02122016Fri
Last update: Fri, 12 Feb 2016 04am

Middle East & Africa

Markets - Energy - Middle East & Africa

Iraq's southern oil exports may reach record in Dec BASRA: Iraq's southern oil exports have been running at 3.45 million barrels per day (bpd) so far in December and could reach a monthly record by the end of the year, according to Basim Abdul Kareem, deputy chief for operations and production at the state-run South Oil Company (SOC). Southern crude exports should hit a record daily average, "if everything went as planned and we have no bad weather interruptions in the coming days," he told Reuters. Production from Iraq's southern oilfields averaged 3.607 million bpd in the first 20 days of the month, he said. Iraq's average oil exports reached a record 3.365 million bpd in November and production ran at a rate of 3.675 million bpd. All of last month's crude production came from the southern fields. Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Saudi Arabia's oil exports rise to 7.364mn bpd in Oct: JODI KHOBAR: Saudi Arabia's crude oil exports in October rose by 253,000 barrels per day from September to 7.364 million bpd, official data showed on Sunday.The oil exporting heavyweight maintained high output and pumped 10.276 million bpd in October, slightly higher than September's 10.226 million.Monthly export figures are provided by Riyadh and other members of the Organisation of the Petroleum Exporting Countries (OPEC) to the Joint Organisations Data Initiative (JODI), which publishes them on its website.Domestic ...

Markets - Energy - Middle East & Africa

Oil price situation is a challenge to development plans: Qatari oil minister CAIRO: Qatari Energy Minister Mohamed bin Saleh al-Sada said on Sunday the situation in the oil market has become a challenge for development plans but there was no room for pessimism."The gap between supply and demand has widened, which led to the quick drop in prices to record levels," he said at the start of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Cairo."The difficult circumstances are still surrounding the oil ...

Markets - Energy - Middle East & Africa

Kuwait cuts Jan crude price to Asia by $0.25/bbl source SINGAPORE: Kuwait has set the official selling price (OSP) for its crude oil sales to Asian buyers for January at $3.75 a barrel below the average of Oman/Dubai quotes, down $0.25 from the month before, an industry source familiar with the matter said on Friday.This narrowed the grade's discount to Saudi Arabia's Arab Medium crude by $0.05 to $0.55 a barrel in January, Reuters calculations showed. For December, Kuwait's OSP was at $3.50 per barrel ...

Markets - Energy - Middle East & Africa

EGPC negotiating to delay dollar payments owed to banks CAIRO: Egyptian General Petroleum Corp (EGPC) said on Tuesday it is negotiating with banks to delay dollar payments owed on loans, an official at the company told Reuters.EGPC also said it had not fully received its dollar needs from the Egyptian central bank for the month of November."We are in negotiations to delay dollar instalments that the EGPC owes. All the revenues of the EGPC are directed toward providing the country's needs for petrochemical products," ...

Markets - Energy - Middle East & Africa

Oman Oil plans to boost production despite low prices DOHA: Oman Oil's exploration and production division plans to invest up to $4 billion over the next five years to boost output despite low oil prices, the state-owned company's chief operating officer said on Monday."For us, low oil prices are an opportunity. We have ambitions internationally to acquire companies and enter joint ventures," COO Suleiman al-Zakwani told reporters at a petroleum technology conference in Doha.Oman Oil Company Exploration & Production (OOCEP), which runs onshore blocks, ...

Markets - Energy - Middle East & Africa

Regional markets may diverge; economic data boosts Egypt DUBAI: Regional markets could diverge on Monday, with bourses in the oil-exporting Gulf again likely to be subdued because of further declines in crude prices while Egypt may be boosted by positive economic data.Brent crude was down 29 cents at $42.70 per barrel at 0450 GMT after OPEC abandoned a production ceiling in its latest policy meeting, which added to downward pressure on oil prices. Saudi Arabia's index fell 0.1 percent to 7,261 points on ...