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LatAm woos foreign oil firms but state looms large MEXICO CITY: Some of Latin America's largest oil producers are on a charm offensive to woo foreign investment, but are still keen to keep a firm government grip on the sector.Latin America holds 20 percent of the world's oil reserves, and major producers such as Mexico, Brazil and Argentina are reaching out to foreign companies to help tap hard-to-reach crude.Mexico has led the charge by launching a sweeping reform of its oil sector, ending state firm Pemex's 76-year monopoly.Pemex lacks the technology to reach deep-water reserves in the Gulf of Mexico, and production has fallen from 3.4 million barrels a day in 2004 to less than 2.5 million today.The government hopes the reform will revitalize production by attracting $50 billion in foreign investment from 2015 to 2018.But despite the landmark overhaul, Pemex will keep a dominant role, retaining the rights to 83 percent of proven and probable reserves, an estimated ...

Oil prices gain; US crude stocks fall 2.1mn barrels NEW YORK: Oil prices gained on Wednesday, with the New York WTI benchmark barely higher as the US weekly stockpiles report showed a fall in inventory.The main US contract, West Texas Intermediate crude for October delivery, added two cents at $93.88 a barrel.Brent North Sea crude for October meanwhile rose 22 cents to $102.72 a barrel in London deals.The main news was a 2.1 million barrel fall in US commercial crude-oil stockpiles, larger than expected.Stocks ...
Crude oil drops on weak US gasoline demand, Cushing build NEW YORK: Crude oil futures edged lower on Wednesday after a report showed declining US gasoline demand in the world's top oil consumer and a build at the key Cushing, Oklahoma storage hub.In its weekly report, the US Energy Information Administration said US crude oil stocks fell by a greater-than-expected 2.07 million barrels last week, but inventories at Cushing, the delivery point for US crude futures, rose 508,000 barrels.The four-week average for gasoline demand fell ...
US oil climbs as traders bet on fall in inventories NEW YORK: Oil prices traded mixed on Tuesday, with New York crude lifted as investors bet on another decline in commercial inventories in the United States, the world's largest oil consumer.US benchmark West Texas Intermediate (WTI) for October delivery gained 51 cents, closing at $93.86 a barrel.Brent North Sea crude for October, the European main contract, slipped 15 cents to $102.50 a barrel in London trade.The WTI crude oil contract gained "in anticipation that US ...
Canada's Ivanhoe Energy to terminate Ecuador contract QUITO: Ecuador's state-run Petroamazonas oil company is in the process of terminating a contract with Canada's Ivanhoe Energy, officials said Monday.Ivanhoe has held a 30-year oil exploration contract in Ecuador's Amazon jungle, at a price of $37 per barrel."We are currently in the process of terminating the contract with Ivanhoe" and "thinking of how to redefine exploration and find more investors," Petroamazonas manager Oswaldo Madrid told the El Comercio newspaper.Pedro Merizalde, the South American country's ...
Oil prices trade mixed NEW YORK: Oil prices traded in a mixed fashion Monday, with little in the way of major news moving the markets.US benchmark West Texas Intermediate for October fell 30 cents to close at $93.35 a barrel on the New York Mercantile Exchange.In London trade, Brent crude for October closed at $102.70, up 41 cents from Friday.The market is "really indecisive today," said Robert Yawger of Mizuho Securities USA, noting "relative weakness in the WTI while ...
US crude falls in light trading on weak economic data NEW YORK: Brent crude oil rose on Monday and US crude fell in light trading, as support from geopolitical tensions in Ukraine and Libya countered ample supplies and anticipated weak demand after a slew of disappointing economic data from the United States and Europe."Liquidity is down because of the holiday in London and the usual August vacation time, And while the market continues to see increasing geopolitical risk in Libya and the Russia, Ukraine situation.Traders ...


Index Closing Chg%
Arrow DJIA 17,356.87 1.69
Arrow Nasdaq 4,644.31 2.12
Arrow S&P 2,012.89 2.04
Arrow FTSE 6,336.48 0.07
Arrow DAX 9,544.43 0.20
Arrow CAC-40 4,111.91 0.46
Arrow Nikkei 16,819.73 0.38
Arrow H.Seng 22,585.84 0.37
Arrow Sensex 26,710.13 0.27

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln