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Middle East & Africa


UAE oil minister says studying fuel subsidies, report ready soon ABU DHABI: The United Arab Emirates' oil ministry is studying the country's system of fuel subsidies and a report will be submitted to the government soon, oil minister Suhail bin Mohammed al-Mazroui said on Monday.Speaking at an industry conference, he said the government had requested the report after there were questions over why domestic fuel prices didn't drop after the recent plunge of global oil prices.Mazroui did not elaborate. Government subsidies keep domestic prices of fuels such as gasoline in the UAE at rock-bottom levels, among the lowest in the world; some officials have suggested cutting the subsidies to reduce pressure on the state budget.But any subsidy cuts would be sensitive politically, and there has been no clear sign that the government is willing to take such a step.Copyright Reuters, 2015 ...

Iraq oil production now 3.8mn bpd LONDON: Iraq's oil production is around 3.8 million barrels per day (bpd) and is set to rise to 5.5-6.0 million bpd by the end of this decade, Iraq's OPEC governor said in London on Tuesday, speaking on behalf of the country's oil minister.Copyright Reuters, 2015 ...
Nigeria's Bonny LNG tenders to sell one cargo mid-June-sources LONDON: Nigeria's Bonny liquefied natural gas (LNG) export plant has launched a tender to sell one cargo loading on June 14-16, two industry sources said on Tuesday. Bids are due by June 1, one of the sources said. > ...
Iran says OPEC unlikely to change output ceiling: Mehr news agency DUBAI: OPEC is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister Bijan Zanganeh said on Sunday, according to the semi-official Mehr news agency."Lowering OPEC's production ceiling requires consensus between all members ... under current conditions it seems unlikely that the OPEC production ceiling will change," Zanganeh was quoted as saying.Last month, Zanganeh said the producing group should cut its target daily crude production by at least 5 percent, ...
Shell declares force majeure on Nigeria crude exports because of leaks LAGOS: Anglo-Dutch oil giant Shell has halted crude exports from a key terminal in southern Nigeria because of a leak in a supply pipeline, a spokesman said Thursday."We declared force majeure on Forcados exports effective 6:00 pm Tuesday due to a series of leaks on the NPDC-operated Trans Forcados pipeline," Precious Okolobo said in a text message to AFP in Lagos.Force majeure is a legal term releasing a company from contractual obligations when faced with ...
Nigerian fuel retailer MRS Oil falls to Q1 pretax loss LAGOS: Nigeria's MRS Oil fell to a first-quarter pretax loss of 734.5 million naira ($3.7 million) after posting a profit of 321.1 million a year earlier, the fuel retailer said on Monday. Turnover, operating under the name Chevron Nigeria, fell 12 percent to 21.3 billion naira in the three months to end-March, the company said in a statement with the Nigerian Stock Exchange. Copyright Reuters, 2015 ...
South Africa's petrol pump price to stay unchanged in May JOHANNESBURG: The retail price of 95-grade petrol in South Africa will remain unchanged from May 6, while the wholesale diesel price will dip by 0.44 percent, the energy department said on Thursday. The government adjusts the price of fuel every month, taking into account global prices and shifts in the rand exchange rate. Copyright Reuters, 2015 ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln