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Oil market dips on stronger dollar LONDON: World oil prices slid on Monday as dealers took their cue from the strengthening US dollar, analysts said.Brent North Sea crude for delivery in November shed 53 cents to stand at $96.47 a barrel in London midday deals.US benchmark West Texas Intermediate for November reversed 52 cents to $93.02 a barrel.In foreign exchange activity, the euro struck the lowest level against the dollar for almost two years, slumping to $1.2664 before rebounding.The euro is coming under pressure from concerns about weak eurozone growth, while the dollar is benefiting from US Federal Reserve plans to bring to a stop its stimulus programme in October. "The stronger US dollar is not helping oil prices at the moment," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP. "It's pretty quiet at the moment and the oil market just seems happy to drift along," he added.The greenback was also buoyed by ...


France's Total wins Egypt gas exploration licence CAIRO: French oil company Total has been awarded a licence to explore for natural gas in the Nile Delta, a source in the state-run Egyptian Natural Gas Holding company (EGAS) said on Monday. "France's Total won the bid to explore in Sector 2 in the Delta region," the source told Reuters on condition of anonymity. In December, Egypt's General Petroleum Corporation (EGPC) and Natural Gas Holding Company (EGAS) announced an international auction for oil and ...

UK gas prices fall on rising North Sea supplies LONDON: Natural gas and power prices in Britain dropped on Monday morning as mild weather and a rise in imports of Norwegian gas and in power generation capacity left the system well supplied.Gas prices for delivery within the day were trading at 49.25 pence per therm at 0830 GMT, down 0.75 pence since their last close, and prices for delivery on Tuesday were down 0.55 pence to 49.20 pence a therm.The lower prices were largely ...

Middle East Crude-DME Oman flips into premium, strongest in 2 months  SINGAPORE: DME Oman flipped into a premium against Dubai swaps in the Middle East crude market on Monday, the strongest in nearly two months.The grade was traded at a premium as high as $1.60 a barrel, a trader said, before settling at about 65 cents.Robust demand from traders covering shorts before the contract's expiry likely gave it an extra push. Oman has become the most expensive medium-sour grade this month.Separately, Yemen has set the official ...

Asia Pacific crude steady; PTT buys Labuan SINGAPORE: The Asia-Pacific crude market held steady, while regional condensates were supported by demand from new splitters and Brent's narrow gap to Dubai crude, traders said on Monday.All four cargoes of Australia's Northwest Shelf (NWS) condensate were committed with at least three cargoes sold to South Korean buyers as they look to regional grades to benefit from weak Brent prices.Brent-Dubai Exchange of Futures for Swaps (EFS) <DUB-EFS-1M>, or Brent's premium to Dubai swaps, narrowed 10 ...

Brent falls below $97 on weak Chinese data, strong dollar LONDON: Brent crude oil fell below $97 a barrel on Monday, moving closer to a two-year low hit last week as weak data from major buyer China and a stronger U.S. dollar added to pressure from strong supplies.The international oil benchmark has fallen from $115 in June as geopolitical tension in the Middle East failed to derail petroleum output, while concerns about slow demand have grown.Brent for November delivery fell 61 cents to $96.39 a ...

Statoil makes uncommercial gas find in Arctic OSLO: Energy firm Statoil has made a disappointing gas find in the Arctic, continuing an unsuccessful run of exploration drilling in the Norwegian part of the region, an area Statoil has called an "exploration hot spot" with high potential.The company said it found between 5 billion and 20 billion standard cubic metres of gas or 30 million to 120 million barrels of oil recoverable equivalent at the Pingvin prospect, a discovery it assessed as non-commercial."For ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln