09282016Wed
Last update: Wed, 28 Sep 2016 08pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Egypt petrol subsidy bill down 29 pct in 2015-2016 CAIRO: Egypt's spending on petroleum subsidies dropped by 28.7 percent in the 2015-16 financial year to compared to one year earlier, Petroleum Minister Tarek El Molla said on Sunday, a greater decline than previously announced. Egypt has been trying to wean itself off costly energy subsidies that eat up a large portion of the state budget. Tarek al-Hadidi, head of state oil company EGPC, told Reuters in August that the subsidies had fallen by 23 percent, to 55 billion pounds ($71.36 billion) for the 2015-16 financial year, which ended in June. Molla said on Sunday that the figure was actually 51 billion pounds. In 2014 the government cut spending on energy subsidies, causing domestic prices of natural gas, diesel and other fuels to rise by as much as 78 percent, but has delayed further cuts amid low energy prices that have kept spending down. The state's 2016-17 budget aims to ...

Markets - Energy - Middle East & Africa

Saudi Arabia crude exports rise to 7.622mn bpd in July ABU DHABI: Saudi Arabia's oil exports rose in July as the kingdom pumped record high levels of crude, keeping the global market well supplied. The world's largest oil exporter has been maintaining high output levels since mid-2014 despite a global supply glut, in line with a strategy of defending market share against rival producers. Saudi Arabia's crude oil exports in July rose to 7.622 million barrels per day from 7.456 million bpd in June, official ...

Markets - Energy - Middle East & Africa

Libya's NOC calls for end to blockade of western oil pipelines TRIPOLI: Libya's National Oil Corporation (NOC) called on Monday for the reopening of pipelines from major oil fields in the south west of the country. Last week the NOC said it would restart exports from the eastern "Oil Crescent" ports of Es Sider, Ras Lanuf and Zueitina, which were seized on Sept. 11-12 by forces loyal to eastern commander Khalifa Haftar. NOC Chairman Mustafa Sanalla has said he hopes developments at the Oil Crescent ports ...

Markets - Energy - Middle East & Africa

OPEC sec-gen says may call extra meeting if consensus at Algiers ALGIERS: OPEC members may call an extraordinary meeting to discuss oil prices if they reach consensus at an informal gathering in Algiers this month, OPEC Secretary-General Mohammed Barkindo said during a visit to Algeria, the country's state news agency APS reported on Sunday. Barkindo said he was optimistic about the meeting in Algeria on Sept. 26-28. He has previously said discussions in Algiers will be consultations and no major decisions will be made during talks ...

Markets - Energy - Middle East & Africa

Kurdish oil exports fall to 411,727 bpd in August BAGHDAD: Oil exports from Iraq's Kurdish region via Turkey fell to a five-month low in August, averaging 411,727 barrels per day (bpd), the Kurdistan Regional Government's ministry of natural resources said on Monday. Flows through a pipeline carrying crude from fields in the autonomous northern region to the Mediterranean port of Ceyhan were down from 457,314 bpd the previous month and the lowest since March's 327,371 bpd.A ministry statement gave no explanation for the decline, ...

Markets - Energy - Middle East & Africa

Iraq oil exports from southern ports rise on higher production BASRA: Iraq's oil exports from southern ports rose to more than 3.230 million barrels per day (bpd) in August, from 3.202 million bpd in July, as crude production increased, the oil ministry and sources at state-run South Oil Co said on Thursday.The West Qurna 1 field, developed by Exxon Mobil, and South Oil's Luhais and Artawi fields contributed most to the increase, according to sources at South Oil.Iraq, OPEC's second-largest producer after Saudi Arabia, exports ...

Markets - Energy - Middle East & Africa

Egypt plans to end fuel subsidies within three years CAIRO: Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65 percent of their actual cost during the 2016/17 fiscal year, two government sources told Reuters on Tuesday. Struggling to revive its economy after an uprising in 2011 shook investor confidence and drove tourists and foreign investors away, Egypt has been trying to cut spending on subsidies because they eat into its state budget.Egypt has reached a ...