08302016Tue
Last update: Tue, 30 Aug 2016 02am

Middle East & Africa

Markets - Energy - Middle East & Africa

Nigeria oil output set to fall to 22 year low on pipeline outage YENAGOA: Nigeria's oil production is set to fall to its lowest in more than two decades after Royal Dutch Shell's local operation said it had shut a major pipeline. Nigeria's oil output fell close to a 22-year low this month due to attacks on oil pipelines in the southern Niger Delta, home to much of the country's oil and gas wealth, compounding the impact of low oil prices on Africa's largest economy.On Wednesday, Shell Petroleum Development Co (SPDC) said it declared force majeure on Bonny Light crude exports on Tuesday after closing the Nembe Creek Trunk line (NCTL) for repairs after a leak. NCTL carries all the country's Bonny Light. A Shell spokesman blamed technical issues, without giving further details. However, a community leader in the Delta said an explosion had shut down the pipeline.The outage pushed oil futures higher, with benchmark Brent crude trading up 5 cents at $45.57 ...

Markets - Energy - Middle East & Africa

Nigeria oil output hits 22-year low on renewed unrest LAGOS: Nigeria's oil output has slumped to a 22-year low, figures showed on Tuesday, because of pipeline sabotage and increasing unrest that has seen major companies evacuate staff.Data compiled by Bloomberg indicated that output in Africa's biggest oil producer has fallen below 1.7 million barrels per day (bpd) for the first time since 1994.Rebels seeking a fairer share of revenue for locals in the oil-rich southern delta are increasingly targeting facilities, posing a fresh security ...

Markets - Energy - Middle East & Africa

Oil market on track to rebalance in H2: Qatar energy minister ABU DHABI: Qatar's energy minister and current OPEC president Mohammed al-Sada said on Tuesday that the oil market was on the right track towards rebalancing in the second half of 2016. "As we proceed to the second quarter of the year, we see an increase in global demand for oil due to demand for oil products, particularly gasoline," he said in a statement. "This trend is likely to increase further from next month due to ...

Markets - Energy - Middle East & Africa

Egypt to receive first LNG shipment from Rosneft in May CAIRO: Egypt will receive the first of five agreed shipments of liquefied natural gas (LNG) from Russia's Rosneft this month, an official at the state gas board EGAS told Reuters on Thursday. Last year Egypt and Rosneft signed a memorandum of understanding for a slew of petroleum products as well as 24 LNG cargoes. Only five of the 24 initially agreed cargoes were later inked into a final deal. "We're receiving the first shipments of ...

Markets - Energy - Middle East & Africa

Oil shipments from Georgia's Batumi port fall 17pc in Jan-Apr TBILISI: Shipments of crude and refined oil products from Georgia's Black Sea port of Batumi fell 17.4 percent in January-April from a year earlier, a senior official at the terminal said on Tuesday.The terminal, operated by Kazakh state energy company KazMunaiGas , shipped 1.128 million tonnes of oil and oil products in the first four months of this year, down from 1.365 million tonnes in the same period last year, the official, who asked not ...

Markets - Energy - Middle East & Africa

South Africa's petrol pump price to increase in May JOHANNESBURG: The retail price of petrol in South Africa will increase by nearly 1 percent from May 4, while the price of wholesale diesel will largely remain steady, the energy department said on Monday. The price of petrol will increase by 12 cents to 12.74 rand per litre in the commercial hub of Gauteng province, while diesel will go down by 1 cents to 10.52 rand per litre, the department said in a statement.Copyright Reuters, ...

Markets - Energy - Middle East & Africa

Iran oil exports to South Korea rise to 400,000 bpd after sanctions lifted: Shana DUBAI: Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency.Iran, whose exports to South Korea were less than 100,000 barrels a day before sanctions were lifted, has since worked to quickly boost its output. It has focused on selling to its traditional customers in Asia, but has ...