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Oil rebounds in volatile year-end trade SINGAPORE: Oil prices edged up in Asia Friday after falling sharply in the previous session, as analysts predicted increased volatility and no end in sight this year to tumbling prices. US benchmark West Texas Intermediate for January delivery rose 63 cents to $54.74, while Brent crude for February gained 16 cents to $59.43 in mid-morning trade. WTI dived Thursday $2.36 to its lowest since May 2009, while Brent tumbled $1.91."Until the issue of low global demand and oversupply is resolved, we will continue to see this type of market volatility as investors test the waters," Daniel Ang, investment analyst at Phillip Futures, told AFP. "There are two camps in the market at the moment. Some who believe prices can fall further, and others who are betting that it should be above $60," Ang added.Crude prices have plunged roughly 50 percent since June owing to plentiful supplies, a stronger dollar and ...


Oil rises 2 percent to $62 as energy firms slash investments LONDON: Brent crude rose 2 percent to above $62 a barrel on Thursday, extending a rebound from five-year lows this week as oil's six-month price rout forced more energy firms to cut investments in new production.Oil this week slumped as low as $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelms demand, with losses accelerating after producer group OPEC decided not to cut output at its meeting last month.But signs that ...

Saudi crude oil exports rise to almost 6.9mn bpd in Oct DUBAI: Top oil exporter Saudi Arabia shipped more crude oil in October than a month earlier while volumes used by domestic refineries remained high allowing more oil products exports, official data showed on Thursday.The OPEC member exported 6.897 million barrels per day of crude in October, up from 6.722 million in September, data published by the Joint Organisations Data Initiative (JODI) showed.Production was slightly lower in October at 9.69 million bpd from 9.704 million, the ...

Asia-Pacific Crude-High freight rates support; Sokol strengthens SINGAPORE: Spot differentials for Russian Sokol strengthened in the Asia-Pacific crude market, as the short-haul grade benefited from high transportation costs for competing grades from other regions.India's ONGC sold 700,000 barrels of Sokol crude loading Feb. 20-26 in a tender at around $3.50 a barrel above the Oman-Dubai average, traders said.The premium to the Oman/Dubai average translates into a premium of around $4 a barrel against Dubai quotes, according to one trader. Last month, the ...

Brent oil rises above $62 as energy firms slash investments LONDON: Brent crude jumped 2 percent to above $62 a barrel on Thursday, as some traders bet a six-month price rout could be ending as more energy firms cut investment budgets.Oil this week hit a five-year low of $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelmed demand, with losses accelerating after OPEC decided not to cut output at its meeting last month.But signs that lower prices are threatening future production ...

UK gas prices dip as mild weather leaves gas system oversupplied LONDON: Prompt natural gas prices in Britain slipped on Thursday, as mild weather saw a fall in demand for gas for heating, contributing to oversupply.Prices for within-day delivery eased 0.38 pence to 53.00 pence per therm at 1018 GMT.The gas system was around 24 million cubic metres (mcm) oversupplied, with flows forecast at 253 mcm/day and demand at 229 mcm, according to National Grid data.Demand was down sharply from around 300 mcm earlier in the ...

Middle East Crude-Iraq steps up exports SINGAPORE: The Middle East crude market came under pressure on Thursday as Iraq stepped up exports, adding to a glut of medium, heavy sour oil available to Asia.This was despite a rise in spot crude purchases from Taiwan's CPC Corp.Iraq's State Oil Marketing Organization (SOMO) has scheduled to export about 2.64 million barrels per day (bpd) of Basra Light in January, traders said, up from 2.55 million bpd in the previous month.More oil could come ...


 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln