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Russian oil shift east accelerates, dictated by politics MOSCOW: Russia is diverting more of its crude oil east with deliveries to China hitting a new record last month at the expense of Europe as geopolitical tensions between Moscow and the West dictate the latest shift in flows.As Russia's relations with the West deteriorated over the Ukraine crisis, the European Union and United States imposed wide-ranging sanctions on Russian firms, including oil and gas producers, leaving Moscow trying to forge closer ties with energy-hungry China.Russia's energy ministry says crude oil supplies to China surged in January-September by almost 45 percent year-on-year, to 16.8 million tonnes (450,000 barrels per day), while shipments from the Baltic Sea port of Primorsk plunged almost 20 percent to 33 million tonnes.Oil product exports to Europe have been rising and plans for state-owned monopoly Transneft to use crude oil pipelines for exports of diesel show the trend will likely continue.The decline in Russian crude oil ...


Oil prices down in Asian trade as weak demand weighs SINGAPORE: Oil prices fell in Asian trade Monday on growing concerns about demand as equities tumble on global growth woes and supplies increase.US benchmark West Texas Intermediate for November delivery fell $1.23 to $84.59 -- its weakest for two years -- while Brent North Sea crude lost $1.24 to a four-year low of $88.97."Prospects for global oil demand growth have weakened recently," British bank Barclays said in a market analysis.It said global oil consumption this ...

Statoil sells Shah Deniz stake for $2.25bn to Petronas OSLO: Norway's Statoil has sold a 15.5 percent stake in the Azeri gas project Shah Deniz to Malaysia's Petronas for $2.25 billion, the latest asset the firm is selling to protect its cash flow and returns to shareholders. The deal also includes Statoil's stake in the pipeline carrying gas to markets and two related companies.Its second-quarter production from the Shah Deniz field was 38,000 barrels oil equivalent per day, it said. Copyright Reuters, 2014

Oil falls on Kuwait, Saudi signals, but Chinese data lends support SINGAPORE/SEOUL: Global oil futures lost more than a dollar on Monday after Saudi Arabia and Kuwait signalled a willingness to bear with lower prices to defend market share, although better-than-expected trade data from China pared the losses. Contrary to market expectations, Kuwait said OPEC was unlikely to cut production to support prices, while Saudi Arabia has privately told oil market participants it could be comfortable with $80 for oil. "Judging by the latest comments from ...

Brent oil to revisit low of $87.74 SINGAPORE: Brent oil may revisit a low at $87.74 per barrel touched on Monday as the swift recovery of the price from this low may not sustain.The recovery followed a brief piercing below support at $88.49, the June 22, 2012 low. Many stop orders below this level could have been triggered and thus contribute to the recovery.The downtrend has not been reversed, which remains steady within a falling channel. The lower channel line points a ...

China Sept crude oil imports up 7.4pc on year BEIJING: China's crude imports rose a stronger-than-expected 7.4 percent in September from a year earlier, even as demand growth in the world's largest energy consumer remains subdued, suggesting the country may be boosting its reserves, analysts said. The International Energy Agency (IEA) last month revised down its forecast for China's oil demand growth in 2014 for the fourth time this year, estimating demand would rise just 2.4 percent, compared to 3.6 percent predicted in January. ...

Oil falls more than $1 on Kuwait, Saudi signals; China offsets SINGAPORE/SEOUL: Global oil futures lost more than a dollar on Monday after Saudi Arabia and Kuwait signalled ample supplies and their willingness to bear lower prices to defend market share, although better than expected trade data from China pared oil's losses. China's export and import growth unexpectedly trumped forecasts in September, while the world's largest energy consumer increased crude oil imports by 9.5 percent from a month ago, data showed on Monday. "That's very good ...


 



 
Index Closing Chg%
Arrow DJIA 16,461.32 0.92
Arrow Nasdaq 4,382.85 0.83
Arrow S&P 1,927.11 0.73
Arrow FTSE 6,399.73 0.43
Arrow DAX 8,940.14 0.60
Arrow CAC-40 4,105.09 0.58
Arrow Nikkei 15,195.77 2.64
Arrow H.Seng 23,403.97 1.37
Arrow Sensex 26,787.23 0.80





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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