07302016Sat
Last update: Sat, 30 Jul 2016 10am

Middle East & Africa

Markets - Energy - Middle East & Africa

South Africa's Eskom to cut 2,000 MW of power JOHANNESBURG: South Africa's Eskom will implement rolling power cuts from 1000 GMT to 2000 GMT on Wednesday, the power utility said on its official Twitter page.The state-owned power utility said it would cut 2,000 megawatts of electricity from the strained grid.Africa's most advanced economy is in the midst of its worst electricity crisis since 2008 and Eskom implements frequent power cuts to prevent the national grid from being overwhelmed.Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

OPEC has no choice but to keep output unchanged KUWAIT: Kuwait oil minister said on Thursday that he was concerned by the drop in oil prices because of its impact on the Gulf Arab state's budget, but said OPEC had no other choice but to keep its output steady."Of course we are concerned because the price of oil will affect our budget ... within OPEC we don't have any other choice than keeping the ceiling of production as it is because we don't want ...

Markets - Energy - Middle East & Africa

Libyan oil export revenue still going to NOC in Tripoli: official BENGHAZI: All Libyan oil export revenue is still being paid under contracts with National Oil Corp (NOC) in Tripoli, a top oil official in the internationally recognised government said on Wednesday.The government on Tuesday asked all customers to deal with a new state oil firm in the east rather than Tripoli where a rival government is in control.Clarifying the statement, Al-Mabrook Bou Seif, head of NOC in the east belonging to the recognised government, said ...

Markets - Energy - Middle East & Africa

Abu Dhabi's Mubadala Petroleum to explore big Morocco offshore area DUBAI: Abu Dhabi's Mubadala Petroleum said on Wednesday that it had agreed with the Moroccan government to evaluate the hydrocarbon potential of a large area off Morocco's Mediterranean coast.The company, a subsidiary of Abu Dhabi state-owned fund Mubadala Development Co, obtained an exclusive licence to carry out a detailed geological survey of the Mediterranee Ouest area, which comprises 3,433 square kilometres (1,325 square miles).Mubadala Petroleum will provide the Moroccan government with the results of the ...

Markets - Energy - Middle East & Africa

Oil prices stabilising, will continue to firm up DOHA: Oil prices have started to stabilise around $60 a barrel in past weeks and will continue to firm up, while crude demand will grow stronger, an adviser to Saudi Arabia's oil minister said on Sunday. The comments by Saudi oil adviser Ibrahim al-Muhanna suggested that the top oil exporter sees no need to reverse its policy of allowing the market to correct itself without cutting output, despite the steep price drop since June last ...

Markets - Energy - Middle East & Africa

Libyan gas output at 200,000 boepd CAIRO: Libyan gas output is at 200,000 barrels of oil equivalent per day, a senior Libyan oil industry source said on Friday.Oil output has risen slightly in the strife-torn country to between 410,000 to 490,000 barrels per day this week. Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Oil companies offer to cut 2015 spending in Iraq BAGHDAD: Oil companies have proposed millions of dollars of cuts in development spending in Iraq, a senior oil ministry official said, after Baghdad told them low oil prices and its fight against Islamic State had made payments difficult.In a series of letters sent to companies such as Royal Dutch Shell, BP and Exxon Mobil since January, seen by Reuters, the oil ministry set out the need for change in response to "the rapid drastic decrease ...