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CNOOC H1 net profit falls 2.3pc, beats estimates HONG KONG: State-run Chinese offshore oil and gas producer CNOOC Ltd reported a 2.3 percent drop in its first-half net profit due to a surge in production costs, but the fall was less than analysts had forecast.CNOOC posted a consolidated net profit of 33.59 billion yuan ($5.47 billion) for the January-June period, lower than the 34.38 billion yuan profit for the same year ago period. That compared with an average forecast of 29.62 billion yuan in a Thomson Reuters poll of five analysts. The firm closed its $15.1 billion acquisition of Canadian energy producer Nexen in February last year. CNOOC has said the acquisition will boost its annual output by 20 percent and proven reserves by 30 percent. Once an investor darling for its high-growth profile, CNOOC has been struggling to boost production growth over the past few years as its existing major oilfields in China age. Copyright Reuters, 2014 ...

Japan's JX plans Sept crude refining down 5pc y/y TOKYO: Japan's top oil refiner JX Nippon Oil & Energy Corp said on Thursday it would refine 1.01 million barrels per day (4.82 million kilolitres) of crude oil in September for domestic consumption, down 5 percent from a year earlier. Its August crude refining for domestic consumption was estimated at 5.09 million bpd (1.03 million kl), down 13 percent from the year-earlier period, slightly lower than the original plan of 1.05 million barrels per day ...
Oil prices down in Asia SINGAPORE: Oil prices moved lower in Asia Thursday as dealers look ahead to fresh US economic data for clues about demand in the world's top crude consumer following a neutral weekly stockpiles report. US benchmark West Texas Intermediate (WTI) for October delivery eased 31 cents to $93.57 while Brent crude slipped 13 cents to $102.59 in afternoon trade. Singapore's United Overseas Bank said "oil prices were little changed" as investors weighed a 2.1 million barrel ...
Brent hovers below $103 as ample supply weighs SINGAPORE: Brent crude dipped on Thursday, but still held between $102 and $103 a barrel, as expectations of ample supply weighed on prices. Global oil supply is expected to exceed demand this year, cooling prices. Oil futures on both sides of the Atlantic Basin are on track to post a second monthly decline. October Brent crude has been unable to break through the $102-$103 range this week, just off a 14-month low hit last week. ...
Oil prices down in Asia SINGAPORE: Oil prices moved lower in Asia Thursday as dealers looked ahead to fresh US economic data for clues about demand in the world's top crude consumer following a neutral weekly stockpiles report. US benchmark West Texas Intermediate (WTI) for October delivery eased one cent to $93.87 while Brent crude slipped seven cents to $102.65 in mid-morning trade. Singapore's United Overseas Bank said "oil prices were little changed" as investors weighed a 2.1 million barrel ...
Middle East crude steady; focus shifts to ESPO SINGAPORE: The Middle East crude market held steady on Wednesday as buyers stayed on the sidelines due to lacklustre demand and low refining margins.Chinaoil sold a Dubai partial to Vitol on the Platts window at $101.20 a barrel, while there was little activity in the physical market."Some buyers may wait and hope the market weakens further, but it won't," said a trader with an Asian refiner."If you're buying at the beginning (of the trading window), ...
Asia Pacific crude arbitrage weighs; Northwest Shelf steady SINGAPORE: Inflows of arbitrage cargoes continued to weigh on the Asia-Pacific crude market on Wednesday, although demand emerged for regional condensates.Vitol canceled a planned 2 million barrel shipment of Forties to South Korea, traders said, possibly due to a brief stoppage at the Buzzard field, the biggest contributor to the Forties crude stream.Shipments to Asia from the Atlantic Basin have increased due to Brent's narrowing premium to Dubai swaps. Brent-Dubai Exchange of Futures for Swaps ...

 



 
Index Closing Chg%
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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 25, 2014
Reserves $13.925 bln