07292016Fri
Last update: Fri, 29 Jul 2016 01am

Middle East & Africa

Markets - Energy - Middle East & Africa

Iraq to lower oil price forecast to $32 a barrel in 2016 budget BAGHDAD: Iraq plans to lower the oil price forecast in its 2016 budget to about $32 a barrel from $45, widening its fiscal deficit by several billion dollars, the International Monetary Fund (IMF) and a senior government official told Reuters.The new price estimate is based on the continued low level of global oil prices in recent months, said Marwa al-Nasaa, Amman-based IMF resident representative for Iraq."We're setting it closer to $30 based on the climate of international futures prices since November," she told Reuters on Thursday.The adjustment is expected to add about $6 billion to the OPEC producer's budget deficit unless offsetting measures are taken, said the Iraqi official, who requested anonymity to speak about ongoing government deliberations.Iraq's current budget, which projects oil exports of 3.6 million barrels per day, predicts a deficit of 24 trillion Iraqi dinars ($20.56 billion).The drop in oil prices over the past two years has ...

Markets - Energy - Middle East & Africa

Crude output freeze unlikely as Iran wins back Asia market share: Russell LAUNCESTON: It's not hard to see why Saudi Arabia is reluctant to take the relatively modest step of freezing crude output unless Iran also joins the producer initiative to support oil prices.The Saudis will be looking at the success the Iranians are having in winning back market share in key Asian markets, and will correctly take the view that limiting their own output will merely allow Iran to continue boosting its exports.Imports of Iranian oil ...

Markets - Energy - Middle East & Africa

Oil markets will start to rebalance in 2016, 2017: ADNOC DUBAI: The chief executive of the Abu Dhabi National Oil Company said in remarks published on Monday he expected a slow increase in oil prices in the medium term, with markets starting to rebalance supply and demand during 2016 and 2017.In an interview published by the National and al-Ittihad newspapers and state news agency WAM, Sultan al-Jaber, who is also a minister of state, noted what he called a recent recovery in prices.Jaber added: "While ...

Markets - Energy - Middle East & Africa

Oil down as Saudi comments cast doubt on output freeze SINGAPORE: Crude prices extended losses in Asia Monday after comments by Saudi Arabia cast doubt whether key producers meeting next month would reach an agreement to freeze output to address a global supply glut. Hopes for a deal at the April 17 gathering in Doha led by Russia and Saudi Arabia had been a major driver of a rally in prices from near 13-year lows in February.But the latest comments by Saudi Arabia's deputy crown ...

Markets - Energy - Middle East & Africa

Iraq Kurdish oil exports 327,371 bpd in March, KRG says BAGHDAD: Iraq's Kurdish region exported an average of 327,371 barrels per day (bpd) of oil in the month of March, the region's natural resources ministry said on Sunday."The Kurdistan Regional Government received $557,272,177 on account in March from its crude oil exports," it said in a statement.Of this total, "$36,014,177 was allocated to the producers," it said.It said "$4,258,000 was authorised and paid to Biwater Ltd on behalf of the Ministry of Municipalities and Tourism," ...

Markets - Energy - Middle East & Africa

Libya's NOC says working with unity gov't, hopeful for recovery TRIPOLI: Libya's National Oil Corporation says it is working with the UN-backed unity government that arrived in Tripoli this week to coordinate future oil sales and "put a period of divisions and rivalry behind us". "Combined with the recent announcement by the Petroleum Facilities Guard that it intends to reopen export ports it has been blockading, I hope NOC and the country's oil resources can provide a solid platform on which the country's recovery can ...

Markets - Energy - Middle East & Africa

Saudi says will only freeze oil output if Iran, others do RIYADH: Top oil exporter Saudi Arabia will only freeze output if other key producers, including Iran, take a similar measure, its deputy crown prince told Bloomberg News in an interview published Friday."If all countries agree to freeze production, we're ready," Mohammed bin Salman said. "If there is anyone that decides to raise their production, then we will not reject any opportunity that knocks on our door."His remarks come ahead of a meeting of major oil ...