05042016Wed
Last update: Wed, 04 May 2016 06am

Middle East & Africa

Markets - Energy - Middle East & Africa

Kuwait says may resume normal oil output three days after strike ends KUWAIT: Kuwait's crude oil production may return to normal within three days, after a strike by local oil and gas workers ended, state news agency KUNA quoted the oil sector's official spokesman Sheikh Talal al-Khaled al-Sabah as saying on Wednesday.Thousands of Kuwaiti workers agreed to return to work from Wednesday morning after staying away for three days to protest against a planned overhaul of the public sector payroll system, which they fear could lead to lower salaries and benefits as well as staff layoffs.The government said during the strike that it would not negotiate, and late on Tuesday, the sector's union announced it was calling off the action "in honour of his highness the Emir". Global oil prices fell slightly in response.The union did not elaborate on why it decided to return to work. It was not immediately clear if there would now be talks with the government on the ...

Markets - Energy - Middle East & Africa

Kuwait to restore full oil output in '3 days' after strike ends KUWAIT CITY: Kuwait's state oil firm said Wednesday that it expects to restore full production within three days after staff ended a strike in a surprise about-turn that triggered a renewed slide in world prices.The walkout by thousands of staff of Kuwait Petroleum Corp. and its subsidiaries on Sunday in a dispute over planned pay cuts had slashed the emirate's output from 3.0 million barrels per day to 1.5 million and prompted a brief rally ...

Markets - Energy - Middle East & Africa

Iran's oil output to reach pre-sanctions level by June, official says DUBAI: Iran's crude oil production will reach pre-sanctions levels within two months, a deputy oil minister was quoted as saying on Tuesday, a signal the OPEC member might be willing to discuss an output freeze by the time when the exporting group meets next.Talks between OPEC and non-OPEC producers to freeze production unexpectedly broke down on Sunday when Saudi Arabia insisted that all OPEC members, including Iran, and non-OPEC oil exporters should join in the ...

Markets - Energy - Middle East & Africa

Saudi oil exports fall to 7.553mn bpd in February ABU DHABI: Saudi Arabia's crude oil exports in February fell to 7.553 million barrels per day from 7.835 million bpd in January, official data showed on Monday. Monthly export figures are provided by Riyadh and other members of the Organisation of the Petroleum Exporting Countries to the Joint Organisation Data Initiative, which publishes them on its website. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Iran exporting 350,000 bpd oil to India, hopes for more: Shana DUBAI: Iran is exporting around 350,000 barrels of crude oil a day to India and hopes to increase this number, Oil Minister Bijan Zanganeh was quoted as saying on Saturday after meeting Indian counterpart Dharmendra Pradhan.The Shana news agency, linked to Iran's oil ministry, quoted Zanganeh as saying Indian oil purchases from Iran were at 350,000 barrels a day, and that "we hope this number will increase now that sanctions have been lifted".The two ministers ...

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 ...

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 ...