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Middle East Crude-Oman strengthens ahead of expiry SINGAPORE: DME Oman strengthened in the Middle East crude market on Wednesday, flipping into a premium against Dubai swaps, two days ahead of contract expiry.March-loading crude cargoes sold in Asia are fetching higher premiums on stronger refining margins and the possibility of storing excess cargoes on tankers for later sale.Russian ESPO crude premiums rose to the highest in seven months after Surgutneftegaz sold four cargoes in a tender.The producer sold four cargoes via a tender at premiums between $2.70 and $3.30 a barrel to Dubai quotes, they said.BP bought two of the cargoes while Shell and a trader, likely Vitol, purchased one each, traders said.The deals for the cargoes loading on March 14-18, 21-25, 24-28 and 27-31, could not be independently verified.But analysts at Barclays and Credit Suisse slashed their 2015 forecasts for Brent to $44 and $58 a barrel, respectively, citing weak fundamentals.The United States is gradually increasing exports. ...

South Korea's GS Caltex to shut crude and secondary units in May SINGAPORE/SEOUL: GS Caltex Corp, South Korea's second largest refiner, is to shut a crude distillation unit (CDU) and a gasoline-making unit in early May for a month-long maintenance, traders said on Tuesday.The refiner, a joint venture between GS Holdings and Chevron Corp, will take down an 180,000-barrel-per-day (bpd) CDU and a 94,000-bpd residue fluid catalytic cracker (RFCC) for a scheduled maintenance, they added.GS Caltex officials were not immediately available for comments.GS Caltex operates a refinery ...
Indian Essar's Feb sale price flips into premium SINGAPORE: India's Essar Oil naphtha sales price for February returned to premium levels after slumping into a discount as delays in shipments from Europe to Asia coupled with strong demand boosted prices, traders said on Tuesday.Essar Oil sold up to 35,000 tonnes of naphtha for Feb. 21-25 loading from Vadinar to Vitol at premium levels over the $10 a tonne mark to Middle East quotes on a free-on-board (FOB) basis.Traders said the price was likely ...
Japan seeks some 42,000 tonnes LPG for national reserves TOKYO: State-run Japan Oil, Gas and Metals National Corp (JOGMEC) issued a tender on Wednesday to buy liquefied petroleum gas (LPG) to store in its national reserves.JOGMEC is seeking 42,100-42,600 tonnes of propane for the stockpiling base in Namikata in Ehime prefecture, it said in a statement. The tender will open on Feb. 12, with offers to be evaluated the same day.Japan, which has five national LPG stockpiling bases with a total capacity of 1.5 ...
Oil prices down ahead of Fed meet outcome, supply report SINGAPORE: Oil prices fell in Asia Wednesday as dealers await the outcome of a US Federal Reserve meeting and the release of a US supply report expected to show a surge in crude stockpiles, analysts said.US benchmark West Texas Intermediate for March delivery fell 70 cents to $45.53 while Brent for March eased 60 cents to $49.00 in afternoon trade.The Fed is expected to release a post-meeting statement later Wednesday following the first gathering this ...
Middle East Crude-March Basra Lt premium hits one-year high  SINGAPORE: Basra Light crude's premium for March hit the highest in just over a year on expectations of a cut in the grade's price marker, trade sources said on Tuesday.The grade's official selling price (OSP) for March is expected to drop by $1 per barrel in line with market changes and this allows buyers to increase the premiums they pay on top of the OSP.Traders are also more bullish in a contango market as they ...
China 2014 natural gas demand up 5.6pc at 178.6 bcm BEIJING: China's apparent demand for natural gas grew by 5.6 percent last year to 178.6 billion cubic metres (bcm), less than half the speed of the growth rate in 2013, China's top economic planner said on Tuesday.That also compares with an average annual growth rate of 11.7 percent between 1995 and 2009, according to the Energy Research Institute at the central planner, the National Development and Reform Commission (NDRC).Apparent demand rose 12.9 percent in 2013 ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln