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Oil steadies below $99 on talk of OPEC output cut LONDON: Brent crude oil consolidated around $99 per barrel on Wednesday, recovering from a sharp sell-off, on hopes the Organization of the Petroleum Exporting Countries (OPEC) would help reduce a global supply glut by cutting output.The benchmark sank to a 26-month low this week on rising supplies and signs of slower demand growth in China and Europe, but prices rallied after OPEC Secretary General Abdullah al-Badri said the group could trim its 2015 output target by 500,000 barrels per day (bpd).Many OPEC countries need oil prices above $100 a barrel in order to meet their budget needs and analysts say Saudi Arabia, OPEC's biggest producer, could cut production in an effort to support prices. Any production cut by OPEC, due to meet in November, would be the group's first since 2008."It makes sense for Saudi Arabia to curb supply," Michael Poulsen, oil analyst for A/S Global Risk Management, said. "We're ...

UK gas prompt dips on resumed St Fergus flows LONDON: Prompt natural gas prices in Britain dipped on Wednesday following two days of strong gains, as flows resumed at Shell's St Fergus terminal after an unplanned outage on Tuesday.The day-ahead contract was down 0.2 pence or 0.4 percent at 49.80 pence/therm by 0917 GMT, retreating from a two-week high of 50.45 pence touched in the previous session.On Tuesday, Shell said some minor unplanned maintenance had impacted flows to St Fergus, but the company failed ...
Rosneft calls Khodorkovsky comments on Sistema owner arrest ‘absurd’ MOSCOW: Russia's top oil producer Rosneft said comments by ex-Yukos chief Mikhail Khodorkovsky linking the house arrest of a the owner of Sistema to Rosneft's interests in the conglomerate's oil assets as "absurd", RIA news agency reported. "I don't understand why Rosneft has something to do with that? This is absurd," the news agency quoted a Rosneft spokesman as saying on Wednesday. Khodorkovsky, in an interview with Vedomosti business daily, alleged that Rosneft's head, Igor ...
Oil prices rebound as OPEC hints at lower output LONDON: World oil prices rebounded sharply on Tuesday after the head of OPEC indicated that the crude producers' cartel could cut its production target for 2015.The widely-reported comments came from Abdullah El-Badri, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), after talks with Russian Energy Minister Alexander Novak in Vienna.In late afternoon deals, Brent North Sea crude for delivery in November rallied $1.40 to $99.28 per barrel from Monday's closing level.US benchmark West ...
Oil above $98, OPEC supply comments offset concern over demand LONDON: Brent crude oil rose above $98 per barrel on Tuesday, as the prospect of a likely supply cut from OPEC outweighed the impact of weak demand from the world's biggest energy consumers.OPEC Secretary General Abdallah El-Badri told reporters he expected the group to lower its oil output target to 29.5 million barrels per day (bpd) from 30 million bpd when it meets next in late November.Oil had fallen to a 26-month low the previous ...
ddiOil prices hold steady LONDON: World oil prices stabilised on Tuesday as investors continued to digest weak global data and awaited the start of the US Federal Reserve's latest monetary policy meeting.In late morning deals, Brent North Sea crude for delivery in November firmed nine cents to $97.97 a barrel from Monday's closing level.The October contract sank to a two-year intra-day low of $96.21 before its expiry Monday, dented by weak data from top energy consumers the United States ...
Oil dips towards $97, hit by weak demand, strong supply LONDON: Brent crude oil fell towards $97 a barrel on Tuesday, pressured by weak economic data from the world's two biggest energy consumers which pointed to weak demand growth at a time of strong supply.November Brent was down 37 cents to $97.51 a barrel by 0810 GMT. The October contract which expired on Monday dipped to a 26-month low at $96.21 in its final session.Brent is down 13.1 percent in the third quarter, its biggest ...

 



 
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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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln