06252016Sat
Last update: Sat, 25 Jun 2016 06am

Middle East & Africa

Markets - Energy - Middle East & Africa

OPEC happy with oil market, kingpin Saudi says VIENNA: Saudi Arabia expressed confidence Thursday that oil prices will keep recovering, cementing expectations that a divided OPEC will decide to keep crude gushing at its meeting in Vienna."Everybody is very satisfied with the market. The market is rebalancing as we speak," said Khaled al-Falih, newly appointed by the kingdom's powerful and dynamic new crown prince."Demand is extremely healthy and robust. Non-OPEC supply is declining. Prices will respond to the rebalancing of the market," Falih told reporters.Traditionally the Organization of the Petroleum Exporting Countries, which pumps around a third of the world's oil, has cut production to boost falling prices.But in the most recent drop, which has seen oil tumble from over $100 in 2014 to close to $25 in January, OPEC -- driven by Riyadh -- has changed tack, keeping oil flowing to maintain market share and squeeze competitors.Copyright AFP (Agence France-Presse), 2016 ...

Markets - Energy - Middle East & Africa

Iran says oil export rise had no negative effect on market DUBAI: Iran's doubling of oil exports has had no negative effect on the market, the country's oil minister said on Wednesday before flying to Vienna to attend an OPEC meeting, the ministry's news agency SHANA reported."Iran's oil exports have been doubled, in between OPEC's 168th and 169th meetings. This increase has had no negative effect on the market and has been absorbed in the market," Bijan Zanganeh was quoted as saying.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Saudi Arabia likely to hike Asia crude prices in July on strong Dubai SINGAPORE: Top oil exporter Saudi Arabia is expected to raise the prices for most crude grades it sells to Asia in July to track a stronger Dubai benchmark, trade sources said on Tuesday.The July official selling price (OSP) for flagship Arab Light is expected to climb 25 cents to 50 cents a barrel, up for a second month after rising to the highest since September 2014 in June, a survey of five refiners and traders ...

Markets - Energy - Middle East & Africa

Saudi Aramco says discovers new fields, to continue energy investments KHOBAR: Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continue investing in its energy sector to meet future demand, its new energy minister said. Khalid al-Falih, who was appointed energy, industry and mineral resources minister on May 7 and is also Aramco's chairman, said that despite low oil prices, the company has reached record levels of oil production and gas processing."Declining investments by ...

Markets - Energy - Middle East & Africa

Nigerian stocks near 5-month high after central bank FX shift LAGOS: Nigerian stocks soared to near a 5-month high on Wednesday with banks leading the charge, driven by hopes that a more flexible foreign exchange policy will boost dollar supply and lure back foreign investors. On Tuesday, the central bank said it would adopt a flexible exchange rate policy, a shift from a peg for the naira seen as overvalued, which had hampered growth and investment.The main stock index was up 3.36 pct at 28,143 ...

Markets - Energy - Middle East & Africa

Angolan export plant producing LNG, expects cargoes in near future MILAN: Angola's liquefied natural gas (LNG) export plant has started production and first cargoes should become available to buyers via a competitive tender process in the near future, a spokeswoman for the project said. "We have started production and expect the first LNG cargoes to be available in the near future - they will be sold via a competitive tender process," she said.She added that re-commissioning of the project, shut down since April 2014 following ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports fall so far in May LONDON: Oil exports from southern Iraq so far in May have fallen by more than 200,000 barrels per day (bpd) from the previous month's near-record, adding to supply losses caused by unusually high global outages.The drop, if prolonged, could add to concern about the sustainability of export growth from Iraq, where oil firms have warned the government that projects to boost output will be delayed if Baghdad cuts spending this year.Iraq's southern exports in the ...