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Middle East & Africa


Venezuela oil minister says Saudi sees oil price recovery RIYADH: Venezuela's oil minister, who has been campaigning for measures to support crude prices, said Saudi Arabia sees the oil price recovering soon."We met just a few moments ago...they are optimistic that very soon the price will recover but we consider that we need to do something," Eulogio del Pino told Reuters after talking to his Saudi counterpart Ali al-Naimi on the sidelines of a summit between Arab and Latin American countries in Riyadh.OPEC price hawk Venezuela, struggling from the collapse in crude prices, wants the group to cut output and establish a price band between $70 and $80 per barrel to ensure oilfield investments and help strengthen its shrinking economy.But the Organization of the Petroleum Exporting Countries (OPEC) has not adopted the proposal, and Saudi Arabia and other Gulf members have refused to cut output, choosing instead to focus on market share.Oil prices have roughly halved in the past ...

BP suspends Chirag platform for planned maintenance for 25 days BAKU: British oil major BP has suspended operations at Chirag, one of its platforms in the Caspian Sea, for planned maintenance, the company said on Tuesday. "Operations at Chirag have been suspended today for planned maintenance for 25 days," BP-Azerbaijan said in a press release. Copyright Reuters, 2015 ...
Colombia to cut oil taxes in bid to boost offshore exploration BOGOTA: Colombia will lower tax rates for oil companies drilling in some offshore blocks in the Caribbean, the Mines and Energy Minister said on Monday, in an effort to encourage exploration amid a global slump in the price of crude.Contracts for various offshore blocks will get a 25 percent discount on income taxes and will be exempt from value-added tax (VAT) and customs charges, Mines Minister Tomas Gonzalez said in a statement."We have seen the ...
Low oil price threatens future supply crisis: Saudi DOHA: Leading crude oil exporter Saudi Arabia warned on Monday of a supply crisis after massive energy investments were cancelled because of the sharp decline in oil prices."Around $200 billion of investments in energy have been cancelled this year," Saudi vice minister of oil Prince Abdulaziz bin Salman told a roundtable meeting for Asian energy ministers in Doha.He said energy companies are planning to cut between 3.0 percent and 8.0 percent of their investments next ...
Dubai airports get more jet fuel with new ENOC pipeline DUBAI: Emirates National Oil Co Ltd (ENOC) on Monday announced the completion of a new jet fuel pipeline from its storage terminals to Dubai International Airport (DXB) to cope with an expected increase in demand. The $250 million project will be able to pump 850 cubic metres of jet fuel per hour to the airport, which is 55 percent of its total demand, the Dubai government-owned company said in a statement at the Dubai Airshow. ...
Long-term oil market fundamentals robust despite price drop, Saudi says DOHA: Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, Saudi Arabia's vice oil minister said on Monday.The world's largest crude exporter will continue investing in its oil and gas sector, Prince Abdulaziz bin Salman said."For a major reserve holder, oil producer and exporter such as Saudi Arabia, our focus has always been on the long-term trends shaping the oil market," ...
Kuwait Petroleum to seal 2016 gasoil, jet fuel term at lower premiums SINGAPORE: Kuwait Petroleum Corp (KPC) has agreed to sell its 2016 term barrels for gasoil and jet fuel at lower premiums than current term levels, traders said on Monday.The refiner agreed to finalise its 2016 term contract to sell 500ppm sulphur gasoil at a premium of $1.15 a barrel above Middle East quotes, down 8 percent from the $1.25 a barrel it achieved for its 2015 term deal, they said.For jet fuel, KPC has agreed ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 30, 2015
Reserves $19.828 bln