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Oil prices rebound in Asia SINGAPORE: Oil prices rebounded in Asia Thursday after falling sharply to fresh five-year lows in the previous session after OPEC cut its forecast for demand 2015 and US stockpiles saw a surprise surge, analysts said. US benchmark West Texas Intermediate (WTI) for January delivery rose 58 cents to $61.52 while Brent crude for January was up 65 cents at $64.89 in mid-morning trade. WTI tumbled $2.88 Wednesday while Brent lost $2.60 after the Organization of the Petroleum Exporting Countries said demand for the 12-nation cartel's crude would fall to 28.92 million barrels a day next year. The figure is the lowest since 2003 and at least one million barrels fewer than it is producing now.Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY, said the forecast was "adding to the woes" of oil prices. "With the holiday season coming up and no major economic news ...


OPEC cuts 2015 demand forecast for its oil to lowest in a decade LONDON: Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group's oil will drop to 28.92 million barrels per day (bpd) ...

Oil hits new five-year low on U.S stock build, OPEC LONDON: Brent crude oil fell to a new five-year low below $65 a barrel on Wednesday on mounting signs of oversupply and lacklustre demand as global economic growth falters.The price of the North Sea oil benchmark has fallen more than 40 percent since June as new supplies of high-quality crude from North America have fed a glut of fuel in many parts of the world.Data from the U.S. Energy Information Administration showed U.S crude oil ...

Oil prices drop before US data LONDON: Oil prices slid on Wednesday, but avoided new lows, as dealers awaited US stockpiles data for an indication of demand in the world's biggest consumer of crude. US benchmark West Texas Intermediate for delivery in January shed $1.06 to $62.76 a barrel.Brent North Sea crude for January lost 80 cents to stand at $66.04 in London midday deals compared with Tuesday's close. Both contracts fell to five-year low points on Tuesday before rebounding late ...

Brent stays above $66 after dip on oversupply worries BEIJING: Brent crude remained above $66 barrel on Wednesday, after resuming its drift downwards amid a glut of oil on the market, following a short-lived reprieve the previous day when a weaker dollar had provided some support to prices.Worries about oversupply have pushed Brent down 40 percent since June."Notwithstanding day-to-day movements, the fundamental picture hasn't really changed, and that is one of supply outstripping demand growth for most of the year," said Phin Ziebell, a ...

Asia-Pacific Crude-Kimanis supply to rise in Feb SINGAPORE: The Asia-Pacific crude market came under pressure on Wednesday on an expected rise in supply of a new grade from Malaysia.Five cargoes of Kimanis crude could be available in February, up from three in the previous month, a trader said.Petroleum Brunei closed a tender on Wednesday to sell a cargo loading in Feb. 1-10.Output from the Gumusut-Kakap field was ramped up in the second half of this year and had been expected to reach ...

UK GAS-Day-ahead prices nudge higher on looming supply cut LONDON: Day-ahead natural gas prices in Britain rose on Wednesday, with scheduled maintenance on the Norwegian Continental Shelf (NCS) likely to reduce gas supplies from Norway on Thursday.Prices for delivery on Thursday rose 0.7 pence to 55.5 pence per therm at 0930 GMT"There is scheduled field maintenance tomorrow on an NCS field, with a volume impact of 16 million cubic metres a day (mmcm/d). This is likely to impact Norwegian deliveries to the UK market," ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln