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Oil plunge forces China's Nexen to cut 400 jobs in Canada, elsewhere OTTAWA: Nexen Energy announced Tuesday it is laying off 400 workers, or 12 percent of its workforce, in North America and Britain in response to the drop in oil prices.In a statement, the wholly-owned Canadian subsidiary of China's state-owned CNOOC Limited said most of the jobs would be eliminated in Canada and the United States, as well as a few dozen in Britain linked to its operations in the North Sea.Chief executive Fang Zhi said the move was a necessary "response to the recent industry downturn that has affected all companies in the energy sector" and forced Nexen to reduce capital spending.CNOOC purchased Nexen in 2012 for $15 billion. It was one of the last foreign state-owned companies to be allowed by Ottawa to take over a Canadian energy company.Prime Minister Stephen Harper cautioned at the time that his government would henceforth block attempts by foreign state-owned companies to buy ...

Brent down 3pc, US crude at 6-year low on growing stocks, Iran talks NEW YORK: Brent oil fell about 3 percent on Monday and US crude hit six-year lows on signs of higher output in the United States and Libya and a possible nuclear deal that could end sanctions for Iran, allowing more of its oil into the market. A market data provider estimated a fresh build of more than 3 million barrels at the Cushing, Oklahoma delivery point for US crude futures last week, traders said, adding ...
US oil to fall into $45.93-$46.05 range SINGAPORE: US oil is expected to fall into a range of $45.93-$46.05 per barrel, as indicated by its wave pattern and a Fibonacci projection analysis.The contract is riding on a wave c, the third wave of a bigger wave C that started at the March 5 high of $52.40. The wave c has traveled below a support at $47.27, its 100 percent projection level. Chances are this small wave may extend to $45.93, its 138.2 ...
Whiting aims to sell assets as alternative to full sale NEW YORK/WILLISTON: Whiting Petroleum Corp, North Dakota's largest oil producer, has put Texas acreage and pipeline assets up for sale as an alternative to a sale of the full company, according to sources familiar with the matter.This strategy could appease investors outraged by the possibility of any outright sale. It would dispose of assets not central to the core shale operations and generate cash for the company's balance sheet, engulfed by more than $3 billion ...
Oil reverses early gains despite weaker dollar as supply woes weigh NEW YORK: Global oil prices weakened on Thursday, with both benchmark Brent and U.S. crude surrendering early gains in volatile trading before the expiry of their respective front-month contracts and fears of a new supply build at the delivery point for U.S. oil.The reopening of the Houston Shipping Channel for oil imports and the potential nearing of a deal to end an U.S. refinery workers strike added to the bearishness of the market, traders said.Oil ...
Oil reverses early gains despite weaker dollar as supply weighs NEW YORK: Global oil prices weakened on Thursday, with both benchmark Brent and U.S. crude surrendering early gains in volatile trading before the expiry of their front-month contracts and in fears of a supply build at the delivery point for U.S. oil.The reopening of the Houston Shipping Channel for oil imports and the potential nearing of a deal to end a U.S. refinery workers strike contributed to market bearishness, traders said."The ship channel opening allows ...
US oil products futures fall on ship channel reopen, strike talks NEW YORK: US refined oil products futures fell sharply on Thursday on news that refineries expect a quick resumption of crude oil shipments after the Houston Ship Channel reopened and that a new offer from refiners could end a strike by refinery workers.U.S. April ultra-low sulfur diesel (ULSD) futures were down 4.24 cents, or 2.33 percent, at $1.7780 a gallon at 12:47 p.m. EDT (1647 GMT).U.S. April RBOB gasoline futures were down 2.06 cents, or ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 20, 2015
Reserves $16.132 bln