King Salman receives Lebanese Patriarch Maronite Beshara Al-Rahi

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King Salman receives Lebanon's Maronite Patriarch Beshara Al Rahi in his office at Al-Yamama Palace in Riyadh. (SPA)
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King Salman receives Lebanon's Maronite Patriarch Beshara Al Rahi in his office at Al-Yamama Palace in Riyadh. (SPA)
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King Salman receives Lebanon's Maronite Patriarch Beshara Al Rahi in his office at Al-Yamama Palace in Riyadh. (SPA)
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Minister of Interior Prince Abdulaziz bin Saud bin Nayef bin Abdul Aziz, Minister of State and Cabinet’s Member Musa’ed bin Mohammed Al-Aiban; Foreign Minister Adel Al-Jubeir and Minister of State for Arab Gulf Affairs Thamer Al-Subhan. (SPA)
Updated 15 November 2017
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King Salman receives Lebanese Patriarch Maronite Beshara Al-Rahi

JEDDAH: King Salman received, Tuesday, the Lebanese Maronite Patriarch Beshara Boutros Al-Rahi in his office at Al-Yamamah palace in Riyadh.
During the meeting, they reviewed the fraternal relations between the Kingdom and Lebanon and stressed the importance of the role of different religions and cultures in promoting tolerance, renouncing violence, extremism, terrorism and achieving security and peace for the peoples of the region and the world.
The meeting was attended by Minister of Interior Prince Abdulaziz bin Saud bin Nayef bin Abdul Aziz, Minister of State and Cabinet’s Member Musa’ed bin Mohammed Al-Aiban; Foreign Minister Adel Al-Jubeir and Minister of State for Arab Gulf Affairs Thamer Al-Subhan.


OPEC will balance oil markets, but spare capacity limited — Nigerian official

Updated 39 min 58 sec ago
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OPEC will balance oil markets, but spare capacity limited — Nigerian official

  • ‘OPEC will do everything to stabilize, to balance the market’
  • Nigeria’s current crude oil production is about 1.7 million bpd

SINGAPORE: The Organization of the Petroleum Exporting Countries (OPEC) will act to balance the market after oil prices hit their highest in four years, but its options may be limited by available spare capacity, a Nigerian oil industry official said on Wednesday.
“It’s obvious that if you have high prices it’ll affect demand, so you have to do some market balance,” Malam Mele Kyari, head of crude oil marketing at Nigeria’s state oil firm NNPC and also the country’s OPEC representative, said.
“OPEC will do everything to stabilize, to balance the market but I’m sure you’re also aware that there’s a limit to what they can do. You must have the spare capacity,” Kyari said.
Oil prices surged this week on uncertainty over the global supply outlook following US sanctions on Iran’s oil exports and also as Saudi Arabia and Russia ruled out any immediate boost to output.
Kyari said Nigeria planned to increase its crude oil, condensate output by 100,000 barrels per day by the end of the year, up from about 2 million bpd currently.
The country’s current crude oil production is about 1.7 million bpd, he said.
In 2019, the African producer is aiming for an average output of 2.3 million bpd by boosting output from existing fields as well as starting new production from an ultra-deepwater field, Kyari said.
Located some 130 kilometers off Nigeria’s coast at water depths of more than 1,500 meters, the Egina oilfield is expected to start production in December and its output could peak at 200,000 bpd.
Kyari was in Singapore to launch the new Egina crude grade with field operator French oil major Total at APPEC.
The crude has an API gravity of 27.3 degrees and has a sulfur content of 0.165 percent, a provisional crude assay from Total showed.
The grade has a higher yield of gasoil and vacuum distillates compared with other products, according to the assay.