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Middle East & Africa

Markets - Energy - Middle East & Africa

UAE official says low oil price new reality, but UAE committed to deliver projects KUWAIT: Low oil prices are a new reality that all producers have to live with but this will not impact long-term energy development projects in the United Arab Emirates, which has a more resilient economy, a senior UAE oil official said on Tuesday."We made a commitment for mega projects and their developments ... at low oil price(s) they are still feasible, we are a long term (producer). Oil prices, this is a new reality we have to accept," Ali al-Jarwan, CEO of Abu Dhabi Marine Operating Company (ADMA-OPCP) told the Kuwait Energy Forum.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Kuwait says OPEC can't cut alone when others are raising output KUWAIT: OPEC cannot cut its oil output alone when other producers from outside the exporting group are raising their supplies but both sides should work together to stabilise the oil market, Kuwait's OPEC governor said on Tuesday."OPEC cannot by itself stabilise the market and decrease its production when the others are increasing and are not coordinating for stabilising the market and prices," Kuwait's OPEC governor Nawal Al-Fuzaia told an energy forum in Kuwait."Look at the ...

Markets - Energy - Middle East & Africa

Saudi Aramco chief says not cutting oil and gas investment RIYADH: National oil giant Saudi Aramco is not reducing its new investment in oil and gas production capacity despite cost-cutting due to low oil prices, its chairman Khalid al-Falih said on Monday."Our investments in capacity of oil and gas have not slowed down - we have been able to do a lot of cuts in spending by simply driving down costs," Falih told a panel discussion at a business conference.Authorities have not yet decided whether ...

Markets - Energy - Middle East & Africa

Saudi Aramco says oil supply, demand to balance before long at 'moderate' price RIYADH: Global oil supply and demand will ultimately balance at a "moderate" price, Saudi Aramco chairman Khalid al-Falih said on Monday.Speaking to reporters on the sidelines of a business conference, Falih did not say at what price levels the balance might be achieved. But he predicted it would be reached before long."Demand will grow, as it has already started in 2015, and there will be a period not far into the future (when) demand will ...

Markets - Energy - Middle East & Africa

Saudi wants balanced market, not end to shale oil -Aramco's Falih DUBAI: Saudi Arabia, the world's largest oil exporter, does not want an end to shale oil but a balanced oil market where all producers play a stabilising role, the chairman of state oil giant Saudi Aramco said in a television interview."Saudi Arabia does not target to eliminate shale oil in general. What we need in the international market is a balance where additional supply every year is in balance with demand, so there is no ...

Markets - Energy - Middle East & Africa

Saudi wants balanced market, not end to shale oil DUBAI: Saudi Arabia, the world's largest oil exporter, does not want an end to shale oil but a balanced oil market where all producers play a stabilising role, the chairman of state oil giant Saudi Aramco said in a television interview."Saudi Arabia does not target to eliminate shale oil in general. What we need in the international market is a balance where additional supply every year is in balance with demand, so there is no ...

Markets - Energy - Middle East & Africa

South Africa's Richards Bay 2015 coal exports rise 5.7pc RICHARDS BAY: South Africa's Richards Bay Coal Terminal shipped 75.4 million tonnes of coal in 2015, after exports rose 5.7 percent last year from 71.3 million tonnes in 2014, the company said on Tuesday.Copyright Reuters, 2016 ...