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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 in crude oil prices".The slump in crude prices to below $60 a barrel from $115 in June has slashed government revenues in Iraq, OPEC's second biggest exporter, just as it faces economic crisis triggered by Islamic State's seizure of north and western provinces and surging expenditure to fund a military counter-offensive.In view of the fact that a significant proportion of development costs are passed on to Iraq, the oil ministry called on firms to revise ...

Iraqi Oil Tankers offers up to 100,000 tonnes fuel oil for April SINGAPORE: Iraqi Oil Tankers Company has offered up to 100,000 tonnes of fuel oil for loading in April, industry sources said on Tuesday.The company has offered 50,000 to 100,000 tonnes of fuel oil to be loaded on four tankers from Baghdad, Shatt Al-Arab, Al-forat and Dijla in April.The estimated price for the cargoes, which traders said were of the straight-run fuel oil grade, will be around $450 a tonne.The buyer is required to pay for ...
ADNOC offers record volume after Ruwais expansion SINGAPORE: Abu Dhabi National Oil Co (ADNOC) has offered 120,000 to 125,000 tonnes of low-sulphur naphtha for mid-April lifting from Ruwais, its largest offer in a single spot tender as production has increased following its refinery expansion, traders said on Friday.ADNOC, which does not offer spot naphtha regularly, sold mostly spot naphtha in 50,000-tonne cargo size in 2014.The fresh offer was done through a tender closing on March 10, with bids valid until March 12."The ...
Kenya plan needs oil price rebound-Africa Oil NAIROBI: Oil prices would probably need to rise to about $75 to $85 a barrel from around $60 currently for Tullow Oil and Africa Oil to go ahead with their Kenyan project, the chief executive of Africa Oil said.CEO Keith Hill told the Reuters Africa Investment Summit he was confident that crude prices would recover to around those levels long before a final investment decision, due by the end of 2016, is made. "We still ...
UAE non-oil business growth slows in February: PMI DUBAI: Business activity growth in the United Arab Emirates' non-oil private sector slowed to a five-month low in February but remained strong and above the average for 2014, a corporate survey showed on Tuesday.The seasonally adjusted HSBC UAE Purchasing Managers' Index, which measures the manufacturing and services sectors, fell to 58.1 points last month from 59.3 in January. The 50-point level separates growth from contraction in the survey of 400 firms.Output growth slowed to 64.3 ...
Libya's oil production more than 400,000 bpd: NOC Official TRIPOLI: Libya's oil production is now at more than 400,000 barrels per day (bpd), an increase from recent levels when fighting between rival armed groups closed two key ports, an official from the National Oil Corporation said on Sunday.Libya's crude output has been battered by conflict between two rival governments battling for control of the North African country. Production is well below the 1.6 million bpd levels before the 2011 civil war that ousted Muammar ...
Iraq predicts oil will rise to $64-65 per barrel BAGHDAD: Iraqi Oil Minister Adel Abdel Mahdi said Sunday he expects the price of crude oil, which dropped to a six-year low in January, to continue recovering to reach $64 or $65 per barrel. "I don't think they (prices) will return to their former levels immediately... We expect them to rise more, probably to $64 or $65," he told reporters.Brent North Sea crude, the global benchmark, had tumbled to $45 per barrel at the beginning ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln