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Last update: Tue, 03 May 2016 08am

Middle East & Africa

Markets - Energy - Middle East & Africa

Iraq Kurds made $3.94 bn from direct oil sales in 2015 ARBIL: Iraq's autonomous Kurdish region announced on Tuesday that it made over $3.94 billion last year from direct oil export sales that the country's federal government considers illegal.The region is facing a financial crisis despite the substantial oil revenues, and has announced that its employees will not be paid their full salaries until further notice and that months of wage arrears will be considered loans to the government.The Kurdistan region "achieved revenues of US $3,949,697,778" from June 24 to December 31, "a substantial increase on the amount received from Baghdad during the first half of the year," it said in a statement.Baghdad, which has like Kurdistan been hit hard by plunging oil prices, paid the region $1,986,742,842 from January 1 to June 23, the statement said.Iraqi Kurdistan has been independently exporting and selling crude from northern territory it controls via Turkey since a deal with Baghdad on oil and revenue-sharing ...

Markets - Energy - Middle East & Africa

Iraq's oil output hits record 4.775mn bpd in January BAGHDAD: Iraq's oil production hit a record high in January, with crude output from all the country's fields, including in Kurdistan, averaging 4.775 million barrels per day (bpd), oil ministry spokesman Asim Jihad told Reuters on Tuesday.Oil exports via pipeline to Turkey from the northern fields under the control of the Kurdistan Regional Government produce about 600,000 bpd.Jihad said that January exports from southern terminals and by pipeline to Turkey's Ceyhan port averaged 3.9 million ...

Markets - Energy - Middle East & Africa

OPEC members increasingly keen to end oil glut -Nigeria oil minister ABUJA: The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria's oil minister told Reuters.Oil prices have slumped by more than 70 percent to near $30 a barrel over the past 18 months as OPEC, led by top producer Saudi Arabia, sought to drive higher-cost producers out of the market ...

Markets - Energy - Middle East & Africa

North Iraq oil exports rise to 601,811 bpd in January BAGHDAD: Oil exports from northern Iraq via pipeline to Turkey rose to an average of 601,811 barrels per day (bpd) in January, the Kurdistan region's Ministry of Natural Resources said on Thursday, up around 17,755 bpd from December.The pipeline, which links oilfields in Iraq's autonomous Kurdish region and Kirkuk with Turkey's Mediterranean port of Ceyhan, was idle for one day in January "for circumstances beyond the (government's) control", the ministry said.Exports via the pipeline increased ...

Markets - Energy - Middle East & Africa

Gas from Israel's Leviathan could reach markets by late 2019 TEL AVIV: Partners in Israel's Leviathan natural gas field should reach a final investment decision by the end of 2016 if government and regulatory approvals are granted as hoped, an official of the companies involved said.That would enable the first gas from the field to reach markets by the last quarter of 2019, Bini Zomer, the Israel country manager for Noble Energy, said on Sunday.Holding estimated reserves of 622 billion cubic meters off Israel's Mediterranean ...

Markets - Energy - Middle East & Africa

Kuwait projects record deficit on falling oil income KUWAIT CITY: OPEC member Kuwait projected a record budget deficit for the fiscal year starting April 1 on the sliding price of oil, the finance ministry said on Thursday.The shortfall for the 2016-2017 fiscal year is estimated at 11.5 billion dinars ($38 billion) due to a sharp decline in oil revenues, the ministry said on its Twitter account. Spending was estimated at 18.9 billion dinars, just 1.6 percent lower than in the current year, the ...

Markets - Energy - Middle East & Africa

Saudis battle for oil market supremacy RIYADH: By abandoning the tight rein it held for decades on the oil market, OPEC heavyweight Saudi Arabia launched a battle for control that sent crude prices plummeting.It has been a painful fight, experts say, but with its vast resources the Gulf kingdom is showing no signs of giving up.The huge drop in oil prices since mid-2014, from more than $110 a barrel to around $30, followed a decision by the Saudi-influenced Organization of the ...