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Last update: Tue, 31 May 2016 12pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Saudi oil exports fall to 7.553mn bpd in February ABU DHABI: Saudi Arabia's crude oil exports in February fell to 7.553 million barrels per day from 7.835 million bpd in January, official data showed on Monday. Monthly export figures are provided by Riyadh and other members of the Organisation of the Petroleum Exporting Countries to the Joint Organisation Data Initiative, which publishes them on its website. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Iran exporting 350,000 bpd oil to India, hopes for more: Shana DUBAI: Iran is exporting around 350,000 barrels of crude oil a day to India and hopes to increase this number, Oil Minister Bijan Zanganeh was quoted as saying on Saturday after meeting Indian counterpart Dharmendra Pradhan.The Shana news agency, linked to Iran's oil ministry, quoted Zanganeh as saying Indian oil purchases from Iran were at 350,000 barrels a day, and that "we hope this number will increase now that sanctions have been lifted".The two ministers ...

Markets - Energy - Middle East & Africa

Iraq to lower oil price forecast to $32 a barrel in 2016 budget BAGHDAD: Iraq plans to lower the oil price forecast in its 2016 budget to about $32 a barrel from $45, widening its fiscal deficit by several billion dollars, the International Monetary Fund (IMF) and a senior government official told Reuters.The new price estimate is based on the continued low level of global oil prices in recent months, said Marwa al-Nasaa, Amman-based IMF resident representative for Iraq."We're setting it closer to $30 based on the climate ...

Markets - Energy - Middle East & Africa

Crude output freeze unlikely as Iran wins back Asia market share: Russell LAUNCESTON: It's not hard to see why Saudi Arabia is reluctant to take the relatively modest step of freezing crude output unless Iran also joins the producer initiative to support oil prices.The Saudis will be looking at the success the Iranians are having in winning back market share in key Asian markets, and will correctly take the view that limiting their own output will merely allow Iran to continue boosting its exports.Imports of Iranian oil ...

Markets - Energy - Middle East & Africa

Oil markets will start to rebalance in 2016, 2017: ADNOC DUBAI: The chief executive of the Abu Dhabi National Oil Company said in remarks published on Monday he expected a slow increase in oil prices in the medium term, with markets starting to rebalance supply and demand during 2016 and 2017.In an interview published by the National and al-Ittihad newspapers and state news agency WAM, Sultan al-Jaber, who is also a minister of state, noted what he called a recent recovery in prices.Jaber added: "While ...

Markets - Energy - Middle East & Africa

Oil down as Saudi comments cast doubt on output freeze SINGAPORE: Crude prices extended losses in Asia Monday after comments by Saudi Arabia cast doubt whether key producers meeting next month would reach an agreement to freeze output to address a global supply glut. Hopes for a deal at the April 17 gathering in Doha led by Russia and Saudi Arabia had been a major driver of a rally in prices from near 13-year lows in February.But the latest comments by Saudi Arabia's deputy crown ...

Markets - Energy - Middle East & Africa

Iraq Kurdish oil exports 327,371 bpd in March, KRG says BAGHDAD: Iraq's Kurdish region exported an average of 327,371 barrels per day (bpd) of oil in the month of March, the region's natural resources ministry said on Sunday."The Kurdistan Regional Government received $557,272,177 on account in March from its crude oil exports," it said in a statement.Of this total, "$36,014,177 was allocated to the producers," it said.It said "$4,258,000 was authorised and paid to Biwater Ltd on behalf of the Ministry of Municipalities and Tourism," ...