01192017Thu
Last update: Thu, 19 Jan 2017 09pm

Middle East & Africa

Markets - Energy - Middle East & Africa

OPEC to debate oil output cut next week but Iraq, Iran hesitate VIENNA/DUBAI: OPEC will debate an oil output cut of 4.0-4.5 percent for all of its members except Libya and Nigeria next week but the deal's success hinges on an agreement from Iraq and Iran, which are far from certain to give full backing. Three OPEC sources told Reuters a gathering of experts from the oil producer group in Vienna had decided on Tuesday to recommend that a ministerial meeting on Nov. 30 debate a proposal from member Algeria to reduce output by that amount. Such a cut would bring OPEC's current output down by more than 1.2 million barrels per day (bpd), according to Reuters calculations based on the group's October production, and is towards the upper end of market expectations. But sources also said the representatives of Iran, Iraq and Indonesia had expressed reservations about their level of participation in what would be the group's first supply-limiting deal since ...

Markets - Energy - Middle East & Africa

Falling investment to support gas prices DOHA: Qatar, the world's top LNG exporter, expects falling investment to help balance supply and demand in the natural gas market, Energy Minister Mohammed al-Sada told reporters on Thursday. In coming years, however, he said surplus production would weigh on gas prices. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Angola to export 1.61mn bpd of oil in January LONDON: Angola plans to export at least 1.61 million barrels per day (bpd) of crude oil in January, according to a preliminary export plan, down slightly from December. An initial loading plan issued on Wednesday showed 52 cargoes scheduled to load in January, compared with a revised December loading programme of 53 cargoes and 1.65 million bpd.The programme does not include any cargoes of Palanca, and could be revised to add more oil later. Two ...

Markets - Energy - Middle East & Africa

Saudi energy minister in Algiers for talks ALGIERS: The Saudi energy minister was visiting Algiers for talks on OPEC policy with his Algerian counterpart Nouredine Bouterfa, agreeing there should be a new date for technical committee talks, an energy source told Reuters on Saturday. The two ministers agreed on sticking to a September Algiers deal on an output cut, the Algerian energy source said. "We have also agreed to set a new date for the meeting of the high committee of experts ...

Markets - Energy - Middle East & Africa

Qatar Petroleum affiliate signs LNG deal with Brazil DUBAI: Qatar Petroleum said on Saturday its affiliate Ocean LNG has signed a long-term deal to provide Brazil-based CELSE-Centrais El?tricas de Sergipe with liquefied natural gas (LNG) from 2020. Under the deal, Qatar will ship 1.3 million tonnes of LNG per year on an Ex-Ship basis, it said in a statement."The shipments, which will begin in 2020, will be for use at CELSE's Porto de Sergipe power project near Aracaju, in the Brazilian state of ...

Markets - Energy - Middle East & Africa

Iran crude, condensate exports to hit 4-month low in Nov: source TOKYO: Iran's crude oil exports are set to fall 7.5 percent in November to a four-month low, a source with knowledge of its preliminary tanker schedule said, as low seasonal demand in Europe takes the edge off its post-sanctions export bonanza.Iran's oil exports typically hit a low around October or November each year, reflecting peak refinery maintenance seasons in Europe and in Asia.Overall, OPEC's third-largest producer has been regaining market share at a faster pace ...

Markets - Energy - Middle East & Africa

UAE's ADNOC, Occidental to expand Al Hosn capacity by 50 percent ABU DHABI: Abu Dhabi National Oil Co (ADNOC) and US-based Occidental Petroleum said on Tuesday they planned to expand their Al Hosn gas facility, adding 50 percent more processing capacity."The plant could become operational within the life span of ADNOC's new five-year business plan - part of the company's '2030 Strategy' - which was recently approved by Abu Dhabi's Supreme Petroleum Council," ADNOC said in a statement. ADNOC holds a 60 percent share in the ...