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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," Kuwait Petroleum Corporation Chief Executive Nizar al-Adsani told an oil conference. Kuwait still hopes to reach 4 million bpd of capacity in 2020, despite slow progress in developing new projects.But Adsani said the Gulf Arab state needed more help from abroad to achieve that long-term target. "There is an urgent need to seek the assistance of foreign companies given the technologies and expertise that will contribute to the rationalisation of the use of the natural ...


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

Brent slips below $106 as Libya deal eases supply worries SINGAPORE: Brent crude prices fell below $106 a barrel on Monday, snapping a two-day winning streak, as worries about supply disruption eased after Libyan rebels occupying four eastern oil ports agreed to gradually end their eight-month old blockade. A major advance for the north African exporter, the end to the oil port standoff is taking some supply worries off the market that helped push prices to a high of $112 for the year. Investors are ...

Oil prices ease in Asian trade SINGAPORE: Crude prices dropped in Asian trade Monday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya, analysts said.New York's main contract West Texas Intermediate (WTI) for May delivery dropped 30 cents to $100.84 a barrel in afternoon trade and Brent North Sea crude for May slid 80 cents to $105.92.The announcement of a deal to reopen the Zueitina and Al-Hariga terminals was made in Zueitina in the presence ...

Russia seeks over $11bn in 'debt' from Ukraine: Gazprom MOSCOW: Chairman of Russia's Gazprom Alexei Miller on Saturday said that Ukraine must pay back the full discount it has been granted on Russian gas over the past four years, worth $11.4 billion.Miller said this week's annulment of the so-called Kharkiv accords, which gave Ukraine cut-price Russian gas until 2017 in exchange for access to the Crimea's port facilities, means that Kiev should pay the sum total of this discount back."The sum of the discount ...

US crude jumps $1 on jobs data, Libya doubt NEW YORK: Crude oil prices on both sides of the Atlantic rose on Friday as data showed strong jobs growth in the United States and investors cast doubt on reports Libya's oil ports were about to reopen.The March US non-farm payrolls report showed 192,000 jobs were added in March in major test of the argument that the economic weakness of January and February was due to bad weather. Expectations had been building that an eight-month ...


 



 
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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