North Africa

The Egyptian presidency announced on Tuesday that Egyptian President Abdel Fatah al-Sisi discussed with U.S. president Donald Trump mediation efforts to restore calm in the region, which would have positive impacts on Red Sea Navigation and stop economic losses for both parties. Since Israel's war against Hamas in late 2023 began, the Iran-aligned Houthis are said to have launched more than 100 maritime attacks. They claim they were doing so in solidarity with Gaza’s Palestinians. The attacks disrupted the global economy and sent the U.S. Military on a costly missile interception campaign. Trump had said on Tuesday morning that he...

Saudi Aramco's official selling prices for LPG (liquefied petroleum gases) in April are unchanged from those of March. Sonatrach, however, has cut its OSPs between 2-7% because of a weaker Mediterranean demand, according to traders on Monday. Aramco’s April OSP was $615 per metric tonne. Butane costs $605 per ton , traders said. LPG comes in two types: propane and butane. They have different boiling points. LPG is primarily used as a fuel for heating and cars, as well as as a feedstock to make other petrochemicals. Sonatrach has cut its April OSP (Off-Season Price) for propane from $550 to...

The major Gulf stock markets were up slightly on Monday morning as investors waited for clarity about the next tariffs from U.S. president Donald Trump amid increased geopolitical tensions in the region. Trump's reciprocal duties, which are due to go into effect on April 2, will likely fuel inflation and stunt the economy. Trump said on Friday there could be some flexibility with tariffs. This would potentially reduce their impact. Saudi Arabia's benchmark stock index rose 0.1% thanks to a 1.3% increase in Saudi Arabian Mining Company. Umm Al Qura for Development and Construction, on the other hand, soared by...

The Saudi index is on track to end its three-session winning streak. Palestinian health officials said that Israeli air strikes in Gaza have killed more than 300. This threatens to bring down a two-month truce as Israel vows to use force to release its remaining hostages. Donald Trump has also vowed that the U.S. will continue its assault against Yemen's Houthis until they stop their attacks on ships on the Red Sea. Saudi Arabia's benchmark stock index fell 0.3% as a result of a 1.4% drop in Saudi Aramco, the oil giant that traded ex-dividend. Dubai's main stock index dropped...

Osama Rabi, Chairman of the Suez Canal Authority, said that the Red Sea Crisis did not provide a viable route to replace this canal. He added that there are positive indicators that indicate a return to stability in the area. Since November 2023, Houthi militants backed by Iran have attacked vessels near the Red Sea. This has disrupted global shipping routes, forcing ships to bypass the Suez Canal, and redirect trade around Africa. The costs for insurance companies are also higher. Abdel-Fattah al Sisi, the Egyptian president, said that the Suez Canal disruption would cost Egypt $7 billion of revenue...

Jamal al-Ghurair said that Al Khaleej Sugar in Dubai is currently operating at 70% of its capacity, as Middle East sugar refineries struggle with overcapacity. This was revealed by the managing director of the company, Jamal al-Ghurair on Tuesday, during the Dubai Sugar Conference. "In the Middle East, there is 60-70% more capacity than the Middle East needs, so the refineries in the region are not operating at full capacity." He told reporters at the conference that some refineries were operating at 30%-40% capacity. Al Khaleej Sugar is the largest refinery in the world of sweeteners based at a port....

The differentials between Urals and Azeri BTC crude oil were unchanged on the Friday while daily Azeri BTC oil loadings at Ceyhan are set to drop 6% in march. Azeri BTC crude exports to Turkey's Ceyhan Port are set at 16,99 million barrels for March, up from 16,33 million barrels during February, according to a schedule seen on Friday. Calculations showed that daily oil loadings from Ceyhan would decline by 6% from February's plan in March, due to the fact that the following month will be three days longer. Two sources with knowledge of the plans said that Chevron was...

Regional protesters blocked petroleum loadings at the Es Sider and Ras Lanuf ports in Libya on Tuesday, five engineers and a shipping source told Reuters, putting about 450,000 barrels daily of exports at risk. In a declaration resolved to the nation's state-run National Oil Corporation (NOC) dated Jan. 5, the protesters required the relocation of several oil company headquarters to the Oil Crescent region, requiring reasonable development of their coastal location to enhance living conditions. An NOC spokesperson did not immediately reply to a Reuters ask for remark. The business stated on its official X account on Tuesday that its...

