02092016Tue
Last update: Tue, 09 Feb 2016 08pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Oil market needs an anchor, Saudi adviser says KUWAIT: The lack of a clear leader or "anchor" in the global oil market is fueling uncertainty and leading to sharp swings in crude prices, but this uncertainty is unlikely to continue for long, a senior Saudi oil adviser said.The comments by Ibrahim al-Muhanna suggest that Saudi Arabia and the rest of OPEC understand that they are unable to manage the oil market alone for the time being, and would like to see some kind of collective mechanism to reduce the current instability in the market. "In the current circumstances, the international oil market could continue in an unstable situation, where there is a lot of uncertainty with the lack of a market anchor," Muhanna, an adviser to the Saudi oil minister, told a closed-door energy event in Kuwait on Wednesday.His comments were released publicly on Friday. "In the end, this means the inability of investors to find a suitable ...

Markets - Energy - Middle East & Africa

Qatar oil minister says Gulf states will maintain oil investment DOHA: Gulf energy producers will continue to invest to maintain stable energy supplies, Qatar's Oil Minister Mohammed al-Sada said in Doha on Thursday ahead of a meeting of Gulf states' oil ministers. "The world knows very well that the Gulf Cooperation Council countries are its trusted partner that will spare no efforts or investments ... to secure a stable source of energy to push the wheel of the global economy, and we will remain on ...

Markets - Energy - Middle East & Africa

BP suspends Shah Deniz platform for planned maintenance BAKU: British oil major BP has suspended operations on the Shah Deniz platform in the Caspian Sea as well as the Shah Deniz facility inside the Sangachal terminal for planned maintenance from Aug. 2, the company said on Monday Shah Deniz, Azerbaijan's biggest gas field, is being developed by partners including Britain's BP, Norway's Statoil , Azeri state energy company SOCAR and others. "In accordance with the plan, production from the Shah Deniz platform will ...

Markets - Energy - Middle East & Africa

Algeria boosts oil output by 32,000 bpd with two new fields ALGIERS: OPEC member Algeria has increased crude oil output by 32,000 barrels per day after starting production at two fields, an energy ministy official said on Sunday.Production increased on Saturday when the Bir Sebaa field started producing 20,000 bpd in addition to 12,000 bpd from the Bir Msana field in Hassi Messaoud area, the official told Reuters.Algeria produced an average 1.1 million bpd in July, according to a Reuters survey.Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Iran sees oil output up 1mn bpd after curbs end DUBAI: Iran expects to raise oil output by 500,000 barrels per day (bpd) as soon as sanctions are lifted and by a million bpd within months, Oil Minister Bijan Zanganeh said in remarks broadcast on Sunday."We are already doing marketing, and within a day after the lifting of sanctions we will raise (production) by 500,000 barrels per day," Zanganeh said.He said Iran's crude production had fallen about one million bpd from about four million bpd ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports hit record 3.064mn bpd in July BAGHDAD: Iraq's southern oil exports rose in July to a record average of 3.064 million barrels per day (bpd) from 3.02 million in June, officials from the state-run South Oil CO. said on Saturday.Shipments have jumped after Iraq's decision to split crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues.Some companies working in Iraqi oilfields increased production following the move.Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Egypt expects to import 7.79mn tonnes of LNG this fiscal year CAIRO: Egypt expects to import 28.6 million tonnes of crude oil, liquefied natural gas (LNG) and other oil products worth a total of almost $16 billion in 2015-16, the planning ministry said on Saturday.The government expects to buy 7.79 million tonnes of LNG for $3.55 billion and 6.37 million tonnes of crude oil for $3.51 billion, the ministry said in a handout given to journalists at a news conference on its economic development plan for ...