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Oil prices rise on eve of OPEC meeting LONDON: Oil prices rose further on Tuesday, the eve of OPEC's meeting to decide on crude output levels, while energy market investors kept a close watch over vital Ukraine-Russia gas talks. Brent North Sea crude for delivery in July climbed 18 cents to stand at $110.17 a barrel in London afternoon trading, compared with Monday's closing value.US benchmark West Texas Intermediate (WTI) for July gained 36 cents to $104.77 a barrel.Prices had rallied on Monday as investors cheered robust economic data from the US, China and Japan. A breakdown of initial Ukraine-Russia talks to avert a gas cut-off also boosted prices, traders said.Brent, a benchmark for the pricing of Middle Eastern crude, "has been consolidating within the recent range of $109-110 per barrel ... as investors remain cautious ahead of the crucial OPEC meeting in Vienna" on Wednesday, noted Sucden brokers analyst Myrto Sokou."Market participants will watch carefully for any ...


Middle East crude market steady ahead of August-loading trade SINGAPORE: The Middle East crude market held steady on Tuesday ahead of the spot trading window in August-loading cargoes which begins next week.Traders expected demand to rise from last month as Asian refiners return from maintenance, although weak refining margins may weigh on appetite.Abu Dhabi National Oil Company's (ADNOC) flagship Murban grade could be supported by limited supply after Shell sold 2 million barrels for August-loading to Indian Oil Corp (IOC).Some traders suggested Shell may ...

Russian Pacific port raises 2014 crude oil export forecast MOSCOW: Russia's Pacific port of Kozmino plans to export 24.6 million tonnes of oil this year (494,000 barrels per day), up from 21.3 million tonnes last year, Deputy Energy Minister Kirill Molodtsov said on Tuesday. Russia is ramping up exports eastwards as it tries to reduce reliance on its main market, Europe, because of the threat of expanded EU sanctions against Russia over the crisis in Ukraine.In January, the port operator said that exports this ...

Eni enters offshore exploration right permit in South Africa MILAN: Eni has agreed to buy a 40 percent interest in an exploration permit granting rights to explore an offshore area of 82,000 square kilometres off South Africa's east coast for hydrocarbons, the Italian oil and gas group said on Tuesday. Eni sealed the deal with Sasol Petroleum International, the upstream oil and gas subsidiary of Sasol Limited, it said in a statement without disclosing any financial details. Sasol had been granted the permit by ...

Gas producers must lower price or face coal's encroachment MILAN: Global growth in natural gas demand could be derailed by a glut of cheap coal unless gas producers succeed in making it more affordable, the International Energy Agency (IEA) said on Tuesday. Gas producers risk losing out in key growth markets to rival and more environment-damaging fuels, the IEA, the West's energy watchdog, said in its "Gas: Medium-Term Market Report 2014". "High LNG prices are threatening to crimp demand as many countries are increasingly ...

Oil around $110 on tight supply, buoyant demand LONDON: Brent crude steadied around $110 a barrel on Tuesday, supported by tight supply and hopes of healthy demand growth from the world's top two oil consumers, the United States and China. Oil exports from Libya have dropped to a trickle in recent months, removing as much as 1.4 million barrels per day (bpd) of high-quality, light crude from the oil market and underpinning prices for other grades such as North Sea oil. Sanctions on ...

Oil prices at the right level for OPEC VIENNA: Oil prices are at a suitable level for OPEC members and the group sees no shortage in supply, the United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui was quoted as saying on Tuesday. OPEC, which pumps more than a third of the world's oil, meets on Wednesday in Vienna to decide on output policy. Ministers have said they expect that the group will leave its output target of 30 million barrels per day ...


 



 
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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