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Oil steadies around $108; focus on Ukraine, US stockpiles LONDON: Brent crude steadied around $108 a barrel on Tuesday, supported by expectations of large draws in U.S. oil stockpiles and escalating geopolitical tension over Ukraine causing European foreign ministers to consider further sanctions on Russia.European foreign ministers meet in Brussels on Tuesday and Britain, Germany and France may be prepared to increase sanctions against Russia, the world's top crude producer."The talks about potential new sanctions against Russia can add risk premium to the oil price," said Olivier Jakob, an analyst at Petromatrix in Zug, Switzerland.Brent crude was up 15 cents at $107.83 a barrel at 0826 GMT, while U.S. oil for August delivery traded 51 cents higher at $105.10 a barrel. The U.S. front-month contract expires on Tuesday.The European benchmark has remained in a tight range since surging nearly 2 percent last Thursday after news that a Malaysia Airlines jet had been shot down over eastern Ukraine."There is some ...


Mexico approves oil and gas reform legislation MEXICO CITY: Mexico's Senate has approved legislation to implement historic constitutional reform that would open the country's oil and gas industry to foreign investment for the first time since 1938.In an 85-26 vote, lawmakers passed the last of four packages of laws Monday to end the monopoly held by state oil company Pemex for 75 years in the exploration and exploitation of energy resources.The Chamber of Deputies must now vote on the measures, which the ...

Oil prices up in Asian trade SINGAPORE: Oil prices rose in Asia Tuesday against the backdrop of geopolitical tensions fuelled by a warning of tougher sanctions against Russia over the downing of a Malaysian airliner and fierce fighting in Gaza.US benchmark West Texas Intermediate (WTI) for August delivery was up 54 cents at $105.13 at midday, and Brent crude for September climbed 26 cents to $107.95.Five days after Malaysia Airlines flight MH17 crashed in Ukraine, pro-Russian separatists conceded to a furious ...

Oil up on tight US supplies, fears over Ukraine, Gaza NEW YORK: Tight petroleum supplies in the US and anxiety about fighting in Ukraine and Gaza pushed oil prices higher Monday.US benchmark contract West Texas Intermediate for August delivery jumped $1.46 to $104.59 on the New York Mercantile Exchange.European benchmark Brent oil for September delivery rose 44 cents to $107.68 a barrel in London.Analysts said recent US oil inventory reports showing lower crude supplies were major factors behind Monday's higher prices.Refiners, particularly in the Gulf ...

Oil prices slide further LONDON: Global oil prices fell further on Monday on concern about an escalation of the Ukraine crisis after the downing of a Malaysian airliner last week, analysts said.Investors were also eyeing developments in the Middle East after Israel launched a ground offensive against Hamas militants in Gaza, fuelling worries about crude supplies from the oil-rich region.Brent North Sea for delivery in September fell 30 cents to $106.94 a barrel in London midday deals.New York's benchmark ...

Brent holds above $107 as investors focus on Ukraine tension SINGAPORE: Brent crude dipped on Monday but held above $107 a barrel as investors kept an eye on the intensifying geopolitical crisis between Moscow and the West over the downing of a civilian jet in Ukraine last week.Investors seemed reluctant to build a higher risk premium into oil prices, with the risk of supply disruptions from Russia looking limited for the time being.U.S. Secretary of State John Kerry laid out on Sunday what he called ...

China's June crude imports from Iran up 38pc y/y BEIJING: China's crude oil imports from Iran expanded 38 percent in June from a year ago, although the shipments were also at their lowest level in four months, customs data showed on Monday.Imports in the first half of 2014 were up 48 percent over the same six months of the previous year.China, Tehran's largest oil client, began stepping up purchases from the OPEC member after a preliminary nuclear deal in November of last year eased ...


 



 
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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