05012016Sun
Last update: Sun, 01 May 2016 11am

Middle East & Africa

Markets - Energy - Middle East & Africa

Kuwait may announce gasoline subsidy cut this quarter : oil firm ABU DHABI: Kuwait may by the end of March announce cuts in domestic price subsidies for gasoline and kerosene, the chief executive of state oil firm Kuwait Petroleum Corp said on Tuesday."The Kuwait government gives huge subsidies. Subsidies will be taken out gradually. In the first quarter of 2016, there will be something on subsidies on gasoline, kerosene," Nizar al-Adsani said in a panel discussion at an energy industry conference.The Kuwaiti government has said it is considering subsidy and spending cuts to save money as low oil prices push state finances into the red.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Oman says ready to cut oil output by 5-10 pc DUBAI: Oman is ready to cut oil output by between five and 10 percent to prop up prices and all producers should do the same, its oil minister said on Monday, adding that the Gulf sultanate was prepared to "do anything" to stabilise the market.When asked about discussions between OPEC and non-OPEC exporters on the oil market, Mohammad bin Hamad al-Rumhy told reporters that Oman is ready to cut "5 or 10 pct is I ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports running at 3.3mn bpd, unaffected by clashes BASRA: Iraq's exports from its southern region have been running at an average daily rate of 3.297 million barrels per day (bpd) so far this month, higher than December's average and unaffected by tribal clashes, an oil company executive said on Saturday.All the fields are running normally, state-run South Oil Co.'s deputy director general Salah Mahdi told Reuters in an interview in Basra. "The security situation is very good, I don't see any impact on ...

Markets - Energy - Middle East & Africa

Qatar raises local gasoline price by 30pc DOHA: Qatar will raise domestic prices of gasoline by 30 percent from midnight on Thursday, the official Qatar News Agency (QNA) reported, as low oil and gas prices put the squeeze on the national budget. The government said last month that it expected a budget deficit of 46.5 billion riyals ($12.8 billion) in 2016, its first deficit in 15 years. Like other Gulf states, it has been looking at cutting lavish consumer subsidies for fuel ...

Markets - Energy - Middle East & Africa

Mideast crude trades in premiums on robust Chinaoil demand SINGAPORE: Medium sour crude exports from the Middle East loading in March have sold at premiums after strong demand from Chinaoil tightened supplies, trade sources said on Thursday.The trading arm of PetroChina has bought nine Upper Zakum cargoes during the Platts Market on Close (MoC) process so far this month, they said.The purchases tightened supplies and pushed up spot values of similar grades in the market, traders said.On Wednesday, Japanese refiner Fuji Oil bought two ...

Markets - Energy - Middle East & Africa

Fresh oil lows spark call for OPEC emergency meeting LONDON: Oil forged fresh 12-year lows Tuesday on global oversupply, prompting OPEC member Nigeria to call for an emergency meet to address collapsing prices that has ravaged revenues.In early morning deals, New York's benchmark West Texas Intermediate (WTI) for February delivery tanked to $30.41 a barrel, which was the lowest level since December 3, 2003.Europe's Brent North Sea crude for February dived to $30.43, a point last seen on April 6, 2004.Nigerian petroleum resources minister ...

Markets - Energy - Middle East & Africa

UAE energy minister expects oil prices to recover this year ABU DHABI: United Arab Emirates Energy Minister Suhail al-Mazrouei said Tuesday he expects a recovery in plummeting oil prices before the end of the year."I am personally convinced that before the end of 2016 we're going to see a correction. The market fundamentals tell us this," Mazrouei told an energy forum in Abu Dhabi.Copyright AFP (Agence France-Presse), 2016 ...