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ExxonMobil earnings edge up on strong refining results NEW YORK: US energy giant ExxonMobil reported slightly higher third-quarter earnings on Friday as better results in refining and chemicals offset lower profits from exploration and production.The largest US publicly-traded oil company, Exxon reported net income of $8.1 billion, up 2.5 percent from the same period a year ago.Earnings from the upstream division, which finds and produces oil and gas, fell $297 million to $6.4 billion as oil-equivalent production dropped 4.7 percent from last year.The results also reflected lower oil prices compared with a year ago.However, lower crude prices helped Exxon's refining business, which purchases crude and processes it into gasoline and other petroleum products. Refining profits rose 73 percent to $1.0 billion.Chemical profits increased 17 percent to $1.2 billion.Friday's results "demonstrate the strength of our integrated business model," said chief executive Rex Tillerson."Integration across upstream, downstream and chemical gives us competitive advantages in scale, efficiency, technical and commercial capabilities, ...


Oil market pressured by strong dollar LONDON: Oil prices slid on Friday, pressured once again by a stronger dollar, as dealers speculated over whether the Federal Reserve will lift interest rates sooner rather than later, analysts said.In midday London trading, Brent North Sea crude for delivery in December shed 90 cents to $85.37 a barrel.US benchmark West Texas Intermediate for December fell 90 cents to $80.22 a barrel compared with Thursday's closing value.Singapore's United Overseas Bank said crude prices faced downward ...

Thailand's oil, gas output seen down 70pc in next decade BANGKOK: Thailand is in urgent need to secure long-term energy supplies as its oil and gas output is expected to drop over 70 percent in the next decade after hitting a peak of over 800,000 barrel of oil equivalent per day in 2014, consultancy Wood Mackenzie said. At the current rate of production, Thailand's remaining reserves will be exhausted within nine years, Craig McMahon, head of Asia Pacific research for Woodmac told reporters after giving ...

British prices fall on Ukraine-Russia deal LONDON: British wholesale gas prices for the rest of this year fell on Friday after Ukraine and Russia signed a deal that will see Moscow resume gas supplies to Kiev this winter, while warm UK weather and high storage levels added to the bearish tone. Russia is Europe's biggest supplier of gas and provides around a third of the continent's needs, pumping roughly half of that via Ukraine. Some of this reaches Britain from continental ...

Middle East Crude: Chinaoil ends Oct with record 47 cargoes SINGAPORE: The Middle East crude market held steady on Friday, the last day of the month that saw Chinaoil buying a record volume of oil on the Platts window."The end of a historic month," a trader with a Western firm said.Chinaoil snapped up 47 cargoes of Upper Zakum, Oman and Dubai in the window this month, traders said, a bull run which has strengthened Dubai and put Saudi Arabia in a dilemma.The largest OPEC producer ...

Oil falls towards $85 on strong dollar, oversupply LONDON: Brent crude oil fell more than a dollar towards $85 a barrel on Friday as a firmer dollar and a well supplied oil market pushed the benchmark towards its steepest monthly decline since 2012. The US dollar rose to a three-week high on Thursday, after data showed the US economy grew 3.5 percent in the third quarter, topping market estimates for a 3 percent rise. A strong dollar makes commodities such as oil more ...

Brent falls toward $86, heads for worst month since 2012 SINGAPORE: Brent crude futures fell toward $86 a barrel on Friday as a firmer dollar and a well supplied oil market combined to put the benchmark on course to end October with its steepest monthly decline since 2012.Unless the Organization of the Petroleum Exporting Countries moves to cut oil output at its meeting next month, traders say oil prices, which have dropped by a quarter since June, are likely to extend their rout."We are still ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln