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Middle East & Africa


Southern Iraq oil exports 2.48mn bpd in March, new field to open BASRA: Oil exports from southern Iraq have averaged 2.48 million barrels per day (bpd) so far in March, a senior official said on Saturday, as Russia's Lukoil prepared to begin production from the country's second-largest field. Production in the south has averaged 2.5 million bpd so far this month, and should rise to 2.65 million following the inauguration of the giant West Qurna-2 oilfield, Dhiya Jaafar, the head of Iraq's South Oil Company, also said.Lukoil is due to start pumping crude on Saturday from West Qurna-2, considered the world's second-largest untapped deposit, with initial output of 120,000 bpd, eventually rising to 1.2 million bpd.The launch of West Qurna-2, with recoverable reserves estimated at around 14 billion barrels, will allow Lukoil, which holds a 75-percent stake in the field, to more than double its overseas output.For Iraq, OPEC's second-largest producer, it is one of several key fields that will help lift ...

Total seals deal for smaller stake in Papua New Guinea bloc MELBOURNE: Total has agreed to buy a 40 percent stake in Papua New Guinea's largest undeveloped gas field from InterOil Corp, in a revised deal announced on Wednesday, giving the French oil giant a smaller stake than first planned.InterOil estimated it could receive between $1.62 billion and $3.5 billion all together from Total, depending on how large a reserve of gas is found in the fields.The final stakes in the deal, which was first announced ...
Tanzania raises petrol, cuts diesel, kerosene prices DAR ES SALAAM: Tanzania's energy regulator raised the price of petrol in east Africa's second-biggest economy on Wednesday but cut diesel and kerosene prices, citing a weaker local currency and swings in international energy prices. The Energy and Water Utilities Regulatory Authority (EWURA) raised the retail price of petrol 1.95 percent and lowered the price of diesel 3.5 percent. Kerosene prices were cut 0.9 percent in the latest price caps, which take immediate effect. Fuel ...
Iraq oil exports hit record 2.8mn bpd in February BASRA: Oil exports from Iraq rose to a record 2.8 million barrels per day (bpd) on average in February, Deputy Prime Minister for energy Hussain al-Shahristani told reporters on Saturday.The figure was up from 2.228 million bpd in January thanks to the completion of work expanding the capacity of the southern Basra port, from which the bulk of Iraq's crude is shipped."These projects which we carried out relating to development and production have enabled Iraq ...
Libya's oil production falls to 230,000 bpd after oilfield closure TRIPOLI: Libya's oil production has fallen to 230,000 barrels a day due to the closure of the El Sharara field following protests, state-owned National Oil Corp (NOC) said on Sunday.NOC closed on Thursday the 340,000 bpd El Sharara field located in the remote south due to protests and clashes in the area. It was been repeatedly shut down by protesters as a way to pressure the weak central government into political and financial demands."Production today ...
Yemen gas price pressure mounts on France's Total DUBAI: Pressure on French energy giant Total to pay more for liquefied natural gas that it ships from Yemen has intensified, with the state news agency reporting that the long-term deal is being probed by public prosecutors. Total's leading role in building the $4.5 billion Yemen LNG export plant in 2005-09 made it the largest foreign investor in the country, which is one of the poorest in the Arab world. Since coming to power in ...
Kenya raises price caps for diesel, petrol; lowers kerosene NAIROBI: Kenya's energy regulator said on Friday that it was raising the maximum retail fuel prices for petrol and diesel and lowering that for kerosene for the month until mid-March. Fuel prices have a big impact on inflation in east Africa's biggest economy, which depends heavily on diesel for transport, power generation and agriculture, while kerosene is used in many households for cooking and lighting. The Energy Regulatory Commission raised maximum prices charged in the ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln