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Oil slips below $106 as Libya deal eases supply worries LONDON: Brent crude oil fell below $106 a barrel on Monday, snapping a two-day rise, after Libyan rebels occupying four eastern oil ports agreed to end an eight-month blockade, raising the prospect of increased supply to world markets.The end to the port standoff is removing some supply worries that have helped push prices as high as $112 for the year.Brent crude fell $1.47 to a low of $105.25 a barrel before recovering to around $105.90 by 1340 GMT. Brent ended last week 1.2 percent lower. U.S. oil was down 30 cents at $100.84.Under a deal thrashed out over the weekend, Libya's Zueitina and Hariga ports, held by federalist rebels demanding more autonomy from Tripoli, would open almost immediately. The larger ports of Ras Lanuf and Es Sider will be freed in two to four weeks after more talks."Oil prices are under selling pressure this morning as the Libyan government reached ...

Plans for EU gas flows to Ukraine could be blocked by Russia LONDON: Reverse flows of natural gas from Europe to Ukraine to help it handle Russian price increases and supply cuts would be possible within hours once the infrastructure is in place, but the flows could require approval from Russia's Gazprom first.Ukraine is in emergency talks with the EU on importing gas from the West, pumping gas in the opposite direction to the original design of the pipelines, following a leap in the price Gazprom charges ...
Oil market falls on Libya news LONDON: Global oil prices weakened on Monday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya, analysts said.New York's West Texas Intermediate (WTI) for delivery in May dipped 47 cents to $100.67 per barrel. Brent North Sea crude for May dropped $1.14 to $105.58 a barrel in early afternoon London deals."News from Libya (is) weighing on the prices," said Commerzbank analyst Carsten Fritsch."At the weekend, the government there agreed ...
Turkey's LPG market worths US$ 7.5bn ISLAMABAD: Turkey has a Liquid Petroleum Gas market worth US$ 7.5 billion, said Turkish Energy Minister Taner Yildiz on Monday.Liquid Petroleum Gas (LPG), with a market volume of 3.8 million tons, is one of the most important alternative sources of energy for Turkey, said Yildiz during a press conference before a meeting with the LPG sector representatives in Ankara to focus on possible growth strategies and issues on LPG, Andolu news agency reported.The Turkish LPG ...
Oil slips below $106 as Libya deal eases supply worries LONDON: Brent crude oil fell below $106 a barrel on Monday, snapping a two-day winning streak, after Libyan rebels occupying four eastern oil ports agreed to end an eight-month blockade, raising the prospect of increased supply to world markets. A major advance for the north African exporter, the end to the port standoff is taking some of the supply worries off the market that helped push prices to a high of $112 for the year. ...
Kashagan could restart this year if cracks only onshore: minister ALMATY: Output could restart at Kazakhstan's huge Kashagan oilfield this year if cracks in its pipeline system are only found onshore but "suspicions have emerged" there could be cracks offshore as well, the Kazakh oil and gas minister said on Monday.Inspection of the pipelines is under way and any microcracks detected offshore would mean further delay in restarting oil output, Uzakbai Karabalin told reporters.Copyright Reuters, 2014 ...
Statoil starts production at Gudrun field off Norway OSLO: Oil firm Statoil started production at its Gudrun field off Norway at 0525 GMT on Monday, the firm said in a statement. Gudrun contains some 184 million barrels of recoverable oil equivalent. Statoil has a 75-percent stake in the field and is the operator while France's GDF Suez holds the remaining 25 percent. Copyright Reuters, 2014 ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln