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Middle East & Africa


Saudi crude oil exports rise to almost 6.9mn bpd in Oct DUBAI: Top oil exporter Saudi Arabia shipped more crude oil in October than a month earlier while volumes used by domestic refineries remained high allowing more oil products exports, official data showed on Thursday.The OPEC member exported 6.897 million barrels per day of crude in October, up from 6.722 million in September, data published by the Joint Organisations Data Initiative (JODI) showed.Production was slightly lower in October at 9.69 million bpd from 9.704 million, the data showed.An industry source told Reuters last week that crude supplies from the kingdom for both exports and the domestic market inched higher to 9.420 million bpd in November, up 40,000 bpd from October.JODI has not yet made export data available for November.Oil products exports rose to 909,000 bpd in October from 787,000 bpd in September, the data showed.Domestic refiners processed 2.061 million bpd of crude in October, almost flat from 2.035 million bpd in ...

UAE markets soar on stronger oil; Dubai up 7.7pc DUBAI: Stock markets in the United Arab Emirates soared in early trade on Thursday after the price of oil rebounded late on Wednesday.Dubai's equities benchmark surged 7.7 percent as all traded stocks rose. Heavyweight developer Emaar Properties rocketed 12.4 percent and dominated trading volume.Shares in construction firm Drake and Scull surged 12.0 percent after it said its board would consider buying back up to 10 percent of the company's shares at a meeting on Dec. ...
Kenya cuts maximum retail prices of fuel NAIROBI: Kenya's Energy Regulatory Commission cut the maximum retail prices of petroleum products on Sunday saying the cost of importing refined products had fallen.Since 2010, every month the east African nation has set a cap on prices of petrol, diesel and kerosene, to protect consumers from unfairly high prices.But the system has angered consumers in recent months as local prices have failed to reflect the slump in the price of crude oil in global markets.The ...
Libya's Nafoura oilfield pumping 20,000 bpd BENGHAZI: Libya's eastern Nafoura oilfield is producing 20,000 barrels a day, a spokesman for the state operator AGOCO said late on Thursday.The field had reopened last month after local residents demanding jobs ended a blockade lasting more than a month. "Nafoura is pumping 20,000 bpd and all our fields are operating normally," a spokesman for Libyan state oil firm AGOCO said.Copyright Reuters, 2014 ...
Saudi slashes January oil prices for Asia, US LONDON: Saudi Arabia steeply cut its January oil prices for Asian and US buyers on Thursday, which some analysts said showed it was stepping up a battle for market share a week after refusing to support OPEC output cuts.Official Selling Prices (OSPs) for oil from the largest producer and exporter in the Organization of the Petroleum Exporting Countries have been seen as possible indications of the kingdom's oil policies.Some analysts have said sharp drops in ...
Iraq exports boost to add pressure on 2015 oil market LONDON: Iraq's plan for higher oil exports in 2015, emerging in detail just days after OPEC shunned any output cut, will add to global over supply and is likely to entrench the reluctance of other OPEC members to curb their own supplies.Iraq's government on Tuesday reached a temporary agreement with Kurdish regional authorities, preparing the ground for flows of 300,000 barrels per day (bpd) of Kirkuk crude exports to resume, on top of 250,000 bpd ...
Nigeria slashes oil price assumption by 11pc to $65 per barrel ABUJA: Nigeria has slashed the oil price assumed in its 2015 budget by 11 percent to $65 a barrel from $73, in light of lower world oil prices, a Finance Ministry spokeswoman said on Thursday.It was the second time in a month the benchmark has been cut, after initially being lowered from $78 a barrel.Other oil exporting countries including Russia and Mexico have said they expect oil prices to be lower next year than assumed ...


Index Closing Chg%
Arrow DJIA 18,132.70 0.45
Arrow Nasdaq 4,963.53 0.49
Arrow S&P 2,104.50 0.30
Arrow FTSE 6,946.66 0.04
Arrow DAX 11,401.66 0.66
Arrow CAC-40 4,951.48 0.83
Arrow Nikkei 18,797.94 0.06
Arrow H.Seng 24,823.29 0.32
Arrow Sensex 29,220.12 1.65

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln