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Qatar oil minister says market experiencing ‘temporary correction’ ABU DHABI: The oil market is experiencing a "temporary correction" and fundamentals should dictate a fair price for oil, Qatar's oil minister Mohammed al-Sada said in a speech on Sunday."We believe in the role of market fundamentals in dictating prices," he told a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.Sada also said the main reason for oil's plunge in recent months was slow growth of the global economy and an increase in sources of supply, particularly unconventional.Current oil prices may result in a weakening of investments in oil and gas projects, he added.Copyright Reuters, 2014


Iraq's SOMO sees average December oil exports from Basra topping 2.6mn bpd ABU DHABI: The head of Iraq's state oil marketing body, SOMO, said on Sunday that he expected average December oil exports from Basra to top 2.6 million barrels per day.Falah al-Amiri was speaking to Reuters on the sidelines of a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.Exports from Basra, Iraq's main oil-exporting hub, often fluctuate widely because of weather or technical problems. In early November they were ...

Iraq oil min says total production to reach 4mn bpd ABU DHABI: Iraq Oil Minister Adel Abdel Mahdi said on Sunday Iraq's total oil production would reach four million barrels per day (bpd) after Baghdad reached an agreement on exports with Kurdish regional authorities. Mahdi made the remarks in a speech at a conference in Abu Dhabi. Iraq's government reached a temporary agreement with Kurdish regional authorities on Dec. 2 to end a dispute over oil exports and budget payments to the semi-autonomous Kurdish region.Copyright ...

Kazakhstan sticks to 2014 oil output plan despite Tengiz fall ASTANA/ALMATY: Kazakhstan still expects to produce 81.8 million tonnes (1.64 million barrels per day) of crude this year, nearly unchanged from 2013, despite less oil from the Chevron -led Tengiz venture.Madina Abylkasymova, Kazakh deputy national economy minister, told reporters on Saturday that Tengizchevroil (TCO), Kazakhstan's largest oil producer, had revised down its oil output target for this year to 26.2 million tonnes from 27.1 million tonnes seen earlier. Chevron holds 50 percent of the venture.However, ...

Oil up on pre-holiday short-covering but down for 4th week NEW YORK: Oil bounced higher on Friday as selling pressure from a six-month price rout eased for a second time this week on short-covering, helped by fresh buying in US crude before the expiry of the front-month contract. US West Texas Intermediate (WTI) crude futures traded above $55 a barrel while benchmark Brent hovered above the psychologically key $60 level, gaining over 2 percent in New York's morning trade. On a weekly basis though, Brent ...

Brent steady below $60, heads for 4th weekly decline as glut persists SINGAPORE: Brent crude held below $60 a barrel, near a 5-1/2-year low, on Friday as a global oversupply of oil showed little sign of receding, even as companies cut upstream investments next year.Oil prices were on track for a fourth straight week of declines after OPEC members last month decided against cutting production in response to a drop of nearly 50 percent in prices since late June. Brent crude for February delivery was down 3 ...

Middle East Crude: Fuji sells Feb Oman at steady discount SINGAPORE: The February differential for physical Oman remained at a wide discount after a Japanese refiner sold a cargo, traders said on Friday.Fuji Oil sold a cargo of February-loading Oman to Shell at a discount or between 60 and 70 cents a barrel to Dubai quotes in a tender, they said. The price levels were similar to purchases by Taiwanese refiner CPC a day earlier.Several cargoes of February-loading Basra Light have been sold to India ...


 



 
Index Closing Chg%
Arrow DJIA 17,804.80 0.15
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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