02062016Sat
Last update: Sat, 06 Feb 2016 03am

Middle East & Africa

Markets - Energy - Middle East & Africa

Kuwait Petroleum to seal 2016 gasoil, jet fuel term at lower premiums SINGAPORE: Kuwait Petroleum Corp (KPC) has agreed to sell its 2016 term barrels for gasoil and jet fuel at lower premiums than current term levels, traders said on Monday.The refiner agreed to finalise its 2016 term contract to sell 500ppm sulphur gasoil at a premium of $1.15 a barrel above Middle East quotes, down 8 percent from the $1.25 a barrel it achieved for its 2015 term deal, they said.For jet fuel, KPC has agreed to seal its 2016 term deal at a premium of $1.60 a barrel above Middle East quotes, down 11 percent from 2015's term premium of $1.80 a barrel, with at least one buyer, they added.Both oil products contracts are to be finalised on a free-on-board (FOB) basis, one of the traders said.KPC could not immediately be reached for comment. Supplies of middle distillates, which include gasoil and jet fuel, increased in the Middle East this ...

Markets - Energy - Middle East & Africa

Oil exports suspended from Libya oil terminal TRIPOLI: Libya's National Oil Corp announced Thursday it had imposed a state of "force majeure" on one of the country's main oil terminals after exports from it had been suspended.The measure clears the NOC of liability for failure to honour contracts.The Tripoli-based company said on its website the decision was taken because oil facility guards at Zueitina had halted exports and that force majeure was in effect since Tuesday.The guards took the action to prevent ...

Markets - Energy - Middle East & Africa

Kuwait oil minister says believes oil prices have bottomed out RIYADH: Kuwait's oil minister said on Wednesday he believed oil prices had bottomed out.Asked whether he agreed with recent remarks by Qatar's energy minister that oil prices had bottomed, Ali al-Omair told reporters on the sidelines of a carbon conference in Riyadh:"Yes I agree with him, because now for two to three months, the prices don't go down. So maybe yes, they are at the bottom." As he spoke, Brent oil was trading around $50.70 ...

Markets - Energy - Middle East & Africa

BP to begin north Alexandria gas output in early 2017 CAIRO: British oil major BP will begin gas production at its north Alexandria concession in early 2017 rather than mid-2017, Egypt's petroleum minister Tarek El Molla said at a news conference on Saturday. The offshore concession's output will be roughly "450 million cubic feet per day in 2017 and reach 1.2 billion cubic feet per day by the end of 2019," said El Molla. These volumes will mean a significant boost to gas production in ...

Markets - Energy - Middle East & Africa

Iran to up oil production one week after sanctions: Shana DUBAI: Iran will boost its crude oil production within one week once international sanctions are lifted and is determined to regain its lost market share, senior Iranian oil officials reiterated on Monday.Iran will raise production by 500,000 barrels per day in the first week after sanctions are lifted, Rokneddin Javadi, general manager of the National Iranian Oil Company, was quoted as saying by oil ministry news agency Shaha."A 500,000-barrel increase in Iran's oil production will ...

Markets - Energy - Middle East & Africa

Saudi crude oil exports fall in August to 6.998mn bpd: JODI DUBAI: Saudi Arabia's crude oil exports fell by 278,000 barrels per day in August, despite historically high wellhead production, while volumes of shipped refined oil products rose to a record high, official data showed on Sunday.The OPEC heavyweight shipped 6.998 million bpd in August, down from 7.276 million bpd in July, figures published by the Joint Organisations Data Initiative (JODI) showed.The world's biggest crude exporter trimmed its production by around 100,000 bpd in August pumping ...

Markets - Energy - Middle East & Africa

Qatar sees oil price recovery in 2016 DOHA: Qatar's oil minister said on Sunday he saw signs of an oil price rise in 2016 because of a recovery in the global economy and growth in demand.In a statement, Energy Minister Mohammed bin Saleh al-Sada -- who is also acting president of OPEC, the Organization of the Petroleum Exporting Countries -- said the oil price has "bottomed out" and he sees signs of recovery next year.He said world GDP growth in 2016 is ...