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Oil hits 17-month low below $98 as supplies build LONDON: Brent crude fell to a 17-month low below $98 a barrel on Thursday, down for the sixth straight session as worries over ample supply and weak demand outweighed concerns that conflict in the Middle East could curb oil production.North Sea crude oil hit a high above $115 in June as Islamist insurgents swept across northern Iraq, taking control of several oilfields, but prices have now fallen more than 15 percent from their highs as supply from other countries has increased much faster than demand.The West's energy watchdog said on Thursday slowing global economic growth, particularly in China and Europe, had curbed oil demand severely at a time when supplies were growing steadily, particularly from North America."The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency (IEA) said in a monthly report, revising down its oil demand growth projections for 2014 and 2015.Brent crude for ...


Asia Pacific crude demand lackluster; PV Oil seeks arbitrage SINGAPORE: Inflows of arbitrage cargoes weighed on the Asia-Pacific crude market, while demand outlook from refineries in the region remained bleak, traders said on Thursday.Shipments to Asia from the Atlantic Basin have increased since Brent's premium to Dubai swaps began narrowing in July, adding to a glut of crude in the region.Brent-Dubai Exchange of Futures for Swaps (EFS) narrowed 10 cents to $1.10 a barrel, as Brent crude hit a 17-month low below $98 a ...

Oil demand growth slowing at 'remarkable' pace -West energy agency LONDON: Global oil demand growth is softening at a remarkable pace due to weaker European and Chinese economies, the West's energy watchdog said on Thursday, while adding that rising volumes of oil in storage was a good cushion against supply shocks."The recent slowdown in demand growth is nothing short of remarkable," The International Energy Agency (IEA) said in its monthly report, revising down its oil demand growth projections for both 2014 and 2015."While festering conflicts ...

Middle East crude Kuwait, Iran cut OSPs SINGAPORE: The Middle East crude market came under further pressure on Thursday after two more Gulf producers cut their monthly prices sharply to match those from Saudi Arabia.The price cuts are likely to encourage Asian refiners to lift more supply under term agreements rather than purchase in the spot market.Kuwait has cut the official selling price (OSP) of its crude sold to Asian buyers for October to $2.35 a barrel below the average of Oman/Dubai ...

Increase in Iran oil storage to increase export flexibility LONDON: A substantial increase in Iranian oil storage capacity will give the sanctions-hit country more flexibility to export crude, the International Energy Agency (IEA) said on Thursday.The United States and the European Union have imposed sanctions on the Islamic Republic over its nuclear programme, preventing it from reaching production capacity.Limited storage capacity has forced it to keep crude on National Iranian Tanker Co (NITC)-controlled tankers at sea.However, a recent build-up in storage that saw four ...

Oil hits two-year low below $97 as supplies build LONDON: Brent crude dropped to a two-year low below $97 a barrel on Thursday, falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production.North Sea crude oil hit a high above $115 in June as Islamist insurgents swept across northern Iraq, taking control of several oilfields, but prices have now fallen more than 15 percent from their highs as ...

IEA cuts oil demand outlook on weaker growth in Europe, China PARIS: The oil market has lost pace because of weak growth in Europe and slowdown in China, the IEA said on Thursday, cutting its estimates for demand.The growth in demand for oil this year and next will be markedly lower than expected, the IEA said, and this together with plentiful supply explains why the price of oil has fallen recently below $100 per barrel."The recent slowdown of demand growth is nothing short of remarkable," the ...


 



 
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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