,000 barrels per day for the coming few months and then we're planning to drill more wells to increase our production rate."   The North African country has lifted oil output faster than analysts had expected after last year's war that ousted Muammar Gaddafi to a current level of around 1.5-1.6 million bpd.   Libya's National Oil Corporation (NOC) aims to boost oil output to 1.72 million bpd by the end of March, its ...

Italian oil boss resigns over Algeria bribery probe  ROME: The chief executive of Italian energy services company Saipem, a subsidiary of energy giant ENI, resigned on Wednesday amid an investigation into allegations of bribery in Algeria, the company said.   Saipem's board accepted Pietro Franco Tali's resignation after prosecutors notified the company they were looking into alleged corruption "up through 2009 in connection with certain contracts in Algeria", it said in a statement.   "Saipem believes that its business activities have been conducted in compliance with applicable ...
Iraq oil exports rise to 2.622mn bpd in October  BAGHDAD: Iraq's oil exports rose to 2.622 million barrels per day (bpd) in October from 2.6 million the previous month, the oil ministry said on Thursday.   The total revenue derived from oil last month was $8.578 million, with the average selling price for one barrel of oil at $105.5, the ministry said.   Copyright Reuters, 2012 ...
Algeria 2012 oil product imports up, to fall in 2013  ALGIERS: Algeria's imports of refined oil products this year may reach 3 million tonnes but will fall sharply in 2013, a senior official at state energy firm Sonatrach said on Sunday.   "Our imports will be between 2.5 million and 3 million tonnes for the full year. There will be little imported as of the end of February when maintenance work at refineries will be over," Yamina Hamdi, vice-president for commercial activity at Sonatrach, told reporters on ...
Yemen LNG pipeline expected to be repaired in a week  DUBAI: A gas pipeline feeding Yemen's only liquefied natural gas (LNG) export terminal will take around a week to be repaired following an attack on it last week, the country's oil minister was quoted as saying.   The 320-km (200-mile) gas pipeline that links block 18 to the Belhaf terminal on the Gulf of Aden was attacked on Oct. 31.   Technical teams were immediately sent to repair the damage, and believe the work can be finished in about ...
Egypt to import gas from Algeria, in talks with Qatar  CAIRO: Egypt, a gas producer and exporter, has agreed to import Algerian gas but is still discussing amounts, the prime minister said on Wednesday, a move that might be aimed at helping Egypt meet its own export contracts while domestic demand rises.   Prime Minister Hisham Kandil, who recently returned from a trip to Algeria, told reporters that Egypt was also in talks to import gas from Qatar.   Egypt has two LNG plants and a pipeline to export ...
Iraq BAGHDAD: Iraqi Kurdistan has agreed to export 250,000 barrels of oil per day (bpd) in 2013 if Baghdad pays operators in the autonomous region, the Kurdish regional government (KRG) said.    "The two sides agreed for Kurdistan to export 250,000 barrels of oil per day on the condition that the Iraqi government makes payments to the oil companies in Kurdistan," the KRG said on the Arabic page of its website.   Copyright Reuters, 2012 ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln