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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 minister for non-renewable resources, was quoted by the same publication as saying that the government hoped to start talks with the China National Petroleum Corporation instead."We hope that, within the next two months at the latest, we'll have a basis for negotiations with the state-owned company CNPC," the minister said.He added that Ivanhoe, which had invested in the Amazon project, was not entitled to any compensation.Ecuador, an OPEC member state, produced 526,000 barrels per day ...

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 ...
Oil prices advance on signs of stronger US demand NEW YORK: Global oil prices rebounded on Wednesday from multi-month lows after a surprisingly big drop in US oil inventories.US benchmark West Texas Intermediate for September delivery jumped $1.59 to $96.07 a barrel on the New York Mercantile Exchange, recovering from a seven-month low hit Tuesday.European benchmark Brent oil for October delivery gained 72 cents to close at $102.28 a barrel in London, rallying from the 14-month low the day before."Crude stocks dropped a lot ...
Oil prices fall, US contract hits January low NEW YORK: World oil prices fell Tuesday , with the New York benchmark below $95 a barrel for the first time since January ahead of the weekly US inventories report and the contract's expiration.West Texas Intermediate (WTI) for delivery in September tumbled $1.93, closing at $94.48 a barrel.In London Brent North Sea crude for October delivery, the key European futures contract, slipped a modest four cents to finish at $101.56 a barrel.Earlier in the session ...
Brent falls to 14-month low on improving global supply NEW YORK: Brent crude prices fell to a 14-month low on Tuesday, giving up early gains as recovering Libyan output, sustained Iraqi production and weak demand offset concerns about threats to supply."It is still under pressure from a combination of factors: plentiful supply, a lack of supply outages and weak refinery demand. In addition, the continued withdrawal of speculative financial investors is exacerbating the downward movement," Commerzbank said in a research note on Tuesday.Brent crude ...
Oil prices fall on easing geopolitical fears NEW YORK: Oil prices slid lower on Monday on easing concerns about conflicts in Ukraine and Iraq and increased output by Libya.US benchmark West Texas Intermediate for delivery in September finished trade at $96.41 a barrel, shedding 94 cents from Friday's closing level.The key European futures contract, Brent North Sea crude for October, sank by $1.93 to settle at $101.60 a barrel, its lowest level since June 2013."The crude complex starts this week by being ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln