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Last update: Mon, 02 May 2016 03pm

Middle East & Africa

Markets - Energy - Middle East & Africa

OPEC veteran Attiyah urges output cut, frets about glut DOHA: OPEC and non-OPEC producers should cut production to balance the global oil market before a supply glut becomes unmanageable "like a cancer", Qatar's former oil minister Abdullah al-Attiyah said.Attiyah, influential in OPEC as Qatar's energy minister from 1992 to 2011, said a deal announced in Doha last week by Saudi Arabia and Russia to freeze production at January levels was not enough to balance the market as an oversupply continues to grow."If they want to balance the market the solution will be easy. Don't go slow. If you do, then every time the market will create a glut. Cut 2.5 million barrels and then you will balance the market in a few years," Attiyah, who says he is talking to producers in and outside of OPEC, told Reuters."I will ask every producer, do you want quantity or price? They say they want a reasonable price but to reach that ...

Markets - Energy - Middle East & Africa

Nigeria backs efforts to 'stabilise' oil market RIYADH: The Nigerian and Saudi leaders on Tuesday supported efforts to stabilise the oil market but Africa's top producer did not commit to a production freeze.After talks in the Saudi capital Riyadh, Nigeria's President Muhammadu Buhari and Saudi King Salman "committed themselves to doing all that is possible to stabilise the market and rebound the oil price," Buhari's office said in a statement.Buhari was in Riyadh a week after Saudi Arabia, Russia, Venezuela and Qatar ...

Markets - Energy - Middle East & Africa

Doha oil group to monitor market to June, new measures possible - Venezuela CARACAS: Saudi Arabia, Russia, Qatar and Venezuela will monitor the oil market through to June following this week's agreement to freeze production and potentially take additional measures to rescue prices, the South American country's oil minister said on Friday afternoon. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Saudi crude exports fall in Dec to 7.486mn bpd: JODI DUBAI: Saudi Arabia's crude oil exports in December fell by more than 200,000 barrels per day (bpd) from the month before, official data showed on Thursday.The OPEC heavyweight shipped 7.486 million bpd in December, down from 7.719 million bpd in November. Production was steady at 10.144 million bpd in December, compared with 10.186 million bpd in November, the data showed.Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum ...

Markets - Energy - Middle East & Africa

Iraq oil minister says talks between OPEC and non-OPEC members to continue BAGHDAD: Iraq's oil minister said on Thursday talks would continue between OPEC and non-OPEC members to prop up oil prices, a day after a meeting aimed at trying to reach a global pact to freeze production ended inconclusively.In his first response since the meeting between oil ministers from Iran, Iraq, Qatar and Venezuela in Tehran on Wednesday, Adel Abdul Mahdi said it was incumbent on producers to find a way of restoring "normal" prices and ...

Markets - Energy - Middle East & Africa

UAE says oil price will force producers to freeze output DUBAI: Oil prices are not suitable and will force producers to freeze their output, the United Arab Emirates' energy minister Suhail bin Mohammed al-Mazrouei said on Thursday, adding investments in high-cost production would also be restrained. "Current prices are not suitable ... and will force producers to hold production levels and limit investments in the higher cost oil (production)," state news agency WAM quoted him as saying.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Azeri oil exports down 5pc in January BAKU: Azerbaijan's oil exports fell 5 percent in January to 2.7 million tonnes compared with the same period last year, the state customs committee said on Wednesday.There were no exports of oil via Russia through the Baku-Novorossiisk pipeline last month, while the country exported 84,912 tonnes of oil through the pipeline in January last year.Exports through the Baku-Supsa pipeline via Georgia rose to 376,853 tonnes from 375,641 tonnes, while exports through Baku-Tbilisi-Ceyhan via Georgia and ...