08302016Tue
Last update: Tue, 30 Aug 2016 12am

Middle East & Africa

Markets - Energy - Middle East & Africa

Markets retreat on weak oil, US rate worries DUBAI: Middle East stock markets lost ground on Thursday after oil prices retreated and global equity prices fell on speculation the United States might raise interest rates as early as June. The Saudi stock index dropped 0.6 percent in a broad-based decline as losers outnumbered gainers by 126 to 27. Miner Ma'aden, which had been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's economic reform plan, dropped 2.2 percent. The petrochemical sector also bore the brunt of profit-taking, with Saudi Basic Industries losing 1.2 percent. But retailing company Fawaz Abdulaziz Alhokair, which had been slumping because of stagnant Saudi consumer spending due to low oil prices, jumped 7.3 percent in its heaviest trade since May 2009. Dubai's index dropped 1.7 percent to 3,230 points as real estate shares, which could be hurt by higher global interest rates, sank. ...

Markets - Energy - Middle East & Africa

Oil aids most Gulf bourses, Egypt lifted by foreign funds DUBAI: Shares in most Gulf bourses were firm on Tuesday as oil prices held near this year's highs, while Egypt's stock index climbed as international funds flowed back into the market.Saudi petrochemical shares were strong with the sub-index rising 1.3 percent, its fifth straight session of gains. The main stock index rose 0.6 percent.Etihad Etisalat (Mobily) jumped 4.6 percent after it said lenders who had not already agreed in December to waive breaches in loan ...

Markets - Energy - Middle East & Africa

Angola to export more crude cargoes in July LONDON/NEW YORK: Angola is planning to export 56 cargoes of crude oil in July, up from 53 scheduled in June, trade sources said on Monday.The total, which equates to 1.74 million barrels per day (bpd), is also slightly above the initially planned level for June of 1.7 million bpd.The schedule does not list a cargo of Palanca, a crude grade which does not export a cargo every month, sources said.A preliminary loading programme circulated to ...

Markets - Energy - Middle East & Africa

Kuwait deputy FM says Iran, oil producers must not increase production DUBAI: Kuwait's deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran, state news agency KUNA reported on Saturday. "There is no choice but to freeze production," KUNA quoted Jarallah as telling Japanese news agency Jiji press while he and acting oil minister Anas al-Saleh attend a Kuwait-Japan business seminar in Tokyo.Asked about Iranian production policy, Jarallah said, "Iran should learn from ...

Markets - Energy - Middle East & Africa

Kenya creates 17 new oil exploration blocks NAIROBI: Kenya has created an extra 17 new oil exploration blocks, bringing its total to 63 and aims to auction them in a licensing round in 2017, Kenyan newspapers quoted Ministry of Energy and Petroleum saying on Saturday. British explorer Tullow Oil and partner Africa Oil first struck oil in Lokichar in northwest Kenya in 2012. The recoverable reserves are an estimated 750 million barrels of crude.Since the discovery, interest from explorers seeking blocks in ...

Markets - Energy - Middle East & Africa

South Africa's Eskom sees no power cuts this year, to have excess capacity by 2021 CAPE TOWN: South Africa's power utility Eskom does not expect to implement electricity cuts for the rest of the 2016/2017 financial year which started in April, its chief executive said on Thursday. Eskom, which is battling an electricity shortage, was forced to implement electricity blackouts during the first half of last year, affecting economic activity but CEO Brian Molefe told a media briefing that power supply had improved."There will never be load shedding because to ...

Markets - Energy - Middle East & Africa

Shell's Nigeria unit declares force majeure on Bonny Light exports YENAGOA: Royal Dutch Shell's Nigerian unit has declared force majeure on Bonny Light exports, it said on Wednesday, following the closure of the Nembe Creek Trunk line (NCTL) for repairs after a leak. The force majeure by Shell Petroleum Development Co (SPDC)took effect at noon (1100 GMT) on Tuesday, the company said in a statement. The NCTL was shut for repairs by its operator AITEO Eastern E & P Company Ltd, the company said. A ...