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Oil slips towards $110 as supply fears fade LONDON: Brent crude oil slipped to a three-week low under $111 a barrel on Monday as Libya geared up to resume oil exports from two ports closed for nearly a year.The North Sea oil benchmark dropped 2.3 percent last week, its biggest weekly decline since January on the Libyan news and as Iraq's oil exports have remained largely unaffected by fighting in the north of the country.Supply of oil to several major markets, including Europe, remains ample at a time when demand for several light oil products such as gasoline and diesel has been fairly sluggish.German industrial output saw its biggest drop in more than two years in May, data showed on Monday, dampening fuel consumption in Europe's biggest economy."Aside from fading Iraq fears and the possible return of some Libyan volumes, key light product and distillate (margins) have been weakening," said Michael Wittner, oil analyst at French bank Societe ...

Russian gas flows to Europe via Ukraine stable on Monday: Gazprom MOSCOW: Russia's Gazprom said on Monday Russian gas flows to Europe via Ukraine remained stable.Gazprom cut gas supplies to Kiev on June 16 after Ukraine failed to pay off at least part of its gas debts. Europe gets around a third of its gas needs from Russia.Copyright AFP (Agence France-Presse), 2014 ...
West Africa Crude-Grades slip further on sluggish demand LONDON: Nigerian crude oil price differentials remained under pressure on Friday having fallen this week, weighed down by slack demand from large Asian buyers.Nigeria's largest stream, Qua Iboe, was assessed at its lowest premium to dated Brent in two years. Refining margins in Europe and Asia have been weak, curbing non-essential buying interest, say traders."Margins and cracks have improved, but it does not seem to changed things very much," said one.With ample supply of Nigerian ...
Total to drill Denmark's first shale gas test wells in Dec or Jan OSLO: French energy major Total plans to drill Denmark's first test wells for shale gas in December or January, with drilling expected to last for three months, it said on Friday.The Frederikshavn municipality in northern Denmark gave Total approval last week, saying it expected drilling to start by the end of the summer. Total said on Friday the extent of activities in 2015 would depend on the results of the test, and on obtaining permits ...
Brent dips below $111 on signs of rising supply LONDON: Brent futures dipped below $111 a barrel on Friday on the prospect of revived Libyan exports and more US crude soon finding its way to refiners, but losses were tempered by economic data pointing to an improved demand outlook. Brent crude fell 22 cents to $110.78 a barrel by 1048 GMT and looked set to lose 2 percent this week. US oil lost 25 cents to $103.81 a barrel and was set to end ...
Eni says Milan prosecutors open probe into Nigeria oil block deal MILAN: Italian oil and gas group Eni said on Friday it had received notice that Milan prosecutors had opened a probe into its acquisition, together with Shell, of a big oil field in Nigeria. "Eni declares the absolute properness of its handling of the dealings in question and assures its full cooperation with Italian prosecutors," it said in an emailed statement. The probe revolves around the purchase offshore oil block OPL 245. British police opened ...
Oil extends losses as Libyan supplies to return LONDON: Oil extended losses on Thursday on prospects that Libya will begin exporting more crude into a global market flush with supplies, while easing concerns about the Iraqi crisis also weighed.Brent North Sea crude for delivery in August dropped 59 cents to stand at $110.65 a barrel in London midday trade.US benchmark West Texas Intermediate (WTI) for August fell 67 cents to $103.81 a barrel.Prices dropped after Libya's interim Prime Minister Abdullah al-Thani on Wednesday ...

 



 
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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