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Brent crude price drop prompts buying spree by China SINGAPORE/BEIJING: A 20 percent drop in global oil prices has whetted top energy consumer China's appetite for crude with PetroChina snapping up more than 8 million barrels in just over a week.Ample crude oil supply and lower economic growth from China to Europe has hammered oil prices over the past three months, with Brent this week hitting its lowest in more than two years.But prices may have reached a point where consumers such as China - the second largest oil importer after the United States - finds it attractive to buy more crude.Chinaoil, a unit of state-owned PetroChina, bought the equivalent of 17 cargoes of 500,000 barrels each of Middle Eastern sour crude over just six trading days this month."Amidst China's slowing economy, the only reason for the strong oil buying yesterday is just Chinaoil acquiring more strategic stockpiles for the state at distressed prices," said Gordon Kwan, head of ...

Asia Pacific crude Sokol premium drops; Brent/Dubai gap widens SINGAPORE: The Asia-Pacific crude market came under pressure on Thursday, as premiums for Russia's Sokol dropped to a more than four-year low, while Brent's premium to Dubai swaps rose to its highest in nearly 10 weeks.Russia's Rosneft sold a prompt Sokol cargo in a tender to Vitol at about $3.50 a barrel above Dubai quotes, traders said.The 700,000-barrel cargo is due to load Nov. 19-28. Rosneft had extended the validity of the tender from Oct. ...
Middle East Crude Chinaoil continues buying spree SINGAPORE: Dubai strengthened in the Middle East crude market on Thursday as Chinaoil continued its buying spree.Chinaoil bought 63 Dubai partials on the Platts window, leading to the delivery of four physical cargoes. This raised the total number of cargoes Chinaoil purchased to 17 in just six trading days this month.Shell will deliver one cargo each of Oman and Upper Zakum while Chinaoil will also receive an Oman cargo from Unipec and an Upper Zakum ...
CNPC gets nod for China-Russia gas pipeline design BEIJING: China National Petroleum Corp (CNPC) has received government approval for the design of the Chinese section of a giant pipeline that is due to ship $400 billion worth of Russian natural gas to China, the company said on Thursday. China and Russia signed in May a gas supply deal, securing the world's top energy user a major source of fuel and opening up a new market for Moscow as it risks losing European customers ...
US oil to test support at $86.25 SINGAPORE: US oil is expected to test $86.25 per barrel, as it has broken support at $88.29.The support was provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third of a three-wave cycle that developed from the June 20 high of $107.73.The next support will be at $86.25, the 50 percent level, a break below which will led to a further loss towards the 61.8 percent level at $84.21.A break ...
Brent comes off 27 month low, holds above $91 as dollar weakens SINGAPORE: Brent crude futures held steady above $91 a barrel on Thursday, after rebounding from a 27-month low hit in the previous session as the US dollar weakened on the possibility the Federal Reserve could hold off raising interest rates. Expectations that oil demand could increase towards the end of this month - even though US crude stocks increased more than expected last week - also helped to support prices. Minutes of the US Fed's ...
Japan LNG spot prices show first m/m increase in 6 months TOKYO: Liquefied natural gas (LNG) spot prices for Japanese buyers rose in September for the first time in six months, the country's trade ministry said on Thursday, as prices in the region increased ahead of expectations of higher demand as winter approaches. It was the first time that prices have risen since the government started releasing the data in April to add transparency to the market after the shutdown of all nuclear plants following the ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln