02102016Wed
Last update: Wed, 10 Feb 2016 10pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Angolan fuel prices rise as government lowers subsidy LUANDA: Angola's retail fuel prices increased sharply on Friday, according to a statement from state-owned company Sonangol, as the government of Africa's second biggest oil exporter cut subsidies to consumers.The price of petrol rose 39 percent to 160 kwanza ($1.19) per litre and diesel by 80 percent to 135 kwanza.Angola's Ministry of Finance said in a statement fuel prices were increased to ease the burden of subsidies, Angolan news agency Angop reported.A sharp decline in global crude prices has weighed on the local kwanza currency, which has fallen by more than 30 percent against the dollar in 2015, and put Angola's public spending under pressure. ($1 = 134.5500 kwanzas)Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports down in December BASRA: Iraq's oil exports from its southern fields averaged 3.215 million barrels per day (bpd) in December, down from a record high in November but up from a year earlier, the oil ministry said on Friday. Exports fell from 3.365 million bpd in November as bad weather complicated loadings, ministry spokesman Asim Jihad said. A year earlier, Iraq's southern December exports averaged 2.76 million bpd. For a third consecutive month, Baghdad exported no oil via ...

Markets - Energy - Middle East & Africa

Oman cuts 2016 spending in light of lower oil prices MUSCAT: Oman will cut spending this year by 15.6 percent in the face of lower oil prices but still face a huge deficit after posting one in 2015, Finance Minister Darweesh al-Bloushi said.Spending is projected at 11.9 billion riyals ($30.9 billion/28.3 billion euros) in 2016 compared with $36.6 billion, a statement from Bloushi saidRevenues are projected at 8.6 billion riyals ($22.3 billion), down a massive 26 percent from 2015, resulting in a deficit of $8.6 ...

Markets - Energy - Middle East & Africa

South Africa's petrol pump price to fall slightly in January JOHANNESBURG: The retail price of petrol in South Africa will decrease by 0.2 percent from Jan. 6, while wholesale diesel will dip by 7 percent, the energy department said on Thursday. In a statement, the department said the price of petrol would fall by just 3 cents to 12.37 rand ($0.79) per litre in the commercial hub of Gauteng province, while diesel would cost 10.05 rand. The government adjusts the price of fuel every month, ...

Markets - Energy - Middle East & Africa

Oman to hike fuel prices, taxes to face low oil price MUSCAT: Oman's government will hike fuel prices, charges for public services and corporate taxes in the face of falling oil prices, the official ONA agency reported Wednesday.Non-OPEC Oman is the latest Gulf state to announce austerity plans amid falling oil revenues that have lead to big budget deficits."The council of ministers has approved a number of measures to face the consequences from the drop in oil prices and to ensure fiscal sustainability," ONA cited a ...

Markets - Energy - Middle East & Africa

Saudi posts record deficit, cuts fuel subsidies RIYADH: Saudi Arabia announced a record budget deficit and cuts to fuel and utility subsidies on Monday as the oil powerhouse suffers from a drastic fall in global crude prices.Petrol prices in the kingdom were to rise by more than 50 percent on some products from Tuesday, authorities said, after the world's largest crude exporter said it had posted a deficit of $98 billion in 2015.Riyadh also projected a shortfall of $87 billion in next ...

Markets - Energy - Middle East & Africa

UAE cuts its Jan gasoline, diesel prices DUBAI: The United Arab Emirates will lower domestic prices for gasoline and diesel in January, the ministry of energy said on Monday.The price of a litre of octane 95 gasoline will drop 6 percent to 1.58 dirham ($0.4302) at the start of January from 1.68 dirhams in December, the ministry said on its Twitter account.The domestic diesel price will fall to 1.61 dirhams in January from 1.83 dirhams in December, the ministry said.In July, the ...