EconSource: Oil Tankers Diverted From Yemen Amid Saudi Air Strikes

At least four oil and natural gas tankers that were headed to Yemen have been diverted as chaos mounts in the country following the launch of Saudi-led air strikes, according to industry sources and ship tracking data. Fighting has forced the country’s liquefied natural gas (LNG) export plant to take one of its production plants offline. Several companies, including France’s Total and APR Energy Plc, have either evacuated staff or ceased operations due to the conflict. [Reuters, 4/9/2015]

Islamic State revenues hit by lost Iraqi oil fields
The Islamic State (ISIS or ISIL) has lost control of at least three large oil fields in Iraq, a German has newspaper reported. The extremist group now controls just a single oil field in the country, the northern Qayara oil field, the Sueddeutsche Zeitung said in its Thursday edition, citing a report by German intelligence services. According to the report, the group now only has 5 percent of the extraction capabilities it had previously. [AFP, 4/8/2015]

Egypt’s inflation rates rise in March
Egypt’s annual urban consumer inflation and core inflation both picked up in March for a second consecutive month, a sign the government may be struggling to balance economic growth and price stability. The urban consumer inflation rate rose to 11.5 percent in March, marking a five month high driven by a rise in food and utility prices. Inflation accelerated in Egypt after the government slashed subsidies last summer, raising fuel prices by as much as 78 percent. [Reuters, 4/9/2015]

UAE investment law for foreign ownership in final phase
A UAE investment law that allows for 100 percent ownership to foreigners is in the final phase of being issued. The new law is aimed at attracting new foreign investment. Gulf countries are pushing for foreign investment and diversifying their economies as oil revenues decrease due to drop in oil prices. Oil prices have fallen by about 50 percent over the past year. [Gulf News, 4/8/2015]

Also of interest
Saudi stocks mixed after oil slide, Egypt continues rebound | Reuters
Libyan official says OPEC should cut oil output | Reuters
Egypt lures investment, but jobs elusive | Zawya
Egypt’s new administrative capital deal to be announced soon | Ahram Online
Projected population rise this year to spur Qatar economic growth | Gulf Times