Wednesday, 24 April 2013 01:49
Posted by Imaduddin
BAGHDAD: Iraq's overall oil exports, which account for the lion's share of government income, were up in March but average daily exports fell, oil ministry spokesman Assem Jihad said on Tuesday.Iraq exported 74.9 million barrels of oil in March, an average of about 2.4 million barrels per day, compared to 71 million barrels in February, or about 2.54 million bpd, Jihad said.Sales brought in $7.772 billion, up from $7.644 billion in February.Baghdad is almost entirely dependent on crude sales for much-needed revenues to rebuild Iraq's decrepit infrastructure and state-dominated economy, both of which have been shattered by decades of conflict and sanctions.Iraq has sought in recent years to sign contracts with international energy firms in order to boost output sharply and cement its role as a key global oil supplier.The country has proven reserves of 150 billion barrels, among the highest in the world. Copyright AFP (Agence France-Presse), 2013 ...
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BAGHDAD: Iraq's overall oil exports, which account for the lion's share of government income, were up in March but average daily exports fell, oil ministry spokesman Assem Jihad said on Tuesday.Iraq exported 74.9 million barrels of oil in March, an average of about 2.4 million barrels per day, compared to 71 million barrels in February, or about 2.54 million bpd, Jihad said.Sales brought in $7.772 billion, up from $7.644 billion in February.Baghdad is almost entirely dependent on crude sales for much-needed revenues to rebuild Iraq's decrepit infrastructure and state-dominated economy, both of which have been shattered by decades of conflict and sanctions.Iraq has sought in recent years to sign contracts with international energy firms in order to boost output sharply and cement its role as a key global oil supplier.The country has proven reserves of 150 billion barrels, among the highest in the world. Copyright AFP (Agence France-Presse), 2013 ...
PARIS: The European Union was set Monday to ease its embargo on Syria's oil production, which has dwindled to just a third of the level before the conflict erupted in March 2011. Following is a rundown of the current state of Syria's oil sector:PRODUCTION AND EXPORTS: From around 400,000 barrels of oil a day in early 2011 -- ranking the country as the world's 30th biggest oil producer -- the International Energy Agency (IEA) estimates ...
LONDON: OPEC member Angola is due to export around 1.66 million barrels per day (bpd) of crude oil in June, a provisional loading programme showed on Monday.June's figure is down from a planned 1.83 million bpd in May. The oil was due to be shipped out in 52 cargoes, the list showed, against the 58 cargoes due for loading in May. A trader said that the fall did not indicate problems in production.Just one cargo ...
KAMPALA: Uganda agreed with France's Total and China's CNOOC to build a much smaller refinery than it had wanted, in a compromise removing one obstacle to commercial output of the country's oil. The Ugandan government said on Monday it agreed with the two energy companies on an initial processing capacity of 30,000 barrels per day - well below the 200,000 bpd it had earlier advocated. Rather than build a major refinery in Uganda, Total and ...
NAIROBI: Kenya's energy regulator lowered retail fuel prices for petrol, diesel and kerosene on Sunday, citing a stronger shilling versus the dollar, and slightly lower crude oil prices on the world markets. Fuel prices have a big impact on the rate of inflation in the east African economy. The rate, which slowed to 4.11 percent in March from 4.45 percent a month earlier. The Energy Regulatory Commission (ERC) trimmed the maximum price of a litre ...
NAIROBI: Kenyan oil marketer KenolKobil posted an 8.96 billion shilling ($105.66 million) pretax loss in 2012 from a 4.93 billion shilling profit the previous year, it said on Monday. KenolKobil, which operates in several countries including Ethiopia, blamed volatile international oil prices and foreign exchange rates, high inflation and high lending rates for the results it termed "disappointing". "The most significant impact on performance came from realised foreign exchange loss of 4.2 billion shillings during ...
THAR JATH: South Sudan restarted oil production on Saturday, ending a bitter 15-month row with former civil war foe Sudan and marking a major breakthrough in relations after bloody border clashes last year."The oil is now flowing," South Sudan oil minister Stephen Dhieu Dau shouted as he flicked a switch to restart production at a ceremony in the Thar Jath field in Unity state.Sudan and South Sudan came close to a return to all-out conflict ...
