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Middle East & Africa


Oil prices drop as Middle East tension ease SINGAPORE: Oil prices extended declines from the previous session on Wednesday as Middle East tension eased after Saudi Arabia ended an air strike campaign in Yemen, but industry leaders said the market could rebound as attention turned to rising demand.Saudi Arabia said on Tuesday it was ending a month-long military campaign against the Houthi rebels who seized large areas of Yemen, bringing hope of a peaceful political solution to the conflict in the key oil producing region.Oil prices had gained nearly $10 a barrel this month on tensions in the Middle East and concerns over slowing output growth in the United States, before starting to drop back.Prices are unlikely to plumb new depths this year, however, leading commodity traders said on Tuesday, citing strengthening demand. "We will probably see one more dip in the second quarter but prices probably won't go below this year's lows," said Ian Taylor, head of ...

UAE's ADNOC says no timeframe for decision on onshore concession ABU DHABI: Abu Dhabi National Oil Company (ADNOC) does not have a deadline for when to award further stakes in its 40-year onshore oilfield concession, the director general of the state run company said on Monday. The comment suggests ADNOC, which signed an agreement on Jan. 29 with France's Total giving the firm a 10 percent stake in the new concession, is in no rush to make a decision about other bidders in the tender. Total's ...
Iraq sets prices for Basrah heavy crude in May ABU DHABI: Iraq has set the May official selling price (OSP) for Basrah heavy crude to the North and South American market at the Argus Sour Crude Index (ASCI) minus $1.40, the State Oil Marketing Organization (SOMO) said on Sunday. The May OSP for Basra Heavy to Europe was set at dated brent minus $8.45 a barrel while the May OSP to Asia was set at minus $6.85/bbl to the Oman/Dubai average, SOMO said. Copyright ...
Ghana oil firm GNPC to cut Trafigura loan due to crude price dip ACCRA: Ghana National Petroleum Corporation (GNPC) will reduce the sum it borrows in a loan deal with commodities trader Trafigura to $350-$400 million from $700 million due to slumping oil prices, CEO Alex Mould said on Tuesday. The company will also revise the terms and duration of the deal, which is for oil and gas projects, Mould told reporters. The deal would be Trafigura's first in Ghana and GNPC said it would be funded through ...
Egypt's fuel subsidy bill drops 30pc CAIRO: Egypt's fuel subsidy bill for the first half of the current fiscal year fell by about 30 percent, the finance ministry said on Monday, as the country reaps the benefits of low global oil prices and last summer's subsidy cuts.Egypt has struggled with soaring energy bills caused by high subsidies it provides on fuel for its population of 86 million. The subsidies have helped turn Egypt from a net energy exporter into a net ...
South Africa's Eskom to cut 2,000 MW of power JOHANNESBURG: South Africa's Eskom will implement rolling power cuts from 1000 GMT to 2000 GMT on Wednesday, the power utility said on its official Twitter page.The state-owned power utility said it would cut 2,000 megawatts of electricity from the strained grid.Africa's most advanced economy is in the midst of its worst electricity crisis since 2008 and Eskom implements frequent power cuts to prevent the national grid from being overwhelmed.Copyright Reuters, 2015 ...
OPEC has no choice but to keep output unchanged KUWAIT: Kuwait oil minister said on Thursday that he was concerned by the drop in oil prices because of its impact on the Gulf Arab state's budget, but said OPEC had no other choice but to keep its output steady."Of course we are concerned because the price of oil will affect our budget ... within OPEC we don't have any other choice than keeping the ceiling of production as it is because we don't want ...


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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