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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, with two more likely to load in late January and early February, traders said.The VLCCs Alsace and V.K. Eddie are being lined up for the shipments, with loading dates of Jan. 28 and Feb. 3, according to shipping fixtures.The Alsace is currently at anchor off the southeast coast of England, and the V.K. Eddie is sailing off the coast of northern France.The VLCCs DHT Eagle and the Caesar have already departed Hound Point, both originally ...

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 ...
Oil prices slip after smooth Saudi transition LONDON: Oil prices slipped on Monday after Saudi Arabia's new King Salman moved to assuage fears of an unstable transition and any policy change in the world's largest oil exporter.March Brent crude was trading at $48.55 per barrel by 1509 GMT, down 24 cents, above an early low of $47.57.West Texas Intermediate (WTI) crude for March delivery was at $45.57 a barrel, down 2 cents. The WTI front month had earlier touched a low of ...

 



 
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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