Middle East & Africa
Monday, 14 January 2013 19:33
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NAIROBI: Kenya's energy regulator said on Monday it had cut retail fuel prices for petrol diesel and kerosene after the cost of crude oil fell marginally on international markets.
Fuel prices have a big effect on Kenya's inflation rate , which fell for a 13th straight month in December to 3.20 percent from 3.25 percent in November, having peaked at 20 percent in late 2011.
The Energy Regulatory Commission (ERC) reduced the maximum price of a litre of super, or premium, petrol by 1.01 shillings to 111.60 shillings ($1.29) in Nairobi.
It cut the price of a litre of diesel by 1.80 shillings to 103.99 shillings, while kerosene fell by 2.58 shillings a litre to 83.86 shillings.
Kenya's economy is highly dependent on diesel for transport, power production and agriculture while kerosene is used in many homes for lighting and cooking.
The price of a barrel of importing Murban crude edged lower by 1.20 percent ...
LISBON: Angola plans to increase oil production to 1.84 million barrels per day (bpd) this year and extend an output rebound that has helped the economy return to strong growth after three disappointing years, a government budget bill showed.
Angola briefly rivalled Nigeria, Africa's top producer, in oil exports in 2009, but its shipments fell back in the following two years due to a drop in oil prices and then technical problems and maintenance at some ...
DUBAI: Saudi Arabia has cut oil production substantially, moving to fend off a growing overhang in world oil supply and defend prices well above $100 a barrel.
In the last two months of 2012, OPEC's lead producer responded to slower demand by lowering supply by around 700,000 barrels per day (bpd), with output in December falling to around 9 million bpd, an industry source familiar with Saudi policy said.
That's more than a million barrels daily below ...
ALGIERS: Turkey may increase its crude oil imports from Libya to above 1 million tonnes a year to make up for lower imports from Iran, which is under US sanctions, Turkish Energy Minister Taner Yildiz said on Saturday.
"We can meet the oil demand (via) Libya now that supply from Iran is decreasing. The amount of oil we buy from there may increase above 1 million tonnes," Yildiz told reporters during a trip to Algiers.
Center>Copyright Reuters, 2013 ...
ALGIERS: Turkey will hold talks with Qatar about building a third liquefied natural gas (LNG) terminal with a capacity of 5-6 billion cubic metres in Turkey's Gulf of Saros, Energy Minister Taner Yildiz said on Saturday.
"We think it would be appropriate to build an LNG terminal on the Gulf of Saros to meet the needs of Turkey and the region. Qatar would carry out the feasibility work and evaluate the project," Yildiz told reporters during ...
ALGIERS: Turkey's state-owned energy company TPAO plans to take part in upcoming Algerian oil exploration tenders, Turkish Energy Minister Taner Yildiz said on Saturday.
Algeria's last three rounds of bidding for oil and gas permits attracted lacklustre interest from foreign firms, raising questions about whether it has enough new projects coming on stream to meet growing demand.
Center>Copyright Reuters, 2013 ...
KHARTOUM: Sudan has managed to boost oil production to almost 140,000 barrels per day and plans to add another 10,000 bpd next year, its oil minister said on Saturday after the African country launched a new oilfield.
Sudan has been stepping up oil and gas exploration after losing three-quarters of its former output, or 350,000 bpd, when South Sudan seceded last year.
The loss of oil revenue, the main source of state income and the hard currency ...
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