Egypt's state grain purchaser, Mostakbal Misr, has made a considerable purchase of Russian wheat, set for shipment this month, three sources familiar with the matter informed Reuters. The shipment, obtained through Russia's OZK Group, will be loaded onto 4 vessels sailing under the Egyptian flag. The sources did not divulge the total volume or rate of the transaction, however the vessels, presently en route to Russia's. Novorossiysk port, have a combined carrying capacity going beyond. 250,000 metric heaps. Egypt, one of the world's largest wheat importers, has actually faced. difficulties in keeping its grain reserves in current months. In 2024,...

Most stock exchange in the Gulf were up in early trading on Tuesday as the expect a Gaza ceasefire rose after the arbitrators reported a midnight 'development' in Doha talks. Arbitrators will fulfill in Doha on Tuesday looking for to settle information of a strategy to end the war in Gaza that has upended the Middle East. The Qatari standard index snapped its three-session losing streak and jumped 1.2%, the greatest in over 2 months with practically all stocks publishing gains. Qatar Gas Transportation gained 2.9% and Qatar National Bank climbed 2.3%. QNB, the area's largest lending institution, published on...

Morocco's top port operator Marsa Maroc will invest a concealed amount in Damerjog Oil FZE, which is planning to develop an oil and gas port on Djibouti's Gulf of Aden coast, according to a Moroccan government decree seen on Monday. Marsa Maroc has actually created a subsidiary, Marsa Maroc International Logistics, which will run a special offshoot called Marsa Djibouti to manage the Damerjog financial investment, according to the decree. Marsa Maroc did not right away respond to Reuters' emailed request for remark. The financial investment aims to increase Marsa Maroc's existence in east Africa's logistical supply chains, according to...

Egypt said on Saturday it had effectively evaluated a brand-new 10 km channel near the southern end of the Suez Canal, even as its profits from the waterway has plunged considering that Yemen's Houthi militants began attacking vessels in the Red Sea. The Suez Canal Authority stated in a declaration that during a. trial run two ships travelled through a brand-new stretch of the canal's. two-way area without event. Following the 2021 grounding of the container ship Ever. Considered that obstructed the important waterway for 6 days, Egypt. sped up strategies to extend the 2nd channel in the southern. reaches...

Italy's natural gas intake fell to its lowest level in more than 15 years to 61.7 billion cubic metres (bcm) in 2024, the nation's power market manager GME stated on Friday. A total 2.5% yearly drop was mainly due to a decline in making use of gas in power generation, while intake by business and households was marginally greater compared to 2023, according to GME. On the supply side, gas imports fell in 2015 to 58.7 bcm, touching their lowest level given that 2015, GME stated in its newsletter. In spite of a drop of almost 9% in the year...

South Sudan aims to resume oil production at its Blocks 3 and 7 on January 8 with preliminary output of 90,000 barrels each day, Petroleum Minister Puot Kang Chol stated on Tuesday. South Sudan's economy has actually been under pressure in recent years in the middle of common violence while essential petroleum export income has been injured by export disturbances due to war in Sudan. Over the weekend, Sudan raised a nearly year-long force majeure on the transport of crude oil from its neighbour South Sudan to a port on the Red Sea after security conditions improved. The government has...

According to a letter sighted by us on Monday, the Sudan lifted its near-one-year force majeure for the transportation of crude from South Sudan to an port on the Red Sea. Khartoum declared force majeure last March after the main oil pipeline transporting South Sudanese oil through Sudan to be exported suffered stops linked to the problems caused by the war between Sudan’s army and insurgents Rapid Support Forces. In a letter dated January 4 from Sudan's Ministry of Energy and Petroleum to South Sudan’s Energy Minister, Khartoum announced that it would lift the force majeure due to new security...

South Sudan will resume pumping crude oil for export through a port in neighbouring Sudan within a few days, a South Sudanese government official told Reuters on Thursday, following repairs to an essential pipeline burst during fighting in Sudan. War broke out between Sudan's army (SAF) and the paramilitary Rapid Assistance Forces (RSF) in April in 2015, requiring millions to leave their homes and triggering a starvation. The oil exports transferred through the pipeline in Sudan have been a vital source of profits for South Sudan, representing 90% of its foreign exchange earnings, with Sudan taking a cut as a...

