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Oil prices fall on weak demand forecast NEW YORK: Oil prices dropped Tuesday with the main European benchmark contract sinking to a 13-month low after the International Energy Agency slashed its demand outlook for 2014 and 2015.US benchmark West Texas Intermediate (WTI) for September delivery fell 71 cents to $97.37 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for delivery in September tumbled $1.66 to $103.02 a barrel, its lowest closing price since July 1, 2013. Pointing to slower global economic growth, the IEA projected 2014 oil demand would rise by 1.0 million barrels a day to 92.7 mbd, compared to its July forecast for growth of 1.2 mbd.The IEA, the oil policy arm of the Organisation for Economic Cooperation and Development, also cut its 2015 demand forecast to 94 million barrels a day, 300,000 barrels less than the previous prediction.The IEA cited a "surprisingly steep" decline in oil demand in developed economies and ...

Brazil may raise fuel prices by up to 6pc BRASILIA: The Brazilian government could increase domestic fuel prices at refineries by up to 6 percent after the October presidential election, a senior government source told Reuters on Monday. The official, who asked not to be named because of the sensitivity of the issue, said an increase of between 5.5 percent and 6 percent is a preliminary calculation and aims to help state-run oil company Petroleo Brasileiro, known as Petrobras. President Dilma Rousseff, who is ...
Oil prices mixed as market eyes Iraq, US supplies NEW YORK: Oil prices finished mixed on Monday as traders kept watch on turmoil in Iraq, while anticipating another drop in US crude-oil inventories. US benchmark West Texas Intermediate (WTI) for September delivery advanced 43 cents to $98.08 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for September delivery fell 34 cents to $104.68 a barrel in London. Iraq remained in focus as President Fuad Masum accepted the nomination of Haidar al-Abadi ...
Mexico oil refinery fire death toll rises to three MEXICO CITY: The death toll from a fire at a northern Mexico oil refinery has risen to three, the oil company said on Sunday, after two more workers succumbed to their injuries.The fire broke out Friday at the complex in Ciudad Madero, a city bordering the US state of Texas, just two weeks after another blaze at the same refinery.State-run energy company Pemex said on Twitter that the workers were doing maintenance work on a ...
Petrobras oil profits down 20pc in 2nd quarter SAO PAULO: Second quarter profits for Brazil's Petrobras dropped 20 percent compared to the same period one year earlier, the state-run oil giant said.Petrobras recorded profits of 4.96 billion reais (about $2.22 billion) in the quarter, the company said late Friday, compared to 6.2 billion reais (nearly $3 billion) for the same period in 2013.CEO Graca Foster said that the slump in profits was due to an 800 million reais drop in revenue as well ...
London oil prices fall as US launches strikes in Iraq NEW YORK: Oil prices fell in London Friday after the US said it had launched air strikes on jihadist militants in Iraq who are threatening the crude-rich Kurdish region.Brent North Sea crude for September delivery lost 42 cents to finish at $105.02 in London trade.Earlier, before the US strikes were announced, Brent had surged to as high as $107.45.Prices rose modestly in New York however, adding 31 cents to $97.65 a barrel, though finishing well ...
Oil at six-month low despite drop in gasoline supplies NEW YORK: Oil prices in New York fell again Wednesday on worries about lower demand, even after an inventory report showed a surprising drop in US gasoline supplies.US benchmark West Texas Intermediate for September delivery dropped 46 cents to $96.92 a barrel on the New York Mercantile Exchange, the lowest closing price since February 3.European benchmark Brent oil for September delivery dipped two cents to $104.59 a barrel in London.Analysts said they were surprised WTI ...

 



 
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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 $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln