07012016Fri
Last update: Fri, 01 Jul 2016 01pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Qatar says to liberalise fuel prices DOHA: OPEC member Qatar announced Tuesday that it will liberalise petrol and diesel prices amid concerns over the state budget with the fall of global oil prices.The change will come into force from May and prices will fluctuate each month, Mishal Al-Thani, chairman of a commission to study fuel prices, said in a statement on the official Qatar News Agency.The overhaul of the domestic market will see future prices determined by global and regional factors as well as costs linked to fuel production and distribution, he said.The price changes would also aim "to raise the efficiency of energy use in the state and to increase consumer awareness", he added.However this would not "necessarily" mean higher prices for consumers, assured Thani.Domestic petrol and diesel prices have long been heavily subsidised by the Qatari government.But Qatar pushed petrol prices up by 30 percent in January.The move comes at a time when Qatar ...

Markets - Energy - Middle East & Africa

Qatar to let domestic fuel prices fluctuate in subsidy reform DOHA: Qatar will allow its domestic gasoline and diesel prices to fluctuate in response to changes in global markets as it seeks to reduce waste of fuel and save money for the state budget. Currently, local fuel prices are fixed at low levels, requiring the government to spend on subsidies to keep them down. From next month, prices will fluctuate monthly, the official Qatar News Agency (QNA) said on Tuesday.Future prices will be based on ...

Markets - Energy - Middle East & Africa

Saudi unveils far-reaching plan to move away from oil RIYADH: Saudi Arabia said Monday it would create the world's largest sovereign investment fund and sell shares in state energy giant Aramco under a vast plan unveiled to transform its oil-dependent economy.The announcement of the long-term reform programme, dubbed "Vision 2030", marks the beginning of a hugely ambitious attempt to move Saudi Arabia beyond oil, the backbone of its economy for decades."This is not a dream. This is a reality that will be achieved, God ...

Markets - Energy - Middle East & Africa

Kuwait says may resume normal oil output three days after strike ends KUWAIT: Kuwait's crude oil production may return to normal within three days, after a strike by local oil and gas workers ended, state news agency KUNA quoted the oil sector's official spokesman Sheikh Talal al-Khaled al-Sabah as saying on Wednesday.Thousands of Kuwaiti workers agreed to return to work from Wednesday morning after staying away for three days to protest against a planned overhaul of the public sector payroll system, which they fear could lead to ...

Markets - Energy - Middle East & Africa

Kuwait to restore full oil output in '3 days' after strike ends KUWAIT CITY: Kuwait's state oil firm said Wednesday that it expects to restore full production within three days after staff ended a strike in a surprise about-turn that triggered a renewed slide in world prices.The walkout by thousands of staff of Kuwait Petroleum Corp. and its subsidiaries on Sunday in a dispute over planned pay cuts had slashed the emirate's output from 3.0 million barrels per day to 1.5 million and prompted a brief rally ...

Markets - Energy - Middle East & Africa

Iran's oil output to reach pre-sanctions level by June, official says DUBAI: Iran's crude oil production will reach pre-sanctions levels within two months, a deputy oil minister was quoted as saying on Tuesday, a signal the OPEC member might be willing to discuss an output freeze by the time when the exporting group meets next.Talks between OPEC and non-OPEC producers to freeze production unexpectedly broke down on Sunday when Saudi Arabia insisted that all OPEC members, including Iran, and non-OPEC oil exporters should join in the ...

Markets - Energy - Middle East & Africa

Saudi oil exports fall to 7.553mn bpd in February ABU DHABI: Saudi Arabia's crude oil exports in February fell to 7.553 million barrels per day from 7.835 million bpd in January, official data showed on Monday. Monthly export figures are provided by Riyadh and other members of the Organisation of the Petroleum Exporting Countries to the Joint Organisation Data Initiative, which publishes them on its website. Copyright Reuters, 2016 ...