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Middle East crude Kuwait, Iran cut OSPs SINGAPORE: The Middle East crude market came under further pressure on Thursday after two more Gulf producers cut their monthly prices sharply to match those from Saudi Arabia.The price cuts are likely to encourage Asian refiners to lift more supply under term agreements rather than purchase in the spot market.Kuwait has cut the official selling price (OSP) of its crude sold to Asian buyers for October to $2.35 a barrel below the average of Oman/Dubai quotes, down $1.55 from the previous month, and slightly more than the $1.50 a barrel cut for comparative grade Saudi Arab Medium.Iran has set the OSP of its Light crude oil loading in October to Asian buyers at 18 cents a barrel above the average of Oman/Dubai quotes, traders said on Thursday, down $1.72 from the month before.The deep price cuts reflect weak demand for physical crude as refiners struggled with narrowing margins amid excess ...

Iran barters with 176 countries in 2014 first half ISLAMABAD: During the first six months of 2014 Iran has bartered with 176 countries from around the world.Iran recorded its Balance Of Trade (BOT) positive with 85 countries and positive for the 91 other countries.Without crude oil and gas condensate export, Iran recorded 76/63 percent import of all Iran trade which shows rise in comparison to the same time last year, Meher News Agency reported.Five countries with which Iran had a positive BOT are Iraq, ...
Taiwan's diesel term buyers defer cargoes on weak demand SINGAPORE: Taiwan's diesel term buyers are opting to defer the lifting of cargoes to later dates as demand remains muted in Asia while supply has increased on new capacity and refineries returning from maintenance, traders said on Thursday. Buyers are also lifting cargoes later as they are betting on a recovery in oil prices, which have dropped 11 percent since the start of the year, and are hoping to reap profits from that, they added.About ...
Kuwait cuts Oct crude OSP to Asia by $1.55/bbl SINGAPORE: Kuwait has cut the official selling price (OSP) for its crude oil sales to Asian buyers for October to $2.35 a barrel below the average of Oman/Dubai quotes, down $1.55 from the previous month, a trade source said on Thursday. Kuwait's crude price formula is loosely linked to that of Saudi Arabia's Arab Medium grade. Copyright Reuters, 2014 ...
Oil prices down after Obama speech on Iraq strategy SINGAPORE: Oil prices fell in Asia Thursday after coming under pressure due to weak global demand and a supply glut even as US President Barack Obama vowed to destroy jihadist militants in Syria and Iraq.US benchmark West Texas Intermediate for October delivery eased 14 cents to $91.53 while Brent crude for October fell four cents to $98.00 in afternoon trade.In a prime-time televised address, Obama said the United States was ready to strike the "Islamic ...
US oil to hover above $91.14 SINGAPORE: US oil has found a support at $91.14 per barrel and may hover above this level for one trading day or rebound to a resistance at $93.20.The support and the resistance are provided by the 161.8 percent and the 138.2 percent Fibonacci projection levels of a downward wave C that started at the July 22 high of $105.25. Strengthening the support is another one at $91.24, the Jan. 9 low.The bullish divergence on the ...
Brent oil to hover above $97.65 SINGAPORE: Brent oil failed to break a support at $97.65 per barrel and may hover above this level for one day or rebound to $98.73.The support is provided by the 76.4 percent Fibonacci projection level of a downward wave c that developed from the Sept. 1 high of $103.30. A moderate rebound seems to have been triggered towards the resistance at $98.73, the 61.8 percent level.A break below $97.65 will confirm the extension of the ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
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WeeklySeptember 15, 2014
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