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Last update: Mon, 02 May 2016 01pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Saudi Aramco CEO sees year-end oil price recovery RIYADH: Global crude prices should recover near the end of this year, the president of the world's biggest oil exporter, Saudi Aramco, said on Tuesday."Our prediction is that we will see some adjustment but it will happen toward the end of this year," Amin al-Nasser, president and chief executive officer of the state-owned company, told a business forum in the Saudi capital.Global crude prices have plunged from above $100 a barrel in early 2014 to below $31 a barrel on Tuesday."I think with low oil prices, demand will hopefully also increase... and as such the gap between supply and demand will start closing," Nasser told the Global Competitiveness Forum organised by the Saudi Arabian General Investment Authority.Nasser said prices will not return to the $100 level but "it will definitely be better than what we are seeing today."The price drop led oil-dependent Saudi Arabia to impose unprecedented cuts in its ...

Markets - Energy - Middle East & Africa

Saudi, foreign firms sign MoU for new shipbuilding complex RIYADH: National oil giant Saudi Aramco has signed a memorandum of understanding to establish a shipbuilding and repair complex in the kingdom, part of Saudi Arabia's efforts to diversify its economy beyond oil, the company said on Tuesday.Pressured by low oil prices, Riyadh is laying plans to develop non-oil industries, using state spending to jump-start the process. The shipbuilding complex is one of the first big projects to be announced under this policy.The MoU was ...

Markets - Energy - Middle East & Africa

UAE official says low oil price new reality, but UAE committed to deliver projects KUWAIT: Low oil prices are a new reality that all producers have to live with but this will not impact long-term energy development projects in the United Arab Emirates, which has a more resilient economy, a senior UAE oil official said on Tuesday."We made a commitment for mega projects and their developments ... at low oil price(s) they are still feasible, we are a long term (producer). Oil prices, this is a new reality we ...

Markets - Energy - Middle East & Africa

Kuwait says OPEC can't cut alone when others are raising output KUWAIT: OPEC cannot cut its oil output alone when other producers from outside the exporting group are raising their supplies but both sides should work together to stabilise the oil market, Kuwait's OPEC governor said on Tuesday."OPEC cannot by itself stabilise the market and decrease its production when the others are increasing and are not coordinating for stabilising the market and prices," Kuwait's OPEC governor Nawal Al-Fuzaia told an energy forum in Kuwait."Look at the ...

Markets - Energy - Middle East & Africa

Saudi Aramco chief says not cutting oil and gas investment RIYADH: National oil giant Saudi Aramco is not reducing its new investment in oil and gas production capacity despite cost-cutting due to low oil prices, its chairman Khalid al-Falih said on Monday."Our investments in capacity of oil and gas have not slowed down - we have been able to do a lot of cuts in spending by simply driving down costs," Falih told a panel discussion at a business conference.Authorities have not yet decided whether ...

Markets - Energy - Middle East & Africa

Saudi Aramco says oil supply, demand to balance before long at 'moderate' price RIYADH: Global oil supply and demand will ultimately balance at a "moderate" price, Saudi Aramco chairman Khalid al-Falih said on Monday.Speaking to reporters on the sidelines of a business conference, Falih did not say at what price levels the balance might be achieved. But he predicted it would be reached before long."Demand will grow, as it has already started in 2015, and there will be a period not far into the future (when) demand will ...

Markets - Energy - Middle East & Africa

Saudi wants balanced market, not end to shale oil -Aramco's Falih DUBAI: Saudi Arabia, the world's largest oil exporter, does not want an end to shale oil but a balanced oil market where all producers play a stabilising role, the chairman of state oil giant Saudi Aramco said in a television interview."Saudi Arabia does not target to eliminate shale oil in general. What we need in the international market is a balance where additional supply every year is in balance with demand, so there is no ...