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Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, Kuwaiti Finance Minister Anas al-Saleh said on Saturday. "We must undertake comprehensive economic reforms including the reform of imbalances in public finances," Saleh told a meeting of Gulf Arab finance ministers, central bank governors and the International Monetary Fund in Kuwait.

Tanzania has held talks with France's Total and Britain's BP over oil and gas exploration, its energy ministry said on Saturday, aiming to add to major companies active in its thriving energy sector. Companies already present in the east African state include Norway's Statoil, Brazil's Petrobras, Royal Dutch Shell , BG Group and Exxon Mobil..
US next-day natural gas prices at the Henry Hub, the benchmark supply point in Louisiana, fell to an 11-month low on Friday on forecasts for continued weak heating demand. Front-month gas futures on the New York Mercantile Exchange, meanwhile, ended flat after trading down to an 11-month low earlier in the session.
The Asian naphtha crack extended losses to hover at 26-month lows of $60.93 a tonne as demand from North Asia failed to make a significant dent in high supplies. South Korea's LG Chem bought two naphtha cargoes totalling an average of 50,000 tonnes for first-half December delivery.
The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO), TVO said late on Friday. TVO and Areva have traded accusations about who is to blame for delays and extra costs, and the International Chamber of Commerce's (ICC) arbitration court is processing a dispute on cost overruns between the two sides.
European physical coal prices for December were flat on Friday afternoon, while Australian prices were mixed but still close to 2009 levels. European coal for delivery in December to Amsterdam, Rotterdam and Antwerp (ARA) was flat at $74.75 a tonne on the GLOBALcoal platform at 1426 GMT, with 50 lots traded. Meanwhile, cargoes for delivery in December from Australia's Newcastle terminal were down $0.25 to $64.35 a tonne at 1327 GMT, while January cargoes inched up $0.15 to $64.75 a tonne.
Brent oil prices fell on Friday but were little changed on the week as traders caught their breath from a months-long rout, even as signs of rising global supply and a US contango structure threatened deeper losses. US crude oil futures, meanwhile, continued to slide. Contracts for December delivery settled down $1.08 at $81.01 per barrel, dropping $1.74 since last Friday.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln