12082016Thu
Last update: Thu, 08 Dec 2016 05am

Middle East & Africa

Markets - Energy - Middle East & Africa

Oman says new refinery capacity to cut crude oil exports MUSCAT: Oman's crude oil exports will drop by about 50,000 barrels per day when new refining capacity comes onstream in the northern city of Sohar by early 2017, Minister of Oil and Gas Mohammad bin Hamad al-Rumhy said on Wednesday. Rumhy said the refinery project had been due to be commissioned by the end of 2016, but there had been a delay so the commissioning date would be in the first quarter of next year. The project would increase the Sohar refinery's capacity by between 65 and 70 percent. "It will take an additional 70 to 90,000 bpd. And with the increase in Oman's average oil production to exceed a million bpd, we expect the drop in our oil exports to be 50,000 bpd compared to last year," Rumhy said in an interview. He added that state-owned Oman Oil Refineries and Petroleum Industries Co (ORPIC) would seek to refine different ...

Markets - Energy - Middle East & Africa

Saudi Aramco appoints chief of sovereign wealth fund to board KHOBAR: State oil giant Saudi Aramco has appointed to its board Yasir al-Rumayyan, managing director of its top sovereign wealth fund, in a sign that the two institutions plan to cooperate closely to restructure the economy in an era of low oil prices. Aramco updated its website to show Rumayyan as a new board member but did not explain the change. Two sources familiar with the matter told Reuters that Rumayyan had replaced telecommunications minister ...

Markets - Energy - Middle East & Africa

Saudi Arabia tells OPEC its oil output hit record high in July LONDON: Top oil exporter Saudi Arabia boosted its output to a record high in July, it told OPEC, in a sign that key members remain focused on market share rather than tackling a supply glut by curbing production.The kingdom pumped 10.67 million barrels per day in July, according to figures it provided to the Organization of the Petroleum Exporting Countries which published them in a monthly report on Wednesday.Saudi-based industry sources had said in April ...

Markets - Energy - Middle East & Africa

South African fuel industry sees no fuel shortages despite strike CAPE TOWN: South Africa's petroleum industry does not anticipate any fuel shortages for the rest of the week in Africa's most industrialised country as a wage strike by around 15,000 workers entered its second week on Monday, a senior official said. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Iraq's oil exports from south rose to 3.2mn bpd in July: oil officials BASRA: Iraq's oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, two Iraqi oil official said on Monday.The southern region produces most of the OPEC member's crude oil. The northern Kurdish regional government exports about 500,000 bpd through a pipeline to the Turkish port of Ceyhan, on the Mediterranean, but that is done independent of the central government in ...

Markets - Energy - Middle East & Africa

Iran says crude market oversupplied, balance expected to be restored: TV ANKARA: Iran's Oil Minister says the oil market is oversupplied but predicts balance between demand and supply will be restored, Iranian state television reported on Monday."The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market," Bijan Namdar Zanganeh was quoted as saying by Iran's state TV.A Reuters Survey on Friday showed the Organization of the Petroleum Exporting Countries' oil output was likely to ...

Markets - Energy - Middle East & Africa

Saudi Aramco cuts Arab Light crude price to Asia DUBAI: Saudi Arabia has slashed the September price for its Arab Light crude oil for Asian customers by $1.30 a barrel, setting it at a discount of $1.10 to the Oman/Dubai average, the state oil company said on Sunday. Saudi Arabia's move to lower the official selling price (OSP) is likley to intensify competition with rivals such as Russia and the United Arab Emirates, who produce similar oil grades and are also looking for a ...