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Oil market falls on Libya news LONDON: Global oil prices weakened on Monday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya, analysts said.New York's West Texas Intermediate (WTI) for delivery in May dipped 47 cents to $100.67 per barrel. Brent North Sea crude for May dropped $1.14 to $105.58 a barrel in early afternoon London deals."News from Libya (is) weighing on the prices," said Commerzbank analyst Carsten Fritsch."At the weekend, the government there agreed with rebels that the four oil terminals in the east of the country which have been occupied by rebels for eight months now will be opened step by step."Two smaller terminals with a combined export capacity of 200,000 barrels per day will open immediately. The two larger ports, with a capacity of 500,000 barrels per day, are to follow suit in four weeks at the latest after further talks."The announcement of a deal to reopen ...


Turkey's LPG market worths US$ 7.5bn ISLAMABAD: Turkey has a Liquid Petroleum Gas market worth US$ 7.5 billion, said Turkish Energy Minister Taner Yildiz on Monday.Liquid Petroleum Gas (LPG), with a market volume of 3.8 million tons, is one of the most important alternative sources of energy for Turkey, said Yildiz during a press conference before a meeting with the LPG sector representatives in Ankara to focus on possible growth strategies and issues on LPG, Andolu news agency reported.The Turkish LPG ...

Oil price 'fair' despite geopolitical factors: Kuwait KUWAIT CITY: Kuwaiti Oil Minister Ali al-Omair said on Monday that current oil prices are "fair" despite strong geopolitical factors impacting the region.OPEC member Kuwait is the world's fourth-largest oil exporter, pumping around 3.0 million barrels per day, of which at least 2.6 million bpd are exported in the form of crude oil and petroleum products."There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also ...

Oil slips below $106 as Libya deal eases supply worries LONDON: Brent crude oil fell below $106 a barrel on Monday, snapping a two-day winning streak, after Libyan rebels occupying four eastern oil ports agreed to end an eight-month blockade, raising the prospect of increased supply to world markets. A major advance for the north African exporter, the end to the port standoff is taking some of the supply worries off the market that helped push prices to a high of $112 for the year. ...

Kuwait's oil output capacity rises to 3.3mn bpd KUWAIT: Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5 million bpd in 2015, the head of its state oil company said on Monday. Kuwaiti officials have previously said that capacity in the OPEC member state was around 3.1-3.2 million bpd. "Kuwait has increased its production capacity to 3.3 million barrels per day.It will reach 3.5 million barrels per day by 2015," ...

Kashagan could restart this year if cracks only onshore: minister ALMATY: Output could restart at Kazakhstan's huge Kashagan oilfield this year if cracks in its pipeline system are only found onshore but "suspicions have emerged" there could be cracks offshore as well, the Kazakh oil and gas minister said on Monday.Inspection of the pipelines is under way and any microcracks detected offshore would mean further delay in restarting oil output, Uzakbai Karabalin told reporters.Copyright Reuters, 2014

Statoil starts production at Gudrun field off Norway OSLO: Oil firm Statoil started production at its Gudrun field off Norway at 0525 GMT on Monday, the firm said in a statement. Gudrun contains some 184 million barrels of recoverable oil equivalent. Statoil has a 75-percent stake in the field and is the operator while France's GDF Suez holds the remaining 25 percent. Copyright Reuters, 2014


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln