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Oil up in Asia on completion of new US pipeline SINGAPORE: Oil was up in Asian trade on Monday as a completed US pipeline expansion project reduced oversupplied US inventory stocks, giving oil futures a positive nudge, analysts said.   New York's main contract, light sweet crude for delivery in February, rose 60 cents to $94.16 a barrel and Brent North Sea crude for February delivery gained 34 cents to $110.98.   The Seaway Pipeline expansion completed on Friday means 400,000 barrels of crude oil can now be brought each day from the oversupplied midcontinent market around Cushing, Oklahoma, to refiners on the Gulf Coast.   Previously, only 150,000 barrels could be transported to refiners, leading to a build-up in stocks.   "Crude prices have been going up because the pipeline... started up with expanded capacity, reducing the crude inventory in Cushing," said Victor Shum, managing director of IHS Purvin and Gertz in Singapore.   A fall in inventory stocks usually indicates an increased demand for oil that supports prices.   The ...

Yemen resumes oil flow in main export pipeline SANAA: Yemen resumed pumping crude through its main oil export pipeline on Saturday, two days after armed tribesmen blew it up in the latest attack on the country's energy infrastructure, government officials and oil industry sources said.   Yemen's oil and gas pipelines have repeatedly been sabotaged by insurgents or angry tribesmen since anti-government protests in 2011 created a power vacuum in the Arabian Peninsula country, causing fuel shortages and slashing export earnings for the impoverished state.   Oil ...
Iraq Basra oil exports restored after bad weather BAGHDAD: Oil exports from Iraq's southern Basra terminals were restored to 2.35 million barrels on Saturday after bad weather reduced exports by almost half on Friday, according to a shipping industry source.   The source said daily output had fallen to 1.32 million barrels on Friday.   "Weather has improved around the export ports and three ships are loading crude this morning," the source told Reuters.   Exports from Basra's offshore terminals, Iraq's main oil hub, tend to fluctuate because of ...
Saudi faces battle over oil market share Kemp LONDON: Fracking and a global surge in offshore exploration pose the biggest challenge to Saudi Arabia's oil policy since the 1980s.   For Saudi policymakers, the question will be how to maintain market share and export revenues amid a host of competing supplies from shale and other unconventional deposits, offshore fields in Latin America and Africa, the Arctic, and rivals within OPEC such as Iraq and Iran.   By the end of the decade, worldwide production of crude and ...
Asia Naphtha-Asia SINGAPORE: Taiwan's Formosa Petrochemical is seeking naphtha for second-half February arrival at Mailiao after it had bought about 100,000-150,000 tonnes for first-half February less than 10 days ago, traders said on Friday.   Asia's top naphtha buyer is seeking the cargoes through a tender which is due to be awarded next Tuesday.   This comes at a time of strong demand as some petrochemical makers have raised their naphtha cracker operations in view of improved plastics demand.   The tender also ...
Oil mixed in Asia SINGAPORE: Oil was mixed in Asia on Friday with some traders taking profits after stronger-than-expected trade data out of China, analysts said.   New York's main contract, light sweet crude for delivery in February, gained 10 cents to $93.92 a barrel in morning trade while Brent North Sea crude for February dropped 18 cents to $111.71.   "We're seeing some profit-taking... after the ticking up of oil prices yesterday," said Jason Hughes, the head of premium client management at ...
Oil up in Asia on Chinese trade data SINGAPORE: Oil prices climbed in Asia on Thursday after a surge in China's trade surplus sparked hopes the world's second largest economy and biggest energy user was firing up again.   The trade figures are the latest in a string of data in recent months that indicate China has finally turned a corner after seven straight months of slowing growth, analysts said.   New York's main contract, light sweet crude for delivery in February, gained 41 cents to $93.51 ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln