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Japan offers Mexican crude from strategic reserves TOKYO: Japan's trade ministry on Monday issued a tender offering a total 1.89 million barrels (about 300,000 kilolitres) of Mexican crude from the government's Strategic Petroleum Reserves as part of a plan to replace the oil with other grades. The tender will be held on Aug. 13. The tender is for about 1 million barrels (160,000 kl) to be delivered between Sept. 10-Oct. 20 and the remaining 881,000 barrels (140,000 kl) to be delivered in Nov. 10-Dec. 20, the tender document showed. Copyright Reuters, 2014

Oil prices rise ahead of weekend, US oil stabilizes NEW YORK: Oil prices rose Friday, with the New York contract stabilizing, as traders braced for a weekend that could see escalating geopolitical tensions in Ukraine and the Middle East.The US benchmark futures contract, West Texas Intermediate (WTI) for September, edged up two cents to $102.09 a barrel.In London, Brent North Sea crude for delivery in September settled at $108.39 a barrel, leaping $1.32 from Thursday's closing level.Traders were making some "readjustment" to the WTI ...

Oil slips below $107 as ample supply outweighs risk premium LONDON: Oil fell below $107 a barrel on Friday as plentiful supply outweighed concerns over conflicts in the Middle East and Ukraine. Brent crude for September delivery traded 18 cents lower at $106.89 a barrel by 1400 GMT. The contract had closed 96 cents lower on Thursday. "There is ample prompt supply of crude oil, but the geopolitics in Ukraine, Gaza, Iraq and Libya is providing support," said Olivier Jakob, an analyst at Petromatrix in ...

Nigerian crude exports to hit 16 month high in Sept LONDON: Nigeria will export around 1.90 million barrels per day (bpd) of crude oil in September including deferred cargoes, the highest monthly total in more than a year, according to loading schedules seen by Reuters on Friday. September's total will load in 61 cargoes and is up from August's revised rate of 1.82 million bpd.The total includes two cargoes of Qua Iboe crude, which were delayed to September from August. Nigeria's exports in September will ...

Oil flat around $107 as ample supply offsets risk premium LONDON: Oil held steady around $107 a barrel on Friday, as plentiful supply countered any premium to prices caused by concern over conflicts in the Middle East and Ukraine. Brent crude for September delivery traded 14 cents higher at $107.21 a barrel by 1020 GMT. The contract had closed 96 cents lower on Thursday.US crude for September delivery was up 10 cents at $102.17 a barrel, after settling $1.05 lower.The continuing conflicts, however, did little ...

Statoil disappoints in Q2 as production falls OSLO: Norwegian oil giant Statoil stood by its production target for 2014 on Friday despite a second-quarter drop in output which weighed on its results.Adjusted earnings, an indicator followed closely in financial markets, were down by 15 percent to 32.3 billion kroner (3.87 billion euros, $5.20 billion) compared to 38 billion kroner a year earlier. The results were affected by divestments, seasonal effects and lower gas prices, said Statoil, which is 67-percent owned by the ...

Rosneft working to limit effects of sanctions, profits jump MOSCOU: Russia's state-held oil giant Rosneft said on Friday it was working on a plans to reduce the effects of Western sanctions over Ukraine, and announced a five-fold jump in second-quarter earnings."Together with our partners -- the world's leading oil companies -- we are working on a plan to minimise the consequences of including Rosneft on the sanction lists," Rosneft chief executive Igor Sechin said in the company's earning statement.Rosneft was hit by US sanctions ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
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WeeklyJuly 10, 2014
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