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US shale output to rise in July NEW YORK: US oil production from the fastest-growing shale plays is set to rise by some 66,500 barrels per day (bpd) in July, according to Energy Information Administration data issued on Monday.Bakken oil production for July will rise some 19,600 bpd to 1.09 million bpd compared to the month prior, according to the EIA's drilling productivity report.Meanwhile, south Texas Eagle Ford shale production will increase 23,600 bpd to 1.43 million bpd. The Permian Basin in West Texas sand New Mexico will grow 23,300 bpd to 1.57 million bpd.Meanwhile, gas production in the major shale plays will rise 0.5 billion cubic feet month-over-month in July, from 39.8 billion cubic feet per day (bcfd) to 40.3 bcfd.Production increases were driven by a rise in the Marcellus shale centered under Pennsylvania, which will rise to 14.98 bcfd from 14.7 bcfd, EIA data showed.Eagle Ford gas production will rise to 7.13 bcfd from 7.02 ...

US EPA asks for more time to review Cove Point LNG project WASHINGTON: US environmental regulators have asked for more time to review a liquefied natural gas (LNG) export plant project planned for a site on a bay near Washington, D.C.The Environmental Protection Agency, one of the departments that contributes to assessments of LNG projects, asked the Federal Energy Regulatory Commission (FERC) for a 30-day extension to conduct a review of Dominion Resources Inc's Cove Point liquefaction project in Maryland.FERC, which assesses environmental and safety issues involving ...
Solid US jobs report lifts New York oil price NEW YORK: Oil prices finished evenly mixed Friday, with the main US futures contract getting a boost from a solid US May jobs report that raised expectations for stronger energy demand.The US benchmark, West Texas Intermediate (WTI) for delivery in July, rose 18 cents to finish at $102.66 a barrel.Brent North Sea crude for July fell 18 cents to $108.61 in London.The US jobs report for May came in a hair below expectations but generally ...
Asia Naphtha crack up for first time in 1-1/2 weeks  SINGAPORE: The Asian naphtha crack rose for the first time in about 1-1/2 weeks on Thursday, recovering from a near three-month low to a four-session high of $132.60 a tonne as an outage at a secondary unit in a South Korean plant lifted sellers' sentiment.GS Caltex Corp has unexpectedly shut a 60,000-barrels-per-day (bpd) hydrocracker.Although the shutdown could be brief and last for no more than a week, traders said there could be a possibility the ...
Oil drops back on hopes for an easing of Ukraine tension NEW YORK: Brent and US crude ended lower on Wednesday as hopes that a peace plan from Ukraine's president-elect might help ease the crisis with Russian separatists cooled oil's earlier rally. Rising US distillate stockpiles and weak distillate profit margins in Northwest Europe also helped trigger the reversal by crude futures. Brent crude for July delivery fell 42 cents to settle at $108.40 a barrel.Brent settled back above the 100-day moving average of $100.32, but ...
Oil prices drop on mixed US supply report NEW YORK: Oil prices on Wednesday finished lower after a US energy inventory report showed a drop in crude supplies but higher stocks of gasoline and other refined products.US benchmark West Texas Intermediate for July delivery slipped two cents to $102.64 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for July delivery dropped 42 cents to $108.40 a barrel in London.The US Department of Energy said that American commercial crude stocks fell ...
US shale gas no threat to Azerbaijan export plans: minister BAKU: Azerbaijan sees little threat to its natural gas export plans from abundant US shale gas because the Azeris have locked in long-term contracts and transport and other costs will drive up the price of the US product.Azerbaijan is preparing to supply Europe with 10 billion cubic metres (bcm) of gas each year and Turkey with 6 bcm from 2019 from its vast Shah Deniz gasfield in the Caspian Sea, which holds estimated reserves of ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
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MonthlyMay
Trade Balance $-1.558 bln
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WeeklyJuly 10, 2014
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