02142016Sun
Last update: Sun, 14 Feb 2016 09pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Iran says increase in oil exports won't cause big fall in prices DUBAI: Iran's plans to ramp up crude oil production yet exports will not cause global prices to fall sharply because markets have anticipated the extra supply, Oil Minister Bijan Zanganeh was quoted as saying on Tuesday. "The global oil market has taken account of the increase in Iranian production in the coming months, and the arrival of Iranian oil will not cause a strong fall in prices," state news agency IRNA quoted Zanganeh as saying. Zanganeh reiterated that Iran plans to increase crude production by 500,000 barrels a day after international sanctions are lifted, which Iran says will happen by the end of December but most analysts think will be in early or mid-2016. "We have no worry about increasing production and selling our oil," he said, adding that Iran would continue to prioritise its traditional customers in Asian markets. Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Venezuela oil minister says Saudi sees oil price recovery RIYADH: Venezuela's oil minister, who has been campaigning for measures to support crude prices, said Saudi Arabia sees the oil price recovering soon."We met just a few moments ago...they are optimistic that very soon the price will recover but we consider that we need to do something," Eulogio del Pino told Reuters after talking to his Saudi counterpart Ali al-Naimi on the sidelines of a summit between Arab and Latin American countries in Riyadh.OPEC price ...

Markets - Energy - Middle East & Africa

BP suspends Chirag platform for planned maintenance for 25 days BAKU: British oil major BP has suspended operations at Chirag, one of its platforms in the Caspian Sea, for planned maintenance, the company said on Tuesday. "Operations at Chirag have been suspended today for planned maintenance for 25 days," BP-Azerbaijan said in a press release. Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Colombia to cut oil taxes in bid to boost offshore exploration BOGOTA: Colombia will lower tax rates for oil companies drilling in some offshore blocks in the Caribbean, the Mines and Energy Minister said on Monday, in an effort to encourage exploration amid a global slump in the price of crude.Contracts for various offshore blocks will get a 25 percent discount on income taxes and will be exempt from value-added tax (VAT) and customs charges, Mines Minister Tomas Gonzalez said in a statement."We have seen the ...

Markets - Energy - Middle East & Africa

Low oil price threatens future supply crisis: Saudi DOHA: Leading crude oil exporter Saudi Arabia warned on Monday of a supply crisis after massive energy investments were cancelled because of the sharp decline in oil prices."Around $200 billion of investments in energy have been cancelled this year," Saudi vice minister of oil Prince Abdulaziz bin Salman told a roundtable meeting for Asian energy ministers in Doha.He said energy companies are planning to cut between 3.0 percent and 8.0 percent of their investments next ...

Markets - Energy - Middle East & Africa

Dubai airports get more jet fuel with new ENOC pipeline DUBAI: Emirates National Oil Co Ltd (ENOC) on Monday announced the completion of a new jet fuel pipeline from its storage terminals to Dubai International Airport (DXB) to cope with an expected increase in demand. The $250 million project will be able to pump 850 cubic metres of jet fuel per hour to the airport, which is 55 percent of its total demand, the Dubai government-owned company said in a statement at the Dubai Airshow. ...

Markets - Energy - Middle East & Africa

Long-term oil market fundamentals robust despite price drop, Saudi says DOHA: Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, Saudi Arabia's vice oil minister said on Monday.The world's largest crude exporter will continue investing in its oil and gas sector, Prince Abdulaziz bin Salman said."For a major reserve holder, oil producer and exporter such as Saudi Arabia, our focus has always been on the long-term trends shaping the oil market," ...