Business News Algeria

  • *China takes supports financial markets, economy. NEW YORK, Feb 10- Oil prices fell to their lowest since January 2019 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts. Oil has dropped over 25% from a peak in January after the spreading virus hit...

  • ALGIERS, Feb 10- Algeria plans to issue sukuk, or Islamic bonds, and develop its small stock exchange as the oil reliant economy seeks to diversify funding sources, according to a government document reviewed by Reuters. Despite previous attempts to boost its activity, the Algiers bourse is still one of the world's smallest, with a low capitalisation compared...

  • *China takes supports financial markets, economy. LONDON, Feb 10- Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts. "The concern remains that the wider markets have yet to reflect the full impact of the disruption," said Saxo...

  • *China takes supports financial markets, economy. LONDON, Feb 10- Oil prices slipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts. "The concern remains that the wider markets have yet to reflect the full impact of the disruption," said...

  • *China takes action to support financial markets, economy. SINGAPORE, Feb 10- Oil prices slipped lower on Monday as traders assessed China's oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets. Brent crude slipped to $53.63 a barrel in early Asian trade, the lowest since Jan. 2, 2019, before...

  • *China takes action to support financial markets, economy. SINGAPORE, Feb 10- Oil prices edged down on Monday but held recent ranges as traders assessed China's oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets. Brent crude slipped to $53.63 a barrel in early Asian trade, the lowest...

  • DUBAI, Feb 9- An OPEC, non- OPEC technical panel has recommended extending a current oil supply cut pact until the end of 2020 and more output reductions due to the impact of the coronavirus on oil demand, Algeria's oil minister said in a statement. Mohamed Arkab, who currently holds the presidency of the Organization of the Petroleum Exporting Countries, also said...

  • *Saudi, UAE had rejected inspection requirement. JOHANNESBURG, Feb 8- South Africa aims to free up over a billion dollars in stalled weapons sales, including to Saudia Arabia and United Arab Emirates, by amending a document at the heart of an export row, a senior arms control official told Reuters. Saudi Arabia and the UAE buy at least a third of South Africa's arms...

  • LONDON, Feb 6- BP is seeking buyers for its stake in a major Algerian gas plant deep in the Sahara desert after recent talks on a sale to Russian oil giant Rosneft failed, three industry sources told Reuters. The approval of a sale of the Algerian assets will be one of the first major decisions for Chief Executive Bernard Looney who took office on Wednesday after his...

  • ALGIERS, Feb 5- Algerian President Abdelmadjid Tebboune on Wednesday appointed Toufik Hakkar as the new head of state energy firm Sonatrach, state television reported. Algeria, a major gas supplier to Europe, relies on hydrocarbons sales for 60% of its budget revenue but they have slumped since the oil price fell in 2014, leading to a big decline in foreign...

  • A new production cut agreement by OPEC and allies including Russia started on Jan. 1. The January survey indicates that total OPEC output fell by 640,000 bpd from December. Compared with the levels from which they agreed to cut, which in most cases was October 2018 output, 10 OPEC members have reduced production by 1.556 million bpd.

  • LONDON, Jan 30- Oil prices fell on Thursday on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, while the market also considered the possibility of an early OPEC meeting. Brent crude was down $1.29, or 2.16%, at $58.52 a barrel by 1321 GMT, having risen 0.5% on Wednesday. U.S. crude was down $1.07, or 2.01%, at $52.26...

  • LONDON/ DUBAI, Jan 28- OPEC wants to extend current oil output cuts until at least June from March, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of a new coronavirus, OPEC sources said. The quick slide in oil prices over the past few days has alarmed OPEC officials, the sources say, as the new virus...

  • The death toll from the coronavirus outbreak in China rose to 81 with more than 2,700 infected, while health authorities around the world stepped up screening of passengers from China. "It is important that we do not exaggerate projections related to future decreases in oil demand due to events in China," UAE Minister of Energy Suhail al-Mazrouei said.

  • ALGIERS, Jan 27- OPEC president Mohamed Arkab said on Monday he expects an outbreak of coronavirus in China to have little impact on the global oil market for now, but added that producers were ready to react to any new developments. "The impact on the prospects for the world oil demand would be low," Arkab, who is also Algeria's energy minister, said in a statement...

  • Jan 16- An indigenous group that opposes construction of the Coastal GasLink pipeline in British Columbia will refuse workers access to their land, but in peaceful fashion, according to one of its chiefs. The statement comes after Royal Canadian Mounted Police established a checkpoint on Monday for access to a remote, forested area along Coastal GasLink's...

  • *Malaysia is biggest exporter of refined palm to India. KUALA LUMPUR, Jan 16- Malaysia is talking to the Indian government and trade officials in a bid to resolve concerns over New Delhi's new palm oil import restrictions, a minister in Kuala Lumpur said on Thursday amid a trade spat between the countries. India, the world's biggest buyer of edible oils, last week...

  • ATHENS, Jan 16- Greece's state-controlled gas utility DEPA, earmarked for privatisation this year, has won a legal case over a supply deal with Turkish state energy company BOTAS, DEPA said on Thursday. The International Court of Arbitration ruled on Wednesday that BOTAS should cut retrospectively the contractual gas prices that DEPA has paid, DEPA said in a...

  • *Malaysia is biggest exporter of refined palm to India. KUALA LUMPUR, Jan 16- Malaysia is talking to the Indian government and trade officials in a bid to resolve concerns over New Delhi's new palm oil import restrictions, a minister in Kuala Lumpur said on Thursday amid a trade spat between the countries. India, the world's biggest buyer of edible oils, last week...