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Middle East & Africa


Kuwait keeps wide discount to Saudi oil in market share battle SINGAPORE: Kuwait has maintained a wide discount between the crude it sells to Asia against a comparable Saudi Arabian grade for November, amid increasing signs that Gulf producers are engaged in a price war to compete for market share.Global oil price Brent plummeted nearly 5 percent on Tuesday to their lowest since 2010, as key OPEC members showed no sign of cutting back production to support the market.Kuwaiti crude for November was priced at a discount of 50 cents per barrel to Saudi Arab Medium, unchanged from a month ago and the widest in 10 years.The official selling price (OSP) for Kuwaiti crude oil sales to Asian buyers for November was set at $3.05 a barrel below the average of Oman/Dubai quotes, down $0.70 from the previous month, a trade source said on Wednesday.Just a day earlier, Qatar cut the September price differential for its Marine crude to Dubai by ...

France's Total wins Egypt gas exploration licence CAIRO: French oil company Total has been awarded a licence to explore for natural gas in the Nile Delta, a source in the state-run Egyptian Natural Gas Holding company (EGAS) said on Monday. "France's Total won the bid to explore in Sector 2 in the Delta region," the source told Reuters on condition of anonymity. In December, Egypt's General Petroleum Corporation (EGPC) and Natural Gas Holding Company (EGAS) announced an international auction for oil and ...
Iraqi Kurds ship 13.7mn bbls oil since May, earning $1.3bn ISTANBUL: Iraqi Kurdistan has shipped a total of nineteen tankers carrying 13.7 million barrels of crude oil since May via a pipeline to Turkey's Mediterranean port of Ceyhan, a Turkish energy official told Reuters on Thursday."The flow of Kurdish oil continues without any issues. The 20th tanker will be loaded in the coming days," the official said, adding that the storage tanks in Ceyhan currently held 445,000 barrels of oil.Turkey's state-run lender Halkbank, where buyers ...
Egypt tenders to buy fuel oil for Oct-Dec DUBAI: Egypt's state-owned oil company has launched a tender to import hundreds of thousands of tonnes of fuel oil for delivery between October and December, according to tender documents seen by Reuters.Egyptian General Petroleum Corp (EGPC) is seeking nine cargoes of 180 CST fuel oil, each for 30,000-33,000 tonnes, for delivery to Alexandria port on a monthly basis, with three optional cargoes.EGPC is also seeking five cargoes of 40,000-45,000 tonnes each, of a similar grade ...
Oil market long term fundamentals robust-Saudi dep oilmin DUBAI: Long term oil market fundamentals are robust and short-term price moves have little meaning for Saudi Arabia, the kingdom's deputy oil minister, Prince Abdulaziz Bin Salman Bin Abdulaziz, was quoted as saying on Wednesday by the Saudi Press Agency. "Temporary factors such as concerns about global economic recovery, geopolitical events, and positioning in paper markets, can affect short-term price movement," he was quoted as saying."But for a major oil producer and exporter such as ...
Iraq's oil output revival at stake for want of water DUBAI: A lack of water threatens Iraq's plans to raise its oil output, boost its stumbling economy and become a leading producer in the region after Saudi Arabia.A multi-billion dollar common seawater injection scheme designed to boost production from the giant export oilfields in Iraq's south is snarled up in red tape and acrimony.The seawater injection project is core to the development of the southern fields - which account for most of Iraq's production - ...
Kuwait KNPC names NBK finance advisor for $12bn refinery upgrade DUBAI: Kuwait National Petroleum Co (KNPC) has chosen National Bank of Kuwait's investment banking arm to advise it on financing options for its multi-billion-dollar Clean Fuels Project, the bank said on Sunday. Part of the country's 30 billion dinar ($104.7 billion) economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.NBK ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln