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Oil falls in volatile trade on supply worries, dollar and Iran NEW YORK: Oil closed lower on Thursday in volatile trade, as a soaring dollar and the U.S. pursuit of an Iranian nuclear deal offset earlier gains from supply concerns in Libya and Iraq.Libya's declaration of force majeure on nearly a dozen of its oilfields due to security concerns and arson attacks by Islamic State militants on Iraqi oil wells helped prices climb during the European session.In New York trade, the market came off its highs after the dollar hit 11-1/2 year highs against the euro, weighing on oil prices denominated in the greenback.Washington's pursuit of a nuclear agreement with Tehran, which could end sanctions against Iran and bring more oil from the OPEC member into an already flooded market further dragged on prices.Even so, market bulls convinced oil had hit a bottom after the June-January selloff that had knocked 60 percent off prices stepped in to prevent a sharp slide ...

Global supply glut weighs on oil prices NEW YORK: Persistent worries about a global oversupply of crude oil weighed on the oil market Thursday after US inventories leaped to another record high this week.US benchmark West Texas Intermediate for delivery in April fell 77 cents to $50.76 a barrel on the New York Mercantile Exchange at the end of a volatile session in which WTI spent some time in positive territory.In London, Brent North Sea crude for April, the international benchmark, dipped ...

Oil up despite strong dollar, US stance on Iran NEW YORK: Oil rose in volatile trade on Thursday but analysts said the gains may not hold in the face of a strong dollar and the U.S. commitment to forge a nuclear deal with Iran.Concerns about deteriorating oil supplies from Libya and Iraq boosted crude prices even before the New York session.Without new bullish factors apparent in U.S. trading hours, the market stayed afloat on buying from those convinced it had hit bottom since the ...

Russia's Gazprom gets $15mn gas prepayment from Ukraine MOSCOW: Russian natural gas exporter Gazprom said on Thursday that it had received a $15 million prepayment from Ukrainian state energy firm Naftogaz following warnings supply could be cut off if no payment was made. The payment is enough for 45.6 million cubic metres of gas, or about five days' supply at current rates of delivery, Gazprom said by e-mail.Gazprom had warned supply to Kiev could be cut off as soon as Friday if no ...

Brent tops $61 as Iraq, Libya offset US stockpile jump LONDON: Brent crude future prices rose above $61 a barrel on Thursday, as investors brushed aside bearish US inventories data to focus on tensions in Iraq and Libya. A deteriorating security situation led Libya's state oil company to declare force majeure on 11 of its oilfields on Wednesday. In Iraq, Islamic State militants have set fire to oil wells in the Ajil field east of the city of Tikrit to try to hinder aerial attacks ...

Malaysia's Petronas begins $17bn bond and sukuk drive KUALA LUMPUR: Malaysian energy company Petronas began roadshows on Thursday to raise up to $17 billion from conventional and Islamic bonds, or sukuk, for working capital. State-owned Petronas met potential investors for a $15 billion multi-currency conventional bond programme and a one-off dollar-denominated sukuk issuance of $2 billion, two sources told Reuters.A spokesman from Petronas confirmed the plans. Bank of America Merrill Lynch, CIMB Group Holdings, Morgan Stanley MUFG, JP Morgan and Citibank are lead ...

Rosneft says no plans to halt oil products output at Achinsk oil refinery MOSCOW: Russia's top oil producer Rosneft said on Thursday it had no plans to halt oil products output and sales to consumers from its Siberian Achinsk oil refinery, after Energy Ministry data showed an outage at the plant. According to the data, Rosneft stopped five secondary units, which produce gasoline and diesel, at the refinery starting from March 1 for up to six days. Copyright Reuters, 2015


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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 $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $16.137 bln