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Middle East crude softens despite Chinaoil purchases SINGAPORE: The Middle East crude market softened despite continued robust demand from Chinaoil which bought another three physical cargoes on the Platts window on Tuesday.Gunvor and Shell will each deliver an Upper Zakum to Chinaoil while Unipec sold an Oman to its Chinese counterpart, traders said. Chinaoil has bought 22 cargoes on the trading platform this month, including 14 Upper Zakum cargoes, 7 Omans and one Dubai.Asian refiners had raised concerns about the recent strength in Dubai which depressed margins amid soft demand for oil products."Margins are getting crushed because of this bull play," a trader with a Western firm said.This could weaken demand for December-loading crude, he said, adding that refiners may also buy less as they have to reduce inventories at the end of the year for accounting purposes.Yet, sharp price cuts by Middle Eastern producers were likely to support spot differentials for December-loading cargoes, traders said.Qatar has ...


OPEC unlikely to hold emergency meeting on oil drop-sources LONDON: OPEC is unlikely to call an emergency meeting as proposed by Venezuela, two OPEC sources said on Tuesday, a sign the exporter group is in no rush to discuss a collective response to the sharp drop in oil prices.Venezuela last week became the first member of the Organization of the Petroleum Exporting Countries to call for an emergency meeting to arrest the slide in oil prices, which have slid to below $88 a barrel, ...

Oil falls to post-2010 low after IEA cuts demand forecasts LONDON: Brent crude fell to a fresh low below $88 a barrel on Tuesday, trading at the weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next.The global oil benchmark has dropped almost 25 percent from its 2014 high in June as supplies have risen and global demand has slowed, creating a glut in many markets.The International Energy Agency said on Tuesday world oil demand growth ...

Statoil says Tanzania LNG plant to start in 2021/22 at earliest OSLO: Norwegian energy firm Statoil expects its Tanzania gas liquefaction plan to start up in 2021 or 2022 at the earliest, the firm said on Tuesday. "If we experience no delays, our preliminary schedule indicates that it is not realistic to start up production before 2021-22, at the earliest," Statoil spokesman Knut Rostad told Reuters. "Our focus is now on reducing the technical and commercial uncertainties and aligning some key outstanding framework conditions together with ...

US oil may break support at $84.21 SINGAPORE: US oil may break support at $84.21 per barrel and fall further towards $81.68 as its consolidation above this support seems to be ending.Support has formed around the 61.8 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the June 20 high of $107.73.The rebound triggered by support failed to extend above resistance at $86.25, the 50 percent level, indicating a prevailing bearish market ...

Brent drops to near $88 in well-supplied oil market SINGAPORE: Brent crude fell to just above $88 a barrel on Tuesday in a well-supplied market as expectations faded that OPEC could cut output and shore up prices. The global oil benchmark has declined more than 20 percent from the 2014 high in June as supplies rose and demand slowed in the United States, Europe and China. Investors expecting a production cut from OPEC to support prices were disappointed as Saudi Arabia and Kuwait played ...

Oil prices hit new multi-year lows in Asia SINGAPORE: Oil prices fell to fresh multi-year lows in Asian trade Tuesday, with analysts blaming concerns about a supply glut and the effects of weaker demand from Europe and China.US benchmark West Texas Intermediate (WTI) for November delivery was down 65 cents at a two-year-low $85.09 in late-morning trade and Brent crude retreated 74 cents to $88.15, its lowest since mid-2010.Both contracts are down about a fifth from their 2014 highs touched in June.Analysts said ...


 



 
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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
WeeklyOctober 20, 2014
Reserves $13.436 bln