05262016Thu
Last update: Thu, 26 May 2016 09am

Middle East & Africa

Markets - Energy - Middle East & Africa

Saudi crude exports fall in Dec to 7.486mn bpd: JODI DUBAI: Saudi Arabia's crude oil exports in December fell by more than 200,000 barrels per day (bpd) from the month before, official data showed on Thursday.The OPEC heavyweight shipped 7.486 million bpd in December, down from 7.719 million bpd in November. Production was steady at 10.144 million bpd in December, compared with 10.186 million bpd in November, the data showed.Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organisations Data Initiative (JODI), which published them on its website.Domestic refineries processed 2.312 million bpd of crude, compared with 2.054 million bpd in November, while exports of refined oil products rose to 1.441 million bpd in December from 1.182 million bpd the month before.In December, crude directly burnt to generate power fell to 392,000 bpd, from 497,000 bpd in November, the JODI data showed, reflecting a decline in electricity ...

Markets - Energy - Middle East & Africa

Iraq oil minister says talks between OPEC and non-OPEC members to continue BAGHDAD: Iraq's oil minister said on Thursday talks would continue between OPEC and non-OPEC members to prop up oil prices, a day after a meeting aimed at trying to reach a global pact to freeze production ended inconclusively.In his first response since the meeting between oil ministers from Iran, Iraq, Qatar and Venezuela in Tehran on Wednesday, Adel Abdul Mahdi said it was incumbent on producers to find a way of restoring "normal" prices and ...

Markets - Energy - Middle East & Africa

UAE says oil price will force producers to freeze output DUBAI: Oil prices are not suitable and will force producers to freeze their output, the United Arab Emirates' energy minister Suhail bin Mohammed al-Mazrouei said on Thursday, adding investments in high-cost production would also be restrained. "Current prices are not suitable ... and will force producers to hold production levels and limit investments in the higher cost oil (production)," state news agency WAM quoted him as saying.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Azeri oil exports down 5pc in January BAKU: Azerbaijan's oil exports fell 5 percent in January to 2.7 million tonnes compared with the same period last year, the state customs committee said on Wednesday.There were no exports of oil via Russia through the Baku-Novorossiisk pipeline last month, while the country exported 84,912 tonnes of oil through the pipeline in January last year.Exports through the Baku-Supsa pipeline via Georgia rose to 376,853 tonnes from 375,641 tonnes, while exports through Baku-Tbilisi-Ceyhan via Georgia and ...

Markets - Energy - Middle East & Africa

Iraq Kurds made $3.94 bn from direct oil sales in 2015 ARBIL: Iraq's autonomous Kurdish region announced on Tuesday that it made over $3.94 billion last year from direct oil export sales that the country's federal government considers illegal.The region is facing a financial crisis despite the substantial oil revenues, and has announced that its employees will not be paid their full salaries until further notice and that months of wage arrears will be considered loans to the government.The Kurdistan region "achieved revenues of US $3,949,697,778" ...

Markets - Energy - Middle East & Africa

Iraq's oil output hits record 4.775mn bpd in January BAGHDAD: Iraq's oil production hit a record high in January, with crude output from all the country's fields, including in Kurdistan, averaging 4.775 million barrels per day (bpd), oil ministry spokesman Asim Jihad told Reuters on Tuesday.Oil exports via pipeline to Turkey from the northern fields under the control of the Kurdistan Regional Government produce about 600,000 bpd.Jihad said that January exports from southern terminals and by pipeline to Turkey's Ceyhan port averaged 3.9 million ...

Markets - Energy - Middle East & Africa

OPEC members increasingly keen to end oil glut -Nigeria oil minister ABUJA: The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria's oil minister told Reuters.Oil prices have slumped by more than 70 percent to near $30 a barrel over the past 18 months as OPEC, led by top producer Saudi Arabia, sought to drive higher-cost producers out of the market ...