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Middle East & Africa


Gulf OPEC big three raise Aug oil output by 400,000 bpd  DUBAI: Oil output by the big three Gulf producers saw a net increase of around 400,000 barrels per day (bpd) in August from July as a sharp rise in Kuwaiti output outweighed cuts by Saudi Arabia and the United Arab Emirates (UAE), industry sources said.   Saudi Arabia and the UAE both cut their production by around 100,000 barrels per day (bpd) in August, to 9.7 million bpd and 2.7 million bpd, respectively, according to Gulf industry sources.   But top producer Saudi Arabia used 100,000 bpd from storage to offer crude supplies to the market of 9.8 million bpd, while Gulf-OPEC ally Kuwait ramped up production by around 600,000 bpd to 3 million bpd in August.   In July, Saudi Arabia pumped 9.8 million bpd from its oil wells but put about 100,000 bpd into storage, leaving 9.7 million bpd available for all consumers. Export figures are not available.   The UAE produced 2.7 million bpd last ...

Saudi Arabia pumped 9.7mn bpd of crude in August  DUBAI: Saudi Arabia produced 9.7 million barrels a day (bpd) of crude oil in August, down around 100,000 bpd from July, an industry source said on Sunday.   The top oil producer supplied 9.8 million bpd to the market in August, the source said, which implies production was supplemented with about 100,000 bpd from storage.   In July, Saudi Arabia produced 9.8 million bpd and pumped 100,000 into storage, leaving 9.7 million bpd for consumers.   Copyright Reuters, 2012 ...
Kuwait oil output was 3mn bpd in Aug  DUBAI: Kuwait produced around 3 million barrels a day (bpd) of crude oil in August, up around 600,000 bpd from July, a Kuwaiti industry source said on Sunday.   The increase in the OPEC member's production was mainly due to more demand from Asia, the source said. In July, Kuwait produced around 2.4 million bpd.   OPEC ministers agreed in mid-June they should adhere to a collective output limit of 30 million barrels per day (bpd), which would require ...
UAE oil output at 2.7mn bpd in Aug: source  DUBAI: The United Arab Emirates produced 2.7 million barrels per day (bpd) of oil in August, down around 100,000 bpd from the previous month, an industry source familiar with the matter told Reuters on Thursday. In July, the OPEC country's production was ramped close to its maximum capacity of 2.8 million bpd. The UAE, which is among the world's top crude exporters, has promised oil supplies to customers who are looking at cutting their dependence on Iran's ...
Unplaced cargoes pressure Nigerian, Angolan  LONDON: West African crude oil differentials came under renewed pressure on Tuesday as equity holders sought interest in almost 50 cargoes still available and unsold for loading in October, more than half-way through the monthly sales cycle. "It is rare that so many cargoes are still on offer at this time of the month," said a West African crude oil trader with a large state-owned trading house. "A quarter of the Angolan programme and almost half ...
Shell wins $150mn contract to explore oil in Tunisia  Tunis: Royal Dutch Shell has won a $150 million oil exploration deal in Tunisia as part of plans to attract investments to the energy sector, the industry minister said on Saturday. "Shell will drill oil wells in the centre of the country at a cost of $150 million," Lamine Chakari said. Exploration and drilling operations will take place in the areas of El Jem, Kairouan, Sousse and Sfax, he said, without giving more details. Copyright Reuters, 2012 ...
Iraq oil exports highest in more than 30 years  BAGHDAD: Iraq's oil exports reached their highest level in more than three decades last month as the country's output has continued to increase, oil ministry officials said on Saturday.   Overall exports averaged 2.565 million barrels per day (bpd), bringing in $8.442 billion in revenues on the back of average oil prices of $106 per barrel, Falah al-Amiri, head of the State Oil Marketing Organisation, said.   Exports averaged 2.516 million bpd in July.   "The level of exports was the ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln