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Iraq's oil output revival at stake for want of water DUBAI: A lack of water threatens Iraq's plans to raise its oil output, boost its stumbling economy and become a leading producer in the region after Saudi Arabia.A multi-billion dollar common seawater injection scheme designed to boost production from the giant export oilfields in Iraq's south is snarled up in red tape and acrimony.The seawater injection project is core to the development of the southern fields - which account for most of Iraq's production - and aims partly to flush oil to the surface and overcome declines in production at fields such as Rumaila, West Qurna, Zubair and Majnoon.While the insurgency has hit oil exports from Iraq's northern pipeline, the southern oilfields have not been affected by Baghdad's fight with Islamic State.But the shortage of water is hurting production at two main southern fields: West Qurna-1 and Zubair, official and industry sources told Reuters.Further production declines from both mature fields ...

Middle East crude Tasweeq sells al-Shaheen at new low SINGAPORE: Spot differentials for Qatari al-Shaheen fell to a fresh low on Tuesday in the Middle East crude market after Tasweeq sold five cargoes at wider discounts than the previous month.The cargoes were sold at discounts between $2.20 and $2.70 a barrel to Dubai quotes, traders said, down from $1.50-$2.30 a barrel in the previous month.TonenGeneral and ExxonMobil bought two cargoes each while SK Energy took one, they said.Upper Zakum's discount could also widen after ...

Rosneft calls Khodorkovsky comments on Sistema owner arrest ‘absurd’ MOSCOW: Russia's top oil producer Rosneft said comments by ex-Yukos chief Mikhail Khodorkovsky linking the house arrest of a the owner of Sistema to Rosneft's interests in the conglomerate's oil assets as "absurd", RIA news agency reported. "I don't understand why Rosneft has something to do with that? This is absurd," the news agency quoted a Rosneft spokesman as saying on Wednesday. Khodorkovsky, in an interview with Vedomosti business daily, alleged that Rosneft's head, Igor ...

Oil prices down in Asian trade SINGAPORE: Oil prices fell in Asia Wednesday as dealers squared positions following sharp gains in the previous session that were stoked by indications the OPEC cartel will cut its production target next year. US benchmark West Texas Intermediate (WTI) for October delivery fell 12 cents to $94.76 while Brent crude for November eased eight cents to $98.97 in afternoon trade. WTI jumped $1.96 on Tuesday while Brent gained $1.17."We are seeing some consolidation in the ...

US oil to gain more to $96.09 SINGAPORE: US oil is expected to gain more to $96.09 per barrel, as it has cleared a resistance at $93.93.The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the July 22 high of $105.25 to the Sept. 11 low of $90.43. The next resistance will be at $96.09, the 38.2 percent retracement.The current rebound may end around $96.09, to be followed by a drop towards $93.93, as the downtrend from ...

Brent oil may rise more to $100.80 SINGAPORE: Brent oil may break a resistance at $99.05 per barrel and rise more to $100.80, as indicated by a Fibonacci retracement analysis.The current rebound from Sept. 15 low of $96.21 could be against the downtrend from the June 23 high of $115.66. The Fibonacci retracement on the trend reveals a minimum rebound target at $100.80, the 23.6 percent retracement.The immediate resistance is at $99.05, the 14.6 percent level, which seems to have temporarily stopped ...

Brent keeps gains, stays near $99 on OPEC output cut talk SINGAPORE: Brent crude steadied below $99 per barrel on Wednesday, after staging its steepest climb in two weeks in the previous session, on hopes the Organization of the Petroleum Exporting Countries (OPEC) will cut output and reduce a global supply glut. The European benchmark sank to a 26-month low this week on continued worries about rising supplies and slower demand growth in China and Europe, but prices rose on Tuesday after OPEC's secretary general Abdullah ...


Index Closing Chg%
Arrow DJIA 17,387.21 1.65
Arrow Nasdaq 4,681.50 1.89
Arrow S&P 2,029.55 1.34
Arrow FTSE 6,811.61 0.60
Arrow DAX 10,628.58 1.57
Arrow CAC-40 4,624.21 1.09
Arrow Nikkei 17,768.30 1.72
Arrow H.Seng 24,807.28 0.41
Arrow Sensex 29,571.04 1.00

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln