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Oil prices retreat as Saudi pumps extra oil LONDON: Oil prices fell on Monday as Saudi Arabia said it was pumping more oil, exacerbating a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May fell 37 cents to $46.20 a barrel compared with Friday's close.Brent North Sea crude for May dipped five cents to stand at $55.28 a barrel in London midday deals."Selling pressure was generated in particular by statements made at the weekend by the Saudi Arabian oil minister," said Commerzbank analyst Carsten Fritsch.Bloomberg News quoted Saudi Arabia's oil minister Ali al-Naimi as saying on Sunday that his country is producing almost 10 million barrels of crude a day.Saudi Arabia, the main producer in the Organization of the Petroleum Exporting Countries, pumped 9.85 million barrels a day in February, according to Bloomberg.He meanwhile has called on oil producers outside OPEC to help boost falling crude prices as the cartel refuses to take responsibility ...


China's Iran crude oil imports down 3.7pc on year in Feb: customs BEIJING: China's crude imports from Iran fell 3.7 percent in February from a year ago, in line with expectations for the world's second largest crude importer, customs data showed on Monday.The imports last month from Iran were 2.04 million tonnes, or 532,400 barrels per day (bpd), up 13.5 percent from January on a daily basis, the data showed.Thomson Reuters Oil Research & Forecasts had put China's imports from Iran in February at 2.12 million tonnes, ...

Oil drops as Saudi says will not cut output alone, weak China import hurts SINGAPORE: Oil prices dropped more than 1.5 percent on Monday as China's imports weakened, while comments from top exporter Saudi Arabia that it would not unilaterally cut its output to defend prices also dragged on the crude market.China's February crude oil imports from Iran fell 3.7 percent from a year ago to 2.04 million tonnes. China boosted overall imports late last year, taking advantage of cheap oil to build its reserves, but storage tanks could ...

Asia-Pacific Crude-Stronger; Petronas sells Labuan SINGAPORE: The Asia-Pacific crude market remained supported by high refining margins and Brent's narrowing spread to Dubai crude.Brent's premium to Dubai swaps fell to its lowest since early-October last year, making Brent-linked grades more attractive relative to Middle East grades.Brent-Dubai Exchange of Futures for Swaps (EFS) narrowed 12 cents to $1.14 a barrel.Malaysia's Petronas sold 600,000 barrels of Labuan crude loading in May at around $5.10-$5.30 a barrel above dated Brent, according to traders, slightly ...

Middle East Crude-DME Oman weakens against Dubai SINGAPORE: DME Oman's discount to Dubai widened in the Middle East crude market on Monday, as the focus turned to trade for Russian Far East grades.Abu Dhabi's flagship Murban grade was supported by robust refinery demand and tight supply with the premium to its official selling price (OSP) at more than 50 cents a barrel, traders said, although it was unclear if any deals have been done at those levels.Complex refining margins in the Singapore ...

Oil prices down in Asia SINGAPORE: Oil prices fell in Asian trade Monday after Saudi Arabia said it was pumping more oil, exacerbating a global supply glut, analysts said.US benchmark West Texas Intermediate for May delivery was down 57 cents at $46.00 and Brent tumbled 43 cents to $54.89.Daniel Ang, an investment analyst with Phillip Futures in Singapore, said it was "the same fundamental issue of supply and demand" affecting the market."Oil prices are falling because of the bearish sentiment ...

Med Crude-Urals steady, early April loadings seen short MOSCOW: Russian Urals crude was steady on Friday after slipping to its weakest since December earlier in the week, getting support from a relatively short loading programme for the first part of April. A preliminary export plan for Urals for the first days of April showed rather scarce volumes from the Baltic port of Primorsk and the Black Sea port of Novorossiisk As a result, Vitol was seeking to sell cargoes at higher premiums offering ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln