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Russian crude oil exports seen down 6pc in Q4 MOSCOW: Exports of seaborne Russian Urals and ESPO crude oil blends were seen declining by 6.2 percent to 50.17 million tonnes in the last three months of the year from the previous quarter, traders said on Monday, citing a quarterly loading schedule.Russia has been cutting crude oil exports as it has increased production of oil products from its refineries.Traders also said that the Black Sea port of Novorossiisk is expected to load 7.4 million tonnes next quarter, down from 8.86 million tonnes. However, shipments of Azerbaijan crude via the port in the fourth quarter has not been yet agreed.Russian crude exports from the Baltic Sea port of Primorsk were seen down to 11.5 million tonnes in the fourth quarter from 12.5 million tonnes in July-September.Shipments from the neighbouring port of Ust-Luga were scheduled unchanged, at 6.5 million tonnes.Fourth-quarter ESPO crude exports from the Pacific port of Kozmino were expected to ...


Brent oil hits another 2-year low on demand fears LONDON: Global oil prices hit a fresh two-year low on Monday as weak Chinese economic data stoked concerns about the strength of world energy demand, dealers said.In early morning deals, Brent North Sea crude for delivery in October sank to $96.21 per barrel, the lowest level since July 2, 2012. The contract later stood at $96.73, down 38 cents from Friday's close.US benchmark West Texas Intermediate (WTI) for October lost 85 cents to $91.42 a ...

UK gas prices climb on undersupplied system LONDON: British prompt wholesale natural gas prices climbed on Monday morning as low imports and reduced domestic flows created a tight system.Gas prices for Monday delivery were up 7.08 percent to 48.40 pence per therm by 0813 GMT, having hit an intra-day high of 48.50 pence. Day-ahead gas for Tuesday delivery was up 6.22 percent at 47.85 pence.Britain's gas system was undersupplied by around 26 million cubic metres (mcm), with demand forecast at around 166 ...

Middle East crude excess supply, weak China outlook weigh on prices  SINGAPORE: DME Oman's premium to Dubai edged down in the Middle East crude market on Monday as excess supply and weak China economic outlook weighed on prices.Traders are awaiting Qatari al-Shaheen and condensate to commence trading in order to assess Asia's demand for November-loading cargoes.Sellers are pinning their hopes on recovering refining margins and a cold winter to absorb surplus oil although spot differentials for al-Shaheen were likely to remain in discounts amid the supply ...

Asia Pacific crude growing supply weighs SINGAPORE: The Asia-Pacific crude market stayed under supply pressure on Monday as growing regional production faced competition from excess West African barrels.Supply in the region is growing as Australia and Malaysia are marketing new grades, Balnaves and Kimanis, while Vietnam has excess Su Tu Den to sell in the November spot market.A narrow spread between Brent and Dubai, falling freight rates and spot differentials for West African cargoes have also kept the arbitrage window for ...

Russia's Gazprom Neft sticks to development plans after sanctions PRIRAZLOMNAYA OIL PLATFORM: Gazprom Neft, the oil arm of Russian state gas company Gazprom, will stick to its production plans at its Prirazlomnoye oil field in the Arctic despite being put under Western sanctions, First Deputy CEO Vadim Yakovlev said. "At the moment, we don't think that this will affect our long-term plans," he told reporters at the platform, located some 60 km (40 miles) away from the shore in the Pechora Sea.The oil field ...

US oil to drop to $89.87 SINGAPORE: US oil is expected to slide to $89.87 per barrel, as it has cleared support at $91.14.The support was provided by the 161.8 percent Fibonacci projection level of a downward wave C that started at the July 22 high of $105.25. The next support will be at $89.87, the 176.4 percent level, a break below which will lead to a further loss to $87.81, the 200 percent level.Resistance will be at $92.17, the 150 ...


 



 
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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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln