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Brent steadies below $118, global growth hopes support           LONDON: Brent crude oil consolidated below $118 per barrel on Monday, underpinned by expectations of improving global growth and continuing tensions in the Middle East.   Trading volume was limited as the US market was closed due to the Presidents' Day holiday and as the International Petroleum (IP) Week, a gathering of industry professionals, kicked off in London, analysts said.   "With the US holiday and the start of the IP Week, a lot of people will be away from their desks," Olivier Jakob, analyst at Switzerland-based Petromatrix, said.   US economic data last week suggested the world's largest oil consumer hit a bump on its road to recovery with industrial output off to a weak start in 2013.   But a rebound in factory activity in New York state in February suggested any setback may be temporary.   "We continue to see a mixed picture out of the United States. Industry output was lower than expected but that shouldn't ...


Crude prices mixed in Asian trade SINGAPORE: Oil prices were mixed in Asia on Monday with downward pressure comeing from a slip in US industrial output, analysts said.   New York's main contract, light sweet crude for delivery in March eased 14 cents to $95.72 a barrel while Brent North Sea crude for delivery in April added 26 cents to $117.92.   Trading was restrained "after an unexpected dip in US industrial production spurred concerns about lagging economic activity", Phillip Futures said in a report.   Official ...

Bomb disables Iraq fuel oil pipeline BAGHDAD: Attackers bombed and disabled a pipeline carrying fuel oil from Iraq's largest refinery to a province north of Baghdad, the oil ministry said on Sunday.   "A bomb attack led to an explosion in the 16-inch pipeline transporting fuel oil from Baji refinery to Nineveh province," said ministry spokesman Asim Jihad.   He said the ministry expected repairs from the blast - which occurred early on Saturday some 390 km (240 miles) north of Baghdad - to take ...

China fuel prices hit trigger point for a rise      BEIJING: China, the world's second-largest oil consumer, could consider raising the prices of gasoline and diesel as early as this month as a basket of crude oil prices has risen to hit a trigger point, data from an energy consultancy showed on Sunday.   The 22-day moving average price of Brent, Dubai and Cinta on Feb. 15 was 4.3 percent above the level when China last adjusted fuel prices, the data from C1 Energy showed.    An increase or ...

Oil falls below $118, heads for 1st weekly loss in five LONDON: Brent crude oil fell below $118 per barrel on Friday and was heading for its first weekly loss in five after disappointing euro zone growth data revived concerns about the outlook for energy demand.   Global growth prospects were also clouded by expected divisions at a meeting in Moscow of finance officials from the Group of 20 nations, 90 percent of the world's economy, over economic policy and its impact on currencies.   Economists are worried that competitive ...

North Sea oil contract changes bearish for prompt Brent LONDON: Spot Brent crude oil prices are likely to fall relative to forward futures due to contract changes imposed by Royal Dutch Shell and BP , analysts said on Friday.   Shell announced last week it would apply a quality premium for forward contracts from May onwards in the physical crude market on which Brent futures are based.   The reforms to cash forward deals in the North Sea crudes Brent, Forties, Oseberg and Ekofisk crudes will widen the ...

UK approves drilling at Statoil LONDON: Britain's energy ministry on Friday gave the go ahead for Statoil to drill the Mariner heavy oil field in the North Sea.   "Mariner will be one of the biggest projects ever in the North Sea and the 4.6 billion pound commitment over 40 years from Statoil is a vote of confidence in the future of UK oil and gas," Britain's Energy Secretary Edward Davey said in a statement.   At its peak, the Mariner field is expected ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln