10022016Sun
Last update: Sun, 02 Oct 2016 01am

Middle East & Africa

Markets - Energy - Middle East & Africa

South African fuel industry sees no fuel shortages despite strike CAPE TOWN: South Africa's petroleum industry does not anticipate any fuel shortages for the rest of the week in Africa's most industrialised country as a wage strike by around 15,000 workers entered its second week on Monday, a senior official said. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Iraq's oil exports from south rose to 3.2mn bpd in July: oil officials BASRA: Iraq's oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, two Iraqi oil official said on Monday.The southern region produces most of the OPEC member's crude oil. The northern Kurdish regional government exports about 500,000 bpd through a pipeline to the Turkish port of Ceyhan, on the Mediterranean, but that is done independent of the central government in ...

Markets - Energy - Middle East & Africa

Iran says crude market oversupplied, balance expected to be restored: TV ANKARA: Iran's Oil Minister says the oil market is oversupplied but predicts balance between demand and supply will be restored, Iranian state television reported on Monday."The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market," Bijan Namdar Zanganeh was quoted as saying by Iran's state TV.A Reuters Survey on Friday showed the Organization of the Petroleum Exporting Countries' oil output was likely to ...

Markets - Energy - Middle East & Africa

Saudi Aramco cuts Arab Light crude price to Asia DUBAI: Saudi Arabia has slashed the September price for its Arab Light crude oil for Asian customers by $1.30 a barrel, setting it at a discount of $1.10 to the Oman/Dubai average, the state oil company said on Sunday. Saudi Arabia's move to lower the official selling price (OSP) is likley to intensify competition with rivals such as Russia and the United Arab Emirates, who produce similar oil grades and are also looking for a ...

Markets - Energy - Middle East & Africa

Libya's NOC welcomes 'unconditional' opening of ports, aims for 900,000 bpd by year end TRIPOLI: Libya's state oil company said on Sunday it welcomed the "unconditional" reopening of blockaded oil ports following a deal between the UN-backed government and the Petroleum Facilities Guard.The National Oil Corporation (NOC) also welcomed fresh funding from the government that it said would allow it to increase production by 150,000 barrels per day (bpd) within two weeks. The NOC said in a statement that it aims to gradually increase production to 900,000 bpd by ...

Markets - Energy - Middle East & Africa

Nigeria assumes oil at $42.5, output at 2.2mn bpd for 2017 ABUJA: Nigeria is assuming an oil price of $42.5 per barrel and output of 2.2 million barrels per day (bpd) in 2017, the budget minister said on Monday as he outlined the country's three-year fiscal plan.The blueprint expects both production and prices to rise each year up to 2019, and that the naira currency will recover and settle at 290 per dollar, according to the presentation by Udoma Udoma.OPEC member state Nigeria's economy has been ...

Markets - Energy - Middle East & Africa

Algeria boosts oil output at two major fields, official says HASSI MESSAOUD: Algeria has boosted output at two major oil fields, including the giant Hassi Messaoud field, an official at state energy firm Sonatrach said on Monday. Production at Hassi Messaoud, 800 km (500 miles) southeast of the capital Algiers, has risen to 470,000 barrels from 420,000 barrels a few months ago, the Sonatrach source told Reuters on the sidelines of a conference. Output at Ourhoud oil field, around 1,100 km southeast of Algiers, has ...