07252016Mon
Last update: Mon, 25 Jul 2016 11am

Middle East & Africa

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 willing," the main architect of the diversification plan, Deputy Crown Prince Mohammed bin Salman, told reporters, many of them invited from around the world.Although it comes against a steep fall in oil prices, the plan "was not created only" to face that challenge, the sandal-wearing prince said, answering questions for 50 minutes at a royal palace, in a rare government press conference.The plan foresees social changes in one of the world's most conservative societies, with ...

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 ...

Markets - Energy - Middle East & Africa

Iran exporting 350,000 bpd oil to India, hopes for more: Shana DUBAI: Iran is exporting around 350,000 barrels of crude oil a day to India and hopes to increase this number, Oil Minister Bijan Zanganeh was quoted as saying on Saturday after meeting Indian counterpart Dharmendra Pradhan.The Shana news agency, linked to Iran's oil ministry, quoted Zanganeh as saying Indian oil purchases from Iran were at 350,000 barrels a day, and that "we hope this number will increase now that sanctions have been lifted".The two ministers ...

Markets - Energy - Middle East & Africa

Iraq to lower oil price forecast to $32 a barrel in 2016 budget BAGHDAD: Iraq plans to lower the oil price forecast in its 2016 budget to about $32 a barrel from $45, widening its fiscal deficit by several billion dollars, the International Monetary Fund (IMF) and a senior government official told Reuters.The new price estimate is based on the continued low level of global oil prices in recent months, said Marwa al-Nasaa, Amman-based IMF resident representative for Iraq."We're setting it closer to $30 based on the climate ...