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Oil rises above $85 on Saudi supply cut, strong data LONDON: Brent crude oil rose above $85 a barrel on Thursday on news Saudi Arabia cut its supply to the market in September, even though its overall production grew month on month, and on strong economic data from Europe and China. OPEC's largest producer pumped 9.7 million barrels per day (bpd) in September, up from around 9.6 million bpd in August, an industry source said on Thursday. But the amount of crude the kingdom supplied to domestic and export markets fell to 9.36 million barrels, down from around 9.69 million barrels in August.Barrels not supplied to the markets are put into storage. "I think this is a knee-jerk reaction," said Christopher Bellew, a broker at Jefferies in London. "Saudi Arabia has not cut its overall output." The kingdom has previously sent signals that it is comfortable with markedly lower oil prices and that it is willing to maintain high supply ...

Nigeria crude oil exports to drop in December-shipping lists LONDON: Nigerian crude oil exports are set to drop to about 1.70 million barrels per day in December from about 1.91 million bpd in November, shipping lists indicated on Thursday. Lower export levels of the Bonny Light and Forcados grades in December accounted for much of the decrease, the lists showed.Copyright Reuters, 2014 ...
Oil steady at $85 on industry data, US inventories LONDON: Brent crude oil stabilised around $85 a barrel on Thursday as strong European and Chinese data offset a slide triggered by a higher-than-expected build in US crude stocks.Industry activity in the euro zone grew much faster than analysts predicted in October, a purchasing managers' index of 52.2 showed on Thursday. Growth in Chinese industry quickened to a three-month high in October, with the HSBC/Markit manufacturing PMI rising to 50.4 from 50.2 in September. But ...
UK gas prices for Friday drop on milder weekend outlook LONDON: British wholesale natural gas prices for immediate delivery rose on Thursday morning as high demand left the system undersupplied, but prices for delivery on Friday dropped as rising temperatures were expected to reduce gas use.Gas prices for delivery within the day were trading at 53 pence per therm at 0735 GMT, up 0.3 pence since their last close.The price rise as a result of an undersupplied system. Britain's gas demand was expected to be ...
Oil prices firm before weekly US inventories LONDON: World oil prices firmed on Wednesday as traders eyed recent upbeat Chinese data before the latest weekly update on commercial crude inventories in top consuming nation the United States.However, oversupply and lingering concerns about demand in key markets are capping gains and keeping prices close to multi-year lows.Brent North Sea crude for December won 62 cents to stand at $86.84 a barrel in late morning London deals.US benchmark West Texas Intermediate for December delivery ...
Oil prices rise on Chinese data LONDON: Oil prices rose on Tuesday as caution returned after a weak rally spurred by upbeat industrial production data from China, the world's top energy consuming nation, analysts said.US benchmark West Texas Intermediate for November delivery advanced 21 cents to $82.92 a barrel compared with Monday's close.Brent North Sea crude for December won 38 cents to stand at $85.78 a barrel in London midday deals.Daniel Ang, investment analyst with Phillip Futures in Singapore, said investors ...
UK gas prices rise as colder weather lifts demand LONDON: British wholesale natural gas and power prices rose on Tuesday morning as growing demand met low supplies, leaving the system short.Gas prices for delivery within the day were trading at 49.85 pence per therm at 0920 GMT, up 4.5 pence since their last close, and prices for Wednesday delivery were up 1.85 pence to 51 pence a therm.The price rises were down to an undersupplied system. Britain's gas demand was expected to be 202.7 ...

 



 
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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