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Oil prices rebound as OPEC hints at lower output LONDON: World oil prices rebounded sharply on Tuesday after the head of OPEC indicated that the crude producers' cartel could cut its production target for 2015.The widely-reported comments came from Abdullah El-Badri, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), after talks with Russian Energy Minister Alexander Novak in Vienna.In late afternoon deals, Brent North Sea crude for delivery in November rallied $1.40 to $99.28 per barrel from Monday's closing level.US benchmark West Texas Intermediate for October leapt $1.65 to $94.57 a barrel."Oil prices rose by over $1 per barrel ... after the OPEC meeting in Vienna concluded with OPEC stating that it might reduce oil output by 500,000 barrels per day (bpd) in 2015 to 29.5 million bpd," said Natixis commodities analyst Abhishek Deshpande."That should help balance the markets provided Libya and Iraq do not increase production separately."OPEC also suggested oil price to rise by end of ...

Oil up on OPEC production cut talk, Libya paring output NEW YORK: Brent and US crude futures rose more than a dollar on Tuesday on the prospect of a possible OPEC production cut and on news that Libya curbed output after rockets hit an area near a refinery.Oil prices received more lift when Russia said deploying troops in Crimea, which Russia annexed from Ukraine in March, was a top priority with NATO holding military exercises in the Ukraine near its border with Poland.Oil prices pushed ...

Azeri oil exports decline 1.8pc in Jan-Aug 2014 BAKU: Azerbaijan's oil exports fell 1.8 percent year on year in the first eight months of 2014, a source at the State Statistics Committee said on Tuesday, driven by declines at fields operated by BP.The committee source said Azerbaijan exported 22.788 million tonnes of oil, down from 23.155 million in the same eight months last year.Falling output at the main Azeri, Chirag and Guneshli (ACG)oilfields has raised concerns in Baku.BP and its partner, Azeri state ...

Oil above $98, OPEC supply comments offset concern over demand LONDON: Brent crude oil rose above $98 per barrel on Tuesday, as the prospect of a likely supply cut from OPEC outweighed the impact of weak demand from the world's biggest energy consumers.OPEC Secretary General Abdallah El-Badri told reporters he expected the group to lower its oil output target to 29.5 million barrels per day (bpd) from 30 million bpd when it meets next in late November.Oil had fallen to a 26-month low the previous ...

ddiOil prices hold steady LONDON: World oil prices stabilised on Tuesday as investors continued to digest weak global data and awaited the start of the US Federal Reserve's latest monetary policy meeting.In late morning deals, Brent North Sea crude for delivery in November firmed nine cents to $97.97 a barrel from Monday's closing level.The October contract sank to a two-year intra-day low of $96.21 before its expiry Monday, dented by weak data from top energy consumers the United States ...

Oil dips towards $97, hit by weak demand, strong supply LONDON: Brent crude oil fell towards $97 a barrel on Tuesday, pressured by weak economic data from the world's two biggest energy consumers which pointed to weak demand growth at a time of strong supply.November Brent was down 37 cents to $97.51 a barrel by 0810 GMT. The October contract which expired on Monday dipped to a 26-month low at $96.21 in its final session.Brent is down 13.1 percent in the third quarter, its biggest ...

UK gas prompt prices rise on tight system, St Fergus maintenance LONDON: Natural gas prices in Britain rose on Tuesday morning as maintenance at Shell's St Fergus terminal contributed to an undersupplied system.Prices for within-day delivery were trading at 50.40 pence per therm at 0909 GMT, up 1.40 pence since their last settlement. Prices for delivery on Wednesday were up 1.15 pence at 50.00 pence per therm.With supply flows at about 168.9 million cubic metres (mcm) per day on Tuesday and demand expected to be about ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln