05282016Sat
Last update: Sat, 28 May 2016 06pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Iraq's southern oil exports rise in April to 3.364mn bpd BASRA: Iraq exported oil from southern fields at an average rate of 3.364 million barrels per day in April, higher than the March average of 3.286 million, Oil Ministry spokesman Asim Jihad said on Sunday.That is close to the record of 3.37 million bpd exported in November as OPEC's second-largest producer resumes the supply growth that has added to downward pressure on global prices.Iraq looked set to exceed that rate, with exports in the first 24 days of April averaging 3.43 million bpd, according to an industry source and loading data. It was not immediately clear why exports appeared to drop off last week.Baghdad had given verbal support to an initiative by OPEC and outside producers to freeze output. But they failed to reach a deal at an April 17 meeting, and rising exports from Iraq as well as other nations including Russia underline the challenges to any further attempt ...

Markets - Energy - Middle East & Africa

Qatar says to liberalise fuel prices DOHA: OPEC member Qatar announced Tuesday that it will liberalise petrol and diesel prices amid concerns over the state budget with the fall of global oil prices.The change will come into force from May and prices will fluctuate each month, Mishal Al-Thani, chairman of a commission to study fuel prices, said in a statement on the official Qatar News Agency.The overhaul of the domestic market will see future prices determined by global and regional factors ...

Markets - Energy - Middle East & Africa

Qatar to let domestic fuel prices fluctuate in subsidy reform DOHA: Qatar will allow its domestic gasoline and diesel prices to fluctuate in response to changes in global markets as it seeks to reduce waste of fuel and save money for the state budget. Currently, local fuel prices are fixed at low levels, requiring the government to spend on subsidies to keep them down. From next month, prices will fluctuate monthly, the official Qatar News Agency (QNA) said on Tuesday.Future prices will be based on ...

Markets - Energy - Middle East & Africa

Saudi unveils far-reaching plan to move away from oil RIYADH: Saudi Arabia said Monday it would create the world's largest sovereign investment fund and sell shares in state energy giant Aramco under a vast plan unveiled to transform its oil-dependent economy.The announcement of the long-term reform programme, dubbed "Vision 2030", marks the beginning of a hugely ambitious attempt to move Saudi Arabia beyond oil, the backbone of its economy for decades."This is not a dream. This is a reality that will be achieved, God ...

Markets - Energy - Middle East & Africa

Kuwait says may resume normal oil output three days after strike ends KUWAIT: Kuwait's crude oil production may return to normal within three days, after a strike by local oil and gas workers ended, state news agency KUNA quoted the oil sector's official spokesman Sheikh Talal al-Khaled al-Sabah as saying on Wednesday.Thousands of Kuwaiti workers agreed to return to work from Wednesday morning after staying away for three days to protest against a planned overhaul of the public sector payroll system, which they fear could lead to ...

Markets - Energy - Middle East & Africa

Kuwait to restore full oil output in '3 days' after strike ends KUWAIT CITY: Kuwait's state oil firm said Wednesday that it expects to restore full production within three days after staff ended a strike in a surprise about-turn that triggered a renewed slide in world prices.The walkout by thousands of staff of Kuwait Petroleum Corp. and its subsidiaries on Sunday in a dispute over planned pay cuts had slashed the emirate's output from 3.0 million barrels per day to 1.5 million and prompted a brief rally ...

Markets - Energy - Middle East & Africa

Iran's oil output to reach pre-sanctions level by June, official says DUBAI: Iran's crude oil production will reach pre-sanctions levels within two months, a deputy oil minister was quoted as saying on Tuesday, a signal the OPEC member might be willing to discuss an output freeze by the time when the exporting group meets next.Talks between OPEC and non-OPEC producers to freeze production unexpectedly broke down on Sunday when Saudi Arabia insisted that all OPEC members, including Iran, and non-OPEC oil exporters should join in the ...