Egypt raised prices on a large range of fuel products early on Friday, the petroleum ministry said, marking the third such increase this year. Prices for diesel fuel, one of the most commonly used fuels in the nation, were raised by 17% to 13.50 Egyptian pounds ($ 0.2779) per litre from 11.50 pounds. Gas costs increased from 11% to 13% depending upon the grade, with 80 octane gas rising to 13.75 Egyptian pounds, 92 octane to 15.25 pounds, and 95 octane to 17 pounds. Prime Minister Mostafa Madbouly stated in July that costs of petroleum items will slowly increase up...

Egypt's current account deficit more than quadrupled to $20.8 billion in the 2023/24 from $4.7 billion a year earlier, mostly due to an increase in the trade deficit and a fall in Suez Canal transit invoices, the central bank said on Tuesday. The country's Suez Canal earnings declined to $6.6 billion from $8.8 billion the previous year, it said in a statement. The decrease came primarily throughout the second half of the 2023/24 with earnings reducing by 61.7% to simply $ 1.8 billion. Egypt's ranges from July 1 to June 30. Such a reduction is because of the Red Sea...

Prices for Caspian oil grades have skyrocketed in the Mediterranean market today, as traders look for options in a significantly tight market following the suspension of oil production in Libya, 5 traders told Reuters. Libya's oil blockade started previously this week amid a. conflict in between eastern and western authorities over the. replacement of the reserve bank governor. The absence of Libyan supply has actually supported costs of Caspian. barrels, which are of a similar quality. Discounts for Kazakh CPC Blend narrowed to less than 30. cents per barrel to dated Brent, the traders said. The grade. usually trades at...

CNPC, Asia's leading oil producer, is reviewing its worldwide technique as it looks to restore dealmaking, eyeing gas liquefaction and deepsea drilling as well as structure on its record of producing more from aging wells, the head of its research arm said. China National Petroleum Corp (CNPC) and its listed arm PetroChina face stagnant oil output in your home and a deficiency of new tasks internationally to increase reserves even as slowing economic growth and rising EV usage wear down domestic need, although mounting geopolitical barriers limit its space to manoeuvre. CNPC may rekindle buying big oil and gas assets...

CNPC is Asia's largest oil producer and it has reviewed its global strategy to revitalize dealmaking. It will focus on gas liquefaction, deepsea drilling, as well as improving its track record in producing more from aging fields. China National Petroleum Corp. (CNPC) & its listed subsidiary PetroChina are facing stagnant oil production at home, a lack of new projects worldwide to boost reserves and a slowing economy and a surge in EV use eroding domestic demand. However, mounting geopolitical obstacles limit their room for manoeuvre. Lu Ruquan is the director of CNPC’s Economics and Technology Research Institute and is actively...

After years of rapid growth, U.S. crude exports should plateau by 2024. Domestic production is expected to grow the least since the Pandemic and at a time where global oil demand is still lagging. According to U.S. Government data, the average amount of crude oil exported from U.S. Ports has been around 4.2 million barrels a day. This was a 3.5% increase from the previous year, the lowest percentage since 2015 when the U.S. began exporting domestic crude oil following a 40-year ban. Exports increased by 13.5% in the last year. The exports have increased every year, except for 2021...

Upkeep on the ZaggutSidra pipeline linking Libya's Waha oilfield to the port of EsSider has actually been completed and circulations have resumed, Waha Oil Business said on Friday. Oil production from the field is expected to return to typical levels in the coming hours, the company stated in a. declaration. Production was suspended for upkeep early today. after a fire broke out at the pipeline. Pumping operations have actually now been brought back after completing. all maintenance work, replacing pipelines, and carrying out the. essential tests to ensure the security of pumping operations. through the pipeline from the fields to...

A pipeline pumping oil from Libya's Waha field to Es Sider port has actually been impacted by a fire that broke out on the pipeline on Monday, however there has been no effect on exports, a port engineer and a Waha business source told Reuters on Tuesday. The pump is still reduced to avoid any fire igniting and it's anticipated to go back to regular pumping this night as soon as maintenance is finished, the Waha oil company source said. The source stated the occurrence had no influence on production or exports. The Waha field has a capability of more...