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Saudi price war should fuel drive for US crude exports NEW YORK: Saudi Arabia's move to keep crude oil production high, fueling a steep global price slump, may have an unexpected consequence: intensifying the campaign by U.S. producers to scrap Washington's decades-old ban on exports of domestic crude.Global oil prices plummeted nearly 5 percent on Tuesday to their lowest since 2010, as OPEC's core members showed no sign of intervening to support the market. Amid talk of a price war, Iran, generally a price hawk, has changed course and said it can live with lower prices.U.S. crude have been trading at a discount to global prices since the rise of the shale revolution four years ago. That price squeeze has domestic producers eager to end the export ban enacted during the Arab oil embargo of the 1970s."Fully lifting the oil export ban would go a long way toward keeping U.S. oil production up even if prices continue to languish," said ...

US bid for oil supremacy shakes crude market NEW YORK: Propelled by surging shale output, the United States is fighting for supremacy in the global oil market even as a pullback in crude prices threatens to challenge the boom.The US, which only a few years ago seemed to be in the midst of an inexorable decline in domestic petroleum production, may have already overtaken other petroleum giants.In terms of crude alone, the US pumped 8.8 million barrels a day in September, still a ...
Venezuela fined $1.6bn for taking ExxonMobil assets NEW YORK: A World Bank arbitration panel Thursday ruled that the Venezuelan government must pay ExxonMobil $1.6 billion to compensate for taking control of the US firm's heavy-oil project in the country.A three-member arbitration panel for the Washington-based International Centre For Settlement of Investment Disputes (ICSID) unanimously granted the award to the biggest US oil company following the June 2007 expropriation of the Cerro Negro project in Venezuela, a heavy-oil region known as the Orinoco ...
Brent, US oil fall on strong dollar, continue steep decline NEW YORK: Brent oil slipped below $97 a barrel on Tuesday, hit by dollar strength and ample supply, and U.S crude also fell as both benchmarks headed for the deepest quarterly drop in more than two years.The dollar surged to a four-year high against a basket of currencies and a two-year high against the euro, making oil more expensive for holders of other currencies.Brent for November delivery was down 97 cents at $96.23 per barrel ...
TSX drops on Hong Kong protests; Encana rises on deal TORONTO: Canada's main stock index dropped on Monday, with every major sector lower, as anxiety over democracy protests in Hong Kong rekindled the bearish sentiment that swept the market last week.One bright spot amid a sea of red was Encana Corp, whose shares jumped 3 percent after the company said it agreed to buy Fort Worth, Texas-based Athlon Energy for $5.93 billion in cash.Hong Kong protesters defiantly stood their ground on Monday in the face ...
Brent slips in choppy trade, supportive data lifts US crude HOUSTON: Brent crude futures eased in choppy trading on Friday on improving supply and concerns about tepid demand for oil in Europe and China, while US crude rose on supportive data from the United States. Slowing economic activity in Europe and Asia has dampened demand for oil, while supply is on the rise. Libya's output has reached 925,000 barrels per day (bpd), the highest since militias turned on each other after the overthrow of Muammar ...
Oil prices mixed; stronger dollar weighs on WTI NEW YORK: Crude oil prices closed mixed Friday, with the WTI futures contract under pressure from a stronger dollar and Brent gaining after Scotland rejected independence from the United Kingdom. US benchmark West Texas Intermediate for October fell 66 cents, closing at $92.41 a barrel.Brent North Sea crude for delivery in November rose 69 cents to settle at $98.39 a barrel in London, recovering from a two-year low earlier this week. The WTI contract weakened ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln