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Asia-Pacific Crude-Sokol premium weakens as oversupply persists SINGAPORE: Spot premiums for Russian Sokol crude weakened in the Asia-Pacific crude market on Friday, weighed by ample supply and low seasonal demand.India's ONGC sold 700,000 barrels of Sokol crude loading March 14-20 to BP in a tender at $3-3.20 a barrel above the Oman/Dubai average, traders said.Last month, ONGC sold Sokol at a premium of around $3.50 a barrel, according to Reuters data.Russia's Surgut offered two cargoes of ESPO crude loading Feb. 28-March 5 and March 6-11 in a tender that closes later on Friday.About 22 tankers with storage options have been booked over the past week or so, as traders seek to profit from the steep contango, although activity may have slowed towards the end of the week, trading and shipping sources said.Global inventories are expected to continue to build throughout the first half of this year, but eventually lower oil prices would begin to curb supply and ...

Middle East Crude-Murban trades around parity despite OSP cut  SINGAPORE: March Murban crude differentials fell to parity from premiums in the previous month as supply continued to overwhelm the Middle East crude market, traders said on Friday.TonenGeneral and SK Energy bought one Murban each for March loading at about parity to OSP, down from premiums in the previous month, they said.This was despite ADNOC reducing the official selling price (OSP) for its flagship grade.March Banoco Arab Medium flipped into a small premium against OSP ...
Azerbaijan's 2014 oil output down 2.8pc BAKU: Crude oil and condensate production in Azerbaijan fell to 41.9 million tonnes last year from 43.1 million tonnes in 2013, a source at the State Statistics Committee said.Falling output at the main Azeri, Chirag and Guneshli (ACG) oilfields has been a cause of concern in Baku.British oil major BP and its partner, Azeri state energy firm SOCAR, tried to calm those worries in 2013, saying production had stabilised. Total oil output rose in 2013 ...
Indonesia scraps land tax on oil and gas exploration AKARTA: Indonesia has scrapped a land tax that companies pay while exploring for oil and gas, a move that might encourage exploration at a time of concern that it could fall sharply due to tumbling oil prices.According to a ministerial decree posted on the Finance Ministry's website, the tax office is no longer assessing a 0.5 percent "land and building tax" charged on the area in which companies are carrying out exploration activities, effective from ...
Oil prices edge up in Asian trade SINGAPORE: Oil prices rebounded in Asia Friday after plunging in the previous session in reaction to news that the OPEC cartel had overproduced in December, while it also cut its global demand outlook.US benchmark West Texas Intermediate for February, which dived $2.23 Thursday, was up 31 cents at $46.56.Brent North Sea crude for March added 20 cents to $48.47. The February contract for Brent fell $1.02 Thursday, its last day of trading.Despite Friday's small gains, ...
Middle East Crude-Qatari oil slumps into wide discount SINGAPORE: Qatari grades slumped into wide discounts in the Middle East crude market on Thursday, with al-Shaheen sold at the lowest differentials in years amid ample supply and lower demand in Asia.OPEC is maintaining its output even though global supply has exceeded demand, depressing oil prices to the lowest in nearly six years. The supply pressure will build in the second quarter when Asia's crude demand falls as refineries shut for seasonal maintenance.State oil marketer ...
Oil prices rally loses steam in Asian trade SINGAPORE: Oil prices fell in Asia on Thursday after a bargain-buying rally the day before lost steam, with a pick-up in US inventories reinforcing concerns about weak demand and a supply glut.US benchmark West Texas Intermediate (WTI) for delivery in February fell 52 cents to $47.96 in afternoon trade and Brent crude for February fell 62 cents to $48.07.Both contracts rose sharply on Wednesday -- WTI gained $2.59 and Brent advanced $2.10 -- as bargain ...

 



 
Index Closing Chg%
Arrow DJIA 17,387.21 1.65
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Arrow Sensex 29,571.04 1.00






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