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Last update: Thu, 05 May 2016 07am

Middle East & Africa

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 and other products and services. Memos from state fuel company Woqod, posted at gasoline stations across the capital Doha on Thursday, gave a few hours' notice of the increase to 1.30 riyals ($0.357) per litre from 1.00 riyals for Super 97-Octane. The new price will still be one of the lowest in the world. QNA did not say how much money the government expected to save with the reform. The United Arab Emirates hiked gasoline ...

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 ...

Markets - Energy - Middle East & Africa

Oil price slump to reduce Egypt's fuel subsidies to 55bn pounds: minister CAIRO: The decline in global oil prices will reduce Egypt's fuel subsidy bill to around 55 billion Egyptian pounds ($7 bln) in 2015/16, Egypt's Petroleum Minister Tarek El Molla told reporters on Monday.Egypt, which has been facing an energy shortage, had earmarked around 61 billion pounds in its 2015/16 budget for fuel product subsidies.Fuel subsidies have long weighed on the state's budget and contributed to economic stagnation, which President Abdel Fattah al-Sisi promised to tackle ...

Markets - Energy - Middle East & Africa

Saudi Arabia's oil output steady in Dec at 10.144mn bpd DUBAI: Saudi Arabia kept its crude oil production steady in December, an industry source said, maintaining high output as part of a strategy to preserve market share despite a slump in oil prices.The OPEC heavyweight pumped 10.144 million barrels per day (bpd) of oil last month, while crude supplied to the market in December was 10.162 million bpd, the source told Reuters on Sunday.Supply to the market, both domestically and for export, may differ from ...

Markets - Energy - Middle East & Africa

Nine facts about oil giant Saudi Aramco RIYADH: Saudi Arabia, the world's biggest oil exporter, is reportedly considering issuing shares in state-owned oil giant Saudi Aramco.Here are nine facts about the firm which analyst Ole Hansen of Saxo Bank said "undoubtedly would be one of the biggest in the world".-Headquartered on Saudi Arabia's Gulf Coast in Dhahran, where it drilled its first test well in 1935-Sits on crude oil reserves of 261.1 billion barrels, 10 times more than US conglomerate ExxonMobil-Produces roughly ...