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Last update: Tue, 03 May 2016 08am

Middle East & Africa

Markets - Energy - Middle East & Africa

Nigerian state oil company workers strike over proposed changes LAGOS: Nigerian oil workers are staging a nationwide strike that has led to a walkout of staff from the state oil company, the head of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said on Wednesday. Lumumba Okugbawa said the action was being taken in response to a restructuring of the Nigerian National Petroleum Corporation (NNPC), announced by the minister of state for petroleum, that will see it divided into five divisions. An NNPC spokesman could not immediately be reached to confirm the industrial action but a Reuters reporter said gates to the company's head office in the capital, Abuja, were closed as were seven NNPC fuel stations in the city.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Nigeria 'at forefront' of push to freeze oil production levels ABUJA: OPEC member Nigeria is "at the forefront" of the push for a global agreement to freeze the level of oil production, Energy Minister Emmanuel Ibe Kachikwu said Tuesday.Discussions on freezing production levels were ongoing ahead of an extraordinary summit of the Organization of the Petroleum Exporting Countries (OPEC) to be held later this month, he told reporters in Abuja."I have been in the forefront of driving that change and I'm glad that we are ...

Markets - Energy - Middle East & Africa

Saudi Aramco to double gas production in 10 years: CEO JUBAIL: Saudi Aramco plans to nearly double its gas production to 23 billion standard cubic feet per day in the next decade, its chief executive said on Tuesday."The kingdom has managed to increase gas production from 3.5 billion standard cubic feet (scf) per day in 1982...to more than 12 billion scf now and this figure is expected to double to around 23 billion scf during the coming decade," Amin Nasser told an industry conference."Work is ...

Markets - Energy - Middle East & Africa

S.Africa to start shale gas exploration JOHANNESBURG: The South African government said Tuesday that exploration for shale gas will begin in the next 12 months, ending years of speculation over the project.South Africa's semi-desert Karoo region is believed to hold at least 485 trillion cubic feet of shale gas, but drilling has been delayed by environmental and economic concerns."One area of real opportunity for South Africa is the exploitation of shale gas," the government said in a statement."Exploration activities are scheduled ...

Markets - Energy - Middle East & Africa

Oil output freeze already in place: UAE ABU DHABI: Emirati Oil Minister Suhail Mazrouei said Monday that current market prices are forcing most producers to freeze oil output levels, insisting it made "no sense" to pump more crude."Current prices are forcing everyone to freeze. So I think it is happening as we speak," Mazrouei told reporters in Abu Dhabi."It does not make any sense for anyone to increase production at current prices."Mazrouei said he was aware of talks to hold a meeting ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports slip in February BASRA: Iraq's southern oil exports dropped slightly in February to an average of 3.225 million barrels per day (bpd), the oil ministry said on Tuesday. Shipments from the southern terminals in the Gulf fell from 3.285 million bpd in January as several days of bad weather delayed loading operations.All of the exports were from Iraq's southern ports, ministry spokesman Asim Jihad said. For a fifth consecutive month, Baghdad exported no oil via its northern pipeline ...

Markets - Energy - Middle East & Africa

Oil's retreat halts Gulf equity rally DUBAI: Most Middle Eastern stock markets fell on Wednesday after oil prices pulled back sharply, interrupting a rally that had been built to a large extent on hopes that crude had bottomed out.As Brent crude fell back below $33 a barrel, the Saudi stock index dropped 1.3 percent to 5,942 points, retreating from close to technical resistance at the February and January peaks of 6,056-6,098 points.The petrochemical sector led the market down with Saudi Basic ...