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Outages cut Norway's gas output by 55 mcm/day on Saturday OSLO: Natural gas output from Western Europe's top gas supplier, Norway, is expected to be cut by 55 million cubic metres (mcm) per day on Saturday, less than the previous day, data from gas system operator Gassco showed.Outages at the country's gas processing plants Kollsnes and Nyhamna are to reduce the country's production capacity by 34.5 and 10.1 mcm/day respectively, Gassco said on its website.In addition, production capacity at the Sleipner field will be reduced by 10.5 mcm/day, while a small outage at Valemon field ended on Saturday morning, it added.Norway's natural gas production capacity was cut by a combined 65 mcm/day on Friday compared to the country's total capacity of around 350 mcm/day.Real-time pipeline gas flows from Norway to Europe were running at a rate of 303 mcm/day by 0840 GMT on Saturday. Gassco's data showed.Copyright Reuters, 2015

Oil prices rocket by nearly $4 a barrel NEW YORK: Oil prices surged by nearly $4 a barrel in late trade Friday, rebounding from six-year lows on month-end covering and signs the industry is quickly tightening exploration activities.After a day trading slightly higher, around the $45 level, the US benchmark West Texas Intermediate crude for March delivery suddenly rocketed to more than $48.At the end of the session, WTI closed at $48.24, a gain of $3.71 from Thursday.In London, Brent North Sea crude ...

Shell revises down annual net profit after error LONDON: Oil giant Shell revised down Friday its 2014 net profit, after uncovering an error in the value of its downstream operations one day after posting annual results.Shell announced in a new statement that annual net profits fell nine percent to $14.874 billion (13.17 billion euros) last year compared with 2013, hit by collapsing global oil prices.The Anglo-Dutch oil group on Thursday had stated its 2014 net earnings as $15.052 billion.Profits after taxation meanwhile tumbled ...

Unipec buys rare gasoil cargo from India SINGAPORE: Unipec, the trading arm of China's Sinopec, bought a rare gasoil cargo from India's Mangalore Refinery and Petrochemical Ltd, trade sources said on Friday.The company bought 65,000 tonnes of 500 ppm sulphur gasoil for Feb. 20 to 22 lifting from MRPL at a premium of about $1.10 a barrel to Middle East quotes, they added.This is the second such time that Unipec is buying a cargo from MRPL, one of them said.It is unclear ...

Tanzania buys over 250,000 tonnes oil products from Addax SINGAPORE: Tanzanian importers bought more than 250,000 tonnes of oil products for delivery in March from Addax Energy, industry sources said on Tuesday.The Petroleum Importation Coordinator, which represents oil marketing companies in the east African nation, bought nearly 175,000 tonnes of 50 ppm sulphur diesel, 67,599 tonnes of 10 ppm sulphur gasoline, 14,807 tonnes of jet fuel and 1,400 tonnes of kerosene.The cargoes are to be delivered into Kurasini Oil Jetty and into the country's ...

Oil prices slip as output remains high, producers slash costs SINGAPORE: Oil prices dipped on Friday following slight gains in the previous session and analysts said the outlook remained weak, with production high and producers reducing operating costs to adjust to lower export revenues.Global oil prices had firmed slightly on Thursday but not before US crude hit a near-six-year low and benchmark Brent pared gains on data showing fresh additions to record-high US oil inventories.Benchmark Brent crude oil futures opened Friday's trading little changed at ...

Oil prices mixed in Asian trade SINGAPORE: Crude prices were mixed in Asia Friday, after the US Senate approved a bill to build an oil pipeline from Canada to refineries in the US Gulf Coast, adding to concerns over a supply glut.US benchmark West Texas Intermediate for delivery in March was up two cents by late morning to $44.55 in volatile trading, while Brent for March eased 16 cents to $48.97.WTI fell below $44 a barrel at one point in New ...


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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 $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln