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Middle East & Africa


ADNOC offers record volume after Ruwais expansion SINGAPORE: Abu Dhabi National Oil Co (ADNOC) has offered 120,000 to 125,000 tonnes of low-sulphur naphtha for mid-April lifting from Ruwais, its largest offer in a single spot tender as production has increased following its refinery expansion, traders said on Friday.ADNOC, which does not offer spot naphtha regularly, sold mostly spot naphtha in 50,000-tonne cargo size in 2014.The fresh offer was done through a tender closing on March 10, with bids valid until March 12."The offer from ADNOC may have some impact on the market," said a trader, adding that the Middle Eastern refiner would have more to sell as it has more than doubled the capacity of its Ruwais refinery from 415,000 barrels per day (bpd).The refinery is currently running at 50 to 60 percent of its capacity, and is expected to export its first gasoline cargo in April when it starts up a residual fluid catalytic cracking (RFCC) ...

Kenya plan needs oil price rebound-Africa Oil NAIROBI: Oil prices would probably need to rise to about $75 to $85 a barrel from around $60 currently for Tullow Oil and Africa Oil to go ahead with their Kenyan project, the chief executive of Africa Oil said.CEO Keith Hill told the Reuters Africa Investment Summit he was confident that crude prices would recover to around those levels long before a final investment decision, due by the end of 2016, is made. "We still ...
UAE non-oil business growth slows in February: PMI DUBAI: Business activity growth in the United Arab Emirates' non-oil private sector slowed to a five-month low in February but remained strong and above the average for 2014, a corporate survey showed on Tuesday.The seasonally adjusted HSBC UAE Purchasing Managers' Index, which measures the manufacturing and services sectors, fell to 58.1 points last month from 59.3 in January. The 50-point level separates growth from contraction in the survey of 400 firms.Output growth slowed to 64.3 ...
Libya's oil production more than 400,000 bpd: NOC Official TRIPOLI: Libya's oil production is now at more than 400,000 barrels per day (bpd), an increase from recent levels when fighting between rival armed groups closed two key ports, an official from the National Oil Corporation said on Sunday.Libya's crude output has been battered by conflict between two rival governments battling for control of the North African country. Production is well below the 1.6 million bpd levels before the 2011 civil war that ousted Muammar ...
Iraq predicts oil will rise to $64-65 per barrel BAGHDAD: Iraqi Oil Minister Adel Abdel Mahdi said Sunday he expects the price of crude oil, which dropped to a six-year low in January, to continue recovering to reach $64 or $65 per barrel. "I don't think they (prices) will return to their former levels immediately... We expect them to rise more, probably to $64 or $65," he told reporters.Brent North Sea crude, the global benchmark, had tumbled to $45 per barrel at the beginning ...
Iraq oil exports rise to 2.597mn bpd in February BAGHDAD: Iraq's oil exports rose in February to an average 2.597 million barrels per day (bpd) from 2.535 million bpd in the previous month, the oil ministry said in a statement on Sunday. Exports from Iraq's southern terminals reached 2.293 million bpd, while exports from the north via the Kurdistan pipeline were 304,000 bpd in February, the ministry said. Export volumes from the south were hit by bad weather which delayed shipments for several days, ...
Nigeria LNG to finish maintenance on Train 3 in early March MILAN: Nigeria's Bonny Island liquefied natural gas (LNG) export plant will finish a month-long maintenance outage on its third production plant, or train, around March 10, two sources with knowledge of the matter said. The train supplies around 1.99 million tonnes per year to Spain's Gas Natural and 730,000 tonnes to Portugal's Galp Energia under long-term contracts due to expire in 2024 and 2022, respectively. Copyright Reuters, 2015 ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln