12092016Fri
Last update: Fri, 09 Dec 2016 08pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Middle East Crude-Sellers cap Dubai's strength SINGAPORE: Middle East crude benchmark Dubai stayed weak on Monday as sellers outnumbered buyers on window.Cash Dubai was at 2 cents a barrel above swaps after 12 December partials were traded at $49.40-$49.45. SK Energy sold an Upper Zakum cargo to Shell at 10 cents above its OSP, traders said.This is the fourth Upper Zakum cargo Shell has purchased on window this month, in addition to an al-Shaheen cargo it took delivery last week, they said.More details emerged for CPC's crude purchase tender. The Taiwanese refiner bought three Upper Zakum cargoes - two from Total and one from Shell - for loading in November-December and an Oman cargo, a trader said. The deals could not be independently verified.Russian grades remained supported by strong refining margins for light and middle distillates products, traders said. ESPO's premium stayed in the range of $3-$3.50 a barrel, with more December-loading cargoes are expected to ...

Markets - Energy - Middle East & Africa

Iraq says produced 4.774mn bpd of oil in September BAGHDAD: Iraq's deputy oil minister Fayadh al-Nema said on Sunday total oil production, including output in the Kurdistan Regional Government (KRG) area, stood at 4.774 million barrels per day (bpd).Of the total 4.228 million bpd were produced from Baghdad-controlled fields and 546 million bpd were from the KRG-controlled fields, Nehma told reporters at a briefing in Baghdad.Total exports for September, including the KRG, were 3.871 million bpd, the head of Iraq's State Oil Marketing Company ...

Markets - Energy - Middle East & Africa

Iran says hopes Russia, Saudi can agree on oil market moves DUBAI: Iran hopes non-OPEC Russia and OPEC heavyweight Saudi Arabia can agree to coordinate on possible actions on the global oil market, Iranian Oil Minister Bijan Zanganeh said on Sunday."I hope the two sides can reach an understanding, ... that and Russia and non-OPEC countries will reach an understanding over the decision by OPEC members to decrease oil production," said Zanganeh, quoted by Iran's oil ministry news agency SHANA.The Organization of the Petroleum Exporting Countries ...

Markets - Energy - Middle East & Africa

Middle East Crude-Taiwan's CPC awards crude import tender, Dubai falls SINGAPORE: Cash Dubai in the Middle East crude market softened on Friday, even as Shell continued to its buying spree of December Dubai partials.The oil major bought all 11 December partials at $48.90 a barrel on the window, traders said, thereby setting Dubai's differential to swap at 1 cent, down 13 cents from the previous session. The partials traded on Friday mean that Phillips 66 will deliver a cargo of Upper Zakum to Shell.Chevron also ...

Markets - Energy - Middle East & Africa

Nigeria hopes oil prices will stabilize around $42-$50 LONDON: Nigeria hopes crude prices will stabilize in a range around $42 to $50 a barrel, its finance minister said on Friday. "The oil price now looks stable and that is a good thing - oil prices that are too low are a problem, but equally oil prices that are too high for us are equally a problem," Kemi Adeosun said in London."Stability around the $42 to $50 mark are good for us."Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Saudi Arabia says Aug oil output fell from record high KHOBAR: Saudi Arabia's crude oil exports in August fell to 7.305 million barrels per day from 7.622 million bpd in July as the world's largest oil exporter pumped less, the kingdom has told an influential data base.Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website on Tuesday.After the kingdom pumped a record ...

Markets - Energy - Middle East & Africa

Iran oil exports hold near 5-year, pre-sanctions level high: source TOKYO: Iran's October crude and condensate exports are set to hold near five-year highs hit in September, a source with knowledge of its preliminary tanker schedule said, reflecting Tehran's success in boosting shipments after Western sanctions were lifted.The No. 3 OPEC producer is producing around 4.5 million barrels per day (bpd) of crude and ultra light oil condensate, according to local oil officials, while it has just about doubled its total exports since sanctions targeting ...