01182017Wed
Last update: Wed, 18 Jan 2017 10am

Middle East & Africa

Markets - Energy - Middle East & Africa

Libya's oil production at 622,000 bpd TRIPOLI: Libya's oil production stood at 622,000 barrels a day (bpd) on Monday, up slightly from levels recorded before an armed faction agreed to lift a two-year blockade on major western pipelines on Dec. 14, the National Oil Corporation (NOC) said. Before the agreeement, Libya's output stood at about 600,000 bpd, having doubled since September. The NOC said it could add a further 175,000 bpd to production within a month, and 270,000 bpd within three months, after the pipelines from the Sharara and El Feel fields were reopened. Output remains well below the more than 1.6 million bpd Libya was producing before its 2011 uprising. Libya is one of two members of the Organization of the Petroleum Exporting Countries (OPEC) exempted from a recent pledge to cut output. An NOC official declined to give any further details on the restarting of production at the Sharara and El Feel oilfields. Copyright ...

Markets - Energy - Middle East & Africa

Qatargas says starts up Laffan Refinery 2 DUBAI: Qatargas, the world's largest LNG producer, said on Saturday it has started commercial operations at the Laffan Refinery 2 condensate splitter, according to a statement. The refinery, prior to its expansion, had a capacity of 146,000 barrels per day (bpd). Laffan 2 will add an additional 146,000, bringing its total capacity to 292,000 bpd.The shareholders of the Laffan Refinery are Qatar Petroleum, ExxonMobil, Total, Idemitsu, Cosmo, Mitsui and Marubeni, the statement said.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

West Africa Crude- Trading slow, Feb programmes add to surplus LONDON: February loading programmes began to emerge in West Africa, adding to a surplus of light sweet crude oil in the Atlantic Basin. Firming flat prices and rising freight rates made plentiful grades a difficult sell, and competition for Asian buyers was heating up as Iraq boosts its oil sales to China and India before planned OPEC output cuts. NIGERIA * Initial February loading plans began to emerge, with Bonny Light exports expected to rise ...

Markets - Energy - Middle East & Africa

Kuwait expects oil to climb to $60 a barrel KUWAIT CITY: Kuwait's new oil minister said Thursday he expects crude prices to climb to $60 a barrel as output cuts agreed by OPEC and non-OPEC producers take hold next year.Essam al-Marzouk gave no timeframe for his projection, saying only that he was optimistic producers would comply with the agreed cuts and end a longstanding supply glut."We expect oil prices to range between $50 and $60 a barrel when the agreed cuts start" in January, ...

Markets - Energy - Middle East & Africa

Kenya fuel price cap review to mid-January NAIROBI: Kenya's Energy Regulatory Commission (ERC) set on Wednesday the following maximum retail prices for diesel, petrol and kerosene for the month to Jan. 14.Kenya has set an upper limit on prices of petrol, diesel and kerosene since 2010 and lists the prices for various areas of the country at mid-month which remain valid for a month. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Qatar to cut oil production from January 1 DOHA: State-owned Qatar Petroleum, one of the largest oil companies in the world, announced on Tuesday that it will reduce production levels from the beginning of next year.The reduction -- beginning on January 1 -- comes following the recent decisions by OPEC and non-OPEC oil-producing countries to cap output."We have started advising our customers of the expected reductions in oil deliveries to ensure the state's compliance with OPEC's allocations," said a statements from Saad Sherida ...

Markets - Energy - Middle East & Africa

Shell to sign 3 deals to develop Iran oil and gas fields      DUBAI: Royal Dutch Shell will sign three initial agreements on Wednesday to develop Iranian oil and gas fields, an Iranian oil ministry official said.  Shell will sign the agreements in Tehran to develop the South Azadegan, Yadavaran oilfields and the Kish gas field, the Iranian official said.  Total will start negotiations for new oil and gas projects but was not signing any deals on Wednesday, the official said.  The Wall Street Journal earlier reported that both Shell and Total were to ...