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Fuel and Energy: World


World oil prices rose sharply this week as Saudi Arabian jets struck rebel targets in Yemen, sparking fresh supply fears in the crude-rich Middle East. Many commodities were also buoyed as weak US data sent the dollar sliding, denting confidence in the world's top economy and throwing into question the timeline for a long-awaited Federal Reserve interest rate hike.

Asia's naphtha crack fell from a near 6-1/2 month high on Friday to a three-session low of $124.35 a tonne, weighed down by the possibility that buyers may soon be able to use alternative liquefied petroleum gas (LPG) feedstock. LPG can replace up to about 15 percent of naphtha feedstock in some of the Asian petrochemical units used to produce ethylene and propylene, the building blocks for plastics.
China's commercial and strategic oil storage is almost full, a Sinopec trading executive said on Wednesday, leaving little room for Asia's top oil consumer to keep up its soaring import growth and adding downward pressure to an already oversupplied market. China's purchases to fill its strategic petroleum reserves (SPR) was one of the main drivers of Asian demand since August of last year, with the nation's importers buying cheap crude to fill oil tanks despite slowing economic growth.
Greece's Energy Minister Panagiotis Lafazanis will meet his Russian counterpart and the CEO of energy giant Gazprom in Moscow on Monday, as he hit out at the EU and Germany for tightening a 'noose' around the Greek economy.
Canada's main stock index finished lower on Friday in a retreat led by financial stocks and by energy companies, which were pulled down by a sharp fall in crude prices. The price of oil sank some 5 percent as the likelihood of an Iran nuclear deal with the West, which could result in more crude supply on the market, trumped concern over an air strike in Yemen by Saudi Arabia and its allies that could endanger a major oil supply route.
Europe's reliance on imports of natural gas is likely to rise from half to three quarters over the next two decades and Russia will continue to supply around 30 percent of EU needs, BP's chief economist said on Friday.
US natural gas futures fell more than 3 percent on Friday to the lowest level since early February on forecasts for warmer, but still a little below-normal, temperatures over the next two weeks.


Index Closing Chg%
Arrow DJIA 17,678.23 0.23
Arrow Nasdaq 4,863.36 0.27
Arrow S&P 2,056.15 0.24
Arrow FTSE 6,895.33 1.37
Arrow DAX 11,843.66 0.18
Arrow CAC-40 5,006.35 0.29
Arrow Nikkei 19,471.12 1.39
Arrow H.Seng 24,497.08 0.13
Arrow Sensex 27,457.58 2.33

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln