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Middle East & Africa


High oil price, boosting rival supplies, hurts Iran exports DUBAI: Iran's oil exports are being hurt by current high prices that make it more economical for rivals like the United States to produce more costly oil, Iran's new energy minister said in an interview published by his ministry's website on Saturday.A week into the job, returning oil minister Bijan Zanganeh, who previously filled the post under the reformist president Mohammad Khatami, told oil ministry news service Shana that current prices of over $106 a barrel were a worry.His comments represent a shift in stance from those of Iran's previous oil minister who repeatedly said he wanted oil prices to remain above $100 and played down the impact of sanctions on exports."The crude price increase to this level represents both opportunity and threat... It is an opportunity for us to increase our revenues (but) high oil prices also represent a threat for our country, because our rivals can produce oil ...

Iraq, Turkey oil flow resumes: Iraqi officials BAGHDAD: Crude oil flows have resumed through a pipeline running from Iraq's Kirkuk oil fields to the Mediterranean port of Ceyhan in Turkey, two officials from Iraq's North Oil Company said on Saturday.Flows resumed on Friday at around 1700 GMT. They had been halted on Wednesday after three bombs were planted close to the pipeline. It was at least the sixth attack this month.Copyright Reuters, 2013 ...
Algeria shunts gas from Italy into global LNG exports LONDON: Algeria's output of liquefied natural gas (LNG) may rise after officials agreed to scale back piped gas deliveries to Italy, signaling a shift in export strategy for Africa's biggest gas producer.A lack of foreign investment in new upstream projects due to unattractive fiscal terms has left Algeria relying on ageing gas fields to maintain output as domestic demand surges and cuts into exports.But recent deals with Italian energy groups Eni, Edison and Enel to ...
Qatar sends second shipment of free gas to Egypt DOHA: Gas-rich Qatar has dispatched a second shipment of free liquefied gas it had pledged to Egypt, a report said, despite Doha's criticism of Cairo's deadly crackdown on Muslim Brotherhood protesters.The tanker left "to brotherly Egypt on August 9," QNA state news agency said in a report late on Monday.The shipments aim to ease the shortage of energy resources in Egypt during the summer, QNA cited an unnamed foreign ministry official as saying."Concerned parties are ...
18 oil firms qualified to bid 20 blocks: Yemen ADEN: Yemen has allowed 18 international oil firms to bid for 20 onshore and offshore blocks in the sixth auction issued by the Oil Ministry, the state news agency Saba said on Sunday.Saba quoted Ahmed Dares, Yemen's oil minister, as saying that 45 foreign firms had presented applications to bid for the blocks, of which nine are onshore and 11 offshore.Of the 45, only 18 had qualified to bid.The auction aims to increase Yemen's oil ...
Libya oil caught between strikes and government threats TRIPOLI: Libya is threatening to use military force to bring order to its oil sector, where a strike by guards has dealt a heavy blow to its fragile post-revolution economy.Oil exports plunged by more than 70 percent at the end of July after guards, including rebels who helped topple dictator Moamer Kadhafi two years ago, forced terminals to shut.The strike -- now in its third week -- came after protests first emerged in June and ...
Iraq oil exports stagnate BAGHDAD: Iraq's oil exports are stagnating compared with a year ago and are set to fall sharply next month while major work is carried out at its vital southern export terminals, industry sources said.Infrastructure and security problems are making Iraq struggle to keep pace with last year's rates, although Baghdad is confident of a big rise in production by the end of the year after the start-up of the giant southern Majnoon oilfield.Iraq's overall exports ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
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WeeklyApril 14, 2014
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