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Norway's Snoehvit LNG plant shut due to gas alarm OSLO: Production at Norway's Snoehvit liquefied natural gas (LNG) plant was stopped on Tuesday due to a gas leak and the duration of the outage was unknown, operator Statoil said."The production at the plant has been stopped and we don't know when it can be restarted again," Statoil's spokesman Oerjan Heradstveit said. The gas alarm has triggered evacuation of workers from the affected areas at Europe's only LNG plant, the Norwegian police said earlier.Copyright Reuters, 2015 ...

North Sea Crude: Forties drops sharply, storage plays in focus LONDON: North Sea Forties crude differentials dropped sharply on Monday as refinery sellers slashed prices to offload unwanted barrels as turnaround season approached.Both Petroineos and ENI were offering aggressively in the price assessment window, traders said, a reflection of upcoming refinery maintenance, the large volumes of refined products already in storage and weak underlying consumer demand."Refineries are going down in the region," one trader said.Differentials were unsupported by Trafigura seeking VLCCs for further storage plays, ...
Med Crude: Urals stronger in Med, Baltic on lower export plan MOSCOW: Russian Urals crude price differentials strengthened on Monday in the Baltic and the Mediterranean on expectations of lower supplies in February. In the Platts window, Vitol and Litasco bid for Aframax Urals cargoes in the Mediterranean at dated Brent minus 90 cents and minus $1 a barrel respectively, but found no sellers, traders said. The bidding levels were around 30 cents stronger than previous price estimates. Outside the window, Russian oil firm Surgut awarded ...
Europe Distillates: Diesel cracks rise on limited imports LONDON: European diesel premiums versus crude oil rose to a two-month high on Monday as import cargoes tapered off and traders held onto cargoes rather than offering them on the spot market. Despite this, traders said the immediate buying demand had cooled as the front end of the market flipped into backwardation, meaning the current price is higher than the expected price in the coming months.This has taken some of the upward pressure off premiums. ...
Oil prices rise as OPEC sees rebound LONDON: Oil prices rose Monday, reversing earlier losses, after OPEC Secretary General Abdullah El-Badri reportedly warned that the market could surge higher owing to a climate of low investment.Prices had fallen in early trading as the dollar rallied against the euro after the anti-austerity party Syriza swept to victory in Greece's general elections.The dollar jumped to an 11-year high against the European single currency, making dollar-denominated crude more expensive for holders of the euro, dampening ...
Oil prices turn positive as OPEC sec gen calls bottom to market LONDON: Oil prices turned positive on Monday, erasing early losses after the Secretary-General of the OPEC producer group said he expected the market to bottom out around current levels.March Brent crude was trading at $49.13 per barrel by 1317 GMT, up 34 cents, bouncing from an early low of $47.57."Now the prices are around $45-$55 and I think maybe they reached the bottom and will see some rebound very soon," Abdullah al-Badri, Secretary-General of the ...
Global gas prices to sink further in coming months MILAN/LONDON: Asian liquefied natural gas prices, already at four-year lows, face further steep losses in the first half of 2015 as the full force of a weak crude market works through into gas contracts and new supply comes on stream.Global gas prices are seeing their biggest drop on record as slowing Asian demand, new supply from mega-projects and a streak of abnormally mild temperatures worldwide mark the end of a five-year bull run.Asian gas should ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
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WeeklyJanuary 25, 2015
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