05262016Thu
Last update: Thu, 26 May 2016 03am

Middle East & Africa

Markets - Energy - Middle East & Africa

S.Africa to start shale gas exploration JOHANNESBURG: The South African government said Tuesday that exploration for shale gas will begin in the next 12 months, ending years of speculation over the project.South Africa's semi-desert Karoo region is believed to hold at least 485 trillion cubic feet of shale gas, but drilling has been delayed by environmental and economic concerns."One area of real opportunity for South Africa is the exploitation of shale gas," the government said in a statement."Exploration activities are scheduled to commence in the next financial year."The government has said that shale gas could be the answer to the country's energy challenges, as coal-fired power stations battle to meet the rising demand for electricity.But the process of fracking used to capture the gas has been opposed by environmentalist who argue that it has the potential to poison the Karoo's underground water supply.Fracking involves digging wells up to four kilometres (2.5 miles) deep, before pumping in ...

Markets - Energy - Middle East & Africa

Oil output freeze already in place: UAE ABU DHABI: Emirati Oil Minister Suhail Mazrouei said Monday that current market prices are forcing most producers to freeze oil output levels, insisting it made "no sense" to pump more crude."Current prices are forcing everyone to freeze. So I think it is happening as we speak," Mazrouei told reporters in Abu Dhabi."It does not make any sense for anyone to increase production at current prices."Mazrouei said he was aware of talks to hold a meeting ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports slip in February BASRA: Iraq's southern oil exports dropped slightly in February to an average of 3.225 million barrels per day (bpd), the oil ministry said on Tuesday. Shipments from the southern terminals in the Gulf fell from 3.285 million bpd in January as several days of bad weather delayed loading operations.All of the exports were from Iraq's southern ports, ministry spokesman Asim Jihad said. For a fifth consecutive month, Baghdad exported no oil via its northern pipeline ...

Markets - Energy - Middle East & Africa

Oil's retreat halts Gulf equity rally DUBAI: Most Middle Eastern stock markets fell on Wednesday after oil prices pulled back sharply, interrupting a rally that had been built to a large extent on hopes that crude had bottomed out.As Brent crude fell back below $33 a barrel, the Saudi stock index dropped 1.3 percent to 5,942 points, retreating from close to technical resistance at the February and January peaks of 6,056-6,098 points.The petrochemical sector led the market down with Saudi Basic ...

Markets - Energy - Middle East & Africa

OPEC veteran Attiyah urges output cut, frets about glut DOHA: OPEC and non-OPEC producers should cut production to balance the global oil market before a supply glut becomes unmanageable "like a cancer", Qatar's former oil minister Abdullah al-Attiyah said.Attiyah, influential in OPEC as Qatar's energy minister from 1992 to 2011, said a deal announced in Doha last week by Saudi Arabia and Russia to freeze production at January levels was not enough to balance the market as an oversupply continues to grow."If they want ...

Markets - Energy - Middle East & Africa

Nigeria backs efforts to 'stabilise' oil market RIYADH: The Nigerian and Saudi leaders on Tuesday supported efforts to stabilise the oil market but Africa's top producer did not commit to a production freeze.After talks in the Saudi capital Riyadh, Nigeria's President Muhammadu Buhari and Saudi King Salman "committed themselves to doing all that is possible to stabilise the market and rebound the oil price," Buhari's office said in a statement.Buhari was in Riyadh a week after Saudi Arabia, Russia, Venezuela and Qatar ...

Markets - Energy - Middle East & Africa

Doha oil group to monitor market to June, new measures possible - Venezuela CARACAS: Saudi Arabia, Russia, Qatar and Venezuela will monitor the oil market through to June following this week's agreement to freeze production and potentially take additional measures to rescue prices, the South American country's oil minister said on Friday afternoon. Copyright Reuters, 2016 ...