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Statoil finds more oil near earlier discoveries OSLO: Norwegian energy firm Statoil made a small oil discovery at the Krafla North prospect in the North Sea, near earlier discoveries, Det norske , a partner in the find said on Friday.The find at Krafla North totals between 6 and 19 million barrels of oil equivalents (mmboe), Det norske said in a statement."The partners ... will evaluate the discovery in connection with other discoveries in the two (nearby) licenses," it said."Together with the discoveries at Krafla from 2011 of 50 to 80 mmboe and Askja in 2013 of 19 to 44 mmboe, the total amounts to 75 and 143 mmboe."Statoil holds 50 percent of the licence while Det norske and Svenska Exploration each hold 25 percent.Copyright Reuters, 2014


Oil rebounds in volatile year-end trade SINGAPORE: Oil prices edged up in Asia Friday after falling sharply in the previous session, as analysts predicted increased volatility and no end in sight this year to tumbling prices. US benchmark West Texas Intermediate (WTI) for January delivery rose 73 cents to $54.84, while Brent crude for February gained 32 cents to $59.59 in afternoon trade. WTI dived Thursday $2.36 to its lowest since May 2009, while Brent tumbled $1.91."Until the issue of low ...

Lower oil prices expected to boost Asian demand growth in 2015 SINGAPORE: Lower oil prices could boost demand in Asia in 2015, with spot interest for diesel, Asia's most widely used fuel, picking up in countries like Vietnam, Philippines and Indonesia, traders and analysts said.Asia's oil demand is expected to grow 660,000 barrels per day (bpd) to 31.11 million bpd in 2015, up from this year's growth of 610,000 bpd, according to estimates by oil and gas consultancy KBC Advanced Technologies.The region will add 310,000 bpd ...

Plunging oil price to reset global defence budgets: IHS LONDON: Global defence spending is likely to remain constant for the next two years as tumbling oil prices cut the budgets of Middle East exporters, but swell the coffers of Asia-Pacific importers, defence analysts IHS said Friday.With Brent crude recently falling below the symbolic $60 dollar (48.8 euros) mark -- a 50 percent drop since mid-June -- the defence budgets of countries in the Middle East and North Africa are likely to fall to normal ...

Oil rebounds in volatile year-end trade SINGAPORE: Oil prices edged up in Asia Friday after falling sharply in the previous session, as analysts predicted increased volatility and no end in sight this year to tumbling prices. US benchmark West Texas Intermediate for January delivery rose 63 cents to $54.74, while Brent crude for February gained 16 cents to $59.43 in mid-morning trade. WTI dived Thursday $2.36 to its lowest since May 2009, while Brent tumbled $1.91."Until the issue of low global ...

Oil rises 2 percent to $62 as energy firms slash investments LONDON: Brent crude rose 2 percent to above $62 a barrel on Thursday, extending a rebound from five-year lows this week as oil's six-month price rout forced more energy firms to cut investments in new production.Oil this week slumped as low as $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelms demand, with losses accelerating after producer group OPEC decided not to cut output at its meeting last month.But signs that ...

Saudi crude oil exports rise to almost 6.9mn bpd in Oct DUBAI: Top oil exporter Saudi Arabia shipped more crude oil in October than a month earlier while volumes used by domestic refineries remained high allowing more oil products exports, official data showed on Thursday.The OPEC member exported 6.897 million barrels per day of crude in October, up from 6.722 million in September, data published by the Joint Organisations Data Initiative (JODI) showed.Production was slightly lower in October at 9.69 million bpd from 9.704 million, the ...


 



 
Index Closing Chg%
Arrow DJIA 17,778.15 2.43
Arrow Nasdaq 4,748.40 2.24
Arrow S&P 2,061.23 2.40
Arrow FTSE 6,466.00 2.04
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln