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Middle East Crude-Murban trades around parity despite OSP cut  SINGAPORE: March Murban crude differentials fell to parity from premiums in the previous month as supply continued to overwhelm the Middle East crude market, traders said on Friday.TonenGeneral and SK Energy bought one Murban each for March loading at about parity to OSP, down from premiums in the previous month, they said.This was despite ADNOC reducing the official selling price (OSP) for its flagship grade.March Banoco Arab Medium flipped into a small premium against OSP after BAPCO sold a cargo via a tender to SK Energy at that level, traders said. This was likely due to expectations of a cut in Saudi's Arab Medium OSP for March although limited demand for the grade capped gains, they said.Prior to the tender, Banoco Arab Medium had been traded at discounts, traders said.Vitol bought 13 Dubai partials from Unipec, Gunvor and Shell at $43.90 a barrel. Shell and Unipec will deliver an Upper ...


Azerbaijan's 2014 oil output down 2.8pc BAKU: Crude oil and condensate production in Azerbaijan fell to 41.9 million tonnes last year from 43.1 million tonnes in 2013, a source at the State Statistics Committee said.Falling output at the main Azeri, Chirag and Guneshli (ACG) oilfields has been a cause of concern in Baku.British oil major BP and its partner, Azeri state energy firm SOCAR, tried to calm those worries in 2013, saying production had stabilised. Total oil output rose in 2013 ...

Norway gas output down by a tenth on Friday due to outages OSLO: Norwegian gas output will be down by 36 million cubic metres on Friday, about a tenth of the country's capacity, due to the lingering effect of several unplanned outages, gas system operator Gassco said in a market message on Friday.Output at Troll, the country's biggest gas field, will be down 19 million cubic metres (mcm) on Friday due to process problems during a restart after a complete outage on Tuesday.Production at the Aasgard field ...

Indonesia scraps land tax on oil and gas exploration AKARTA: Indonesia has scrapped a land tax that companies pay while exploring for oil and gas, a move that might encourage exploration at a time of concern that it could fall sharply due to tumbling oil prices.According to a ministerial decree posted on the Finance Ministry's website, the tax office is no longer assessing a 0.5 percent "land and building tax" charged on the area in which companies are carrying out exploration activities, effective from ...

Yemen sets March Masila crude OSP at $0.02/bbl premium SINGAPORE: Yemen has set the official selling price of its Masila crude for loading in March at a premium of $0.02 a barrel to dated Brent, down 40 cents from the previous month, its government said on Monday.UNIPEC UK bought the entire 1.3 million barrels of Masila crude offered by Yemen, the government said in a statement.The OSP for the March 2015 Marib Light Crude oil has been set at flat to dated Brent.The Aden ...

Oil prices edge up in Asian trade SINGAPORE: Oil prices rebounded in Asia Friday after plunging in the previous session in reaction to news that the OPEC cartel had overproduced in December, while it also cut its global demand outlook.US benchmark West Texas Intermediate for February, which dived $2.23 Thursday, was up 31 cents at $46.56.Brent North Sea crude for March added 20 cents to $48.47. The February contract for Brent fell $1.02 Thursday, its last day of trading.Despite Friday's small gains, ...

Wall St ends lower, S&P closes below 2,000 NEW YORK: US stocks fell for a fifth straight day on Thursday as bank results disappointed and investors fretted over the potential impact of global economic weakness on US earnings. With the day's decline, the S&P 500 closed below the 2,000 level for the first time in about a month.The Dow Jones industrial average fell 102.11 points, or 0.59 percent, to 17,324.98, the S&P 500 lost 18.52 points, or 0.92 percent, to 1,992.75 and the ...


 



 
Index Closing Chg%
Arrow DJIA 17,678.70 0.03
Arrow Nasdaq 4,771.76 0.29
Arrow S&P 2,057.09 0.26
Arrow FTSE 6,852.40 0.29
Arrow DAX 10,798.33 1.40
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Arrow Sensex 29,278.84 0.94






ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln