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Russian Pacific port raises 2014 crude oil export forecast MOSCOW: Russia's Pacific port of Kozmino plans to export 24.6 million tonnes of oil this year (494,000 barrels per day), up from 21.3 million tonnes last year, Deputy Energy Minister Kirill Molodtsov said on Tuesday. Russia is ramping up exports eastwards as it tries to reduce reliance on its main market, Europe, because of the threat of expanded EU sanctions against Russia over the crisis in Ukraine.In January, the port operator said that exports this year were expected to total 22-23 million tonnes. Molodtsov did not say whether exports to Europe would fall as a result of the planned increase.Igor Dyomin, a spokesman for oil pipeline monopoly Transneft , confirmed the new figure. He said that of the total 24.6 million tonnes to be shipped, 1.2 million would be delivered to the port by railway and the rest via the East Siberia-Pacific Ocean pipeline.An increase in exports eastwards may push ...

Eni enters offshore exploration right permit in South Africa MILAN: Eni has agreed to buy a 40 percent interest in an exploration permit granting rights to explore an offshore area of 82,000 square kilometres off South Africa's east coast for hydrocarbons, the Italian oil and gas group said on Tuesday. Eni sealed the deal with Sasol Petroleum International, the upstream oil and gas subsidiary of Sasol Limited, it said in a statement without disclosing any financial details. Sasol had been granted the permit by ...
Gas producers must lower price or face coal's encroachment MILAN: Global growth in natural gas demand could be derailed by a glut of cheap coal unless gas producers succeed in making it more affordable, the International Energy Agency (IEA) said on Tuesday. Gas producers risk losing out in key growth markets to rival and more environment-damaging fuels, the IEA, the West's energy watchdog, said in its "Gas: Medium-Term Market Report 2014". "High LNG prices are threatening to crimp demand as many countries are increasingly ...
Oil around $110 on tight supply, buoyant demand LONDON: Brent crude steadied around $110 a barrel on Tuesday, supported by tight supply and hopes of healthy demand growth from the world's top two oil consumers, the United States and China. Oil exports from Libya have dropped to a trickle in recent months, removing as much as 1.4 million barrels per day (bpd) of high-quality, light crude from the oil market and underpinning prices for other grades such as North Sea oil. Sanctions on ...
Oil prices at the right level for OPEC VIENNA: Oil prices are at a suitable level for OPEC members and the group sees no shortage in supply, the United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui was quoted as saying on Tuesday. OPEC, which pumps more than a third of the world's oil, meets on Wednesday in Vienna to decide on output policy. Ministers have said they expect that the group will leave its output target of 30 million barrels per day ...
Oil prices higher on China trade data LONDON: Oil prices rose solidly on Monday, boosted by robust Chinese trade figures and a solid US jobs report that boosted hopes for a pick-up in demand, analysts said.Brent North Sea crude for delivery in July climbed 65 cents to stand at $108.69 a barrel in London afternoon trading.US benchmark, West Texas Intermediate for July delivery, gained 70 cents compared with Friday's close to $103.36 a barrel."The weekend (Chinese) report comes as a quite unexpected ...
Oil rises above $109 on strong global growth LONDON: Brent crude oil rose above $109 a barrel on Monday as strong Chinese trade data and US jobs figures pointed to healthy economic growth and higher oil demand from the world's top two consumers. Expectations of increased fuel demand added support to an oil market already bolstered by the loss of crude exports from Libya, where violence and civil turmoil have cut oil output by more than 1 million barrels per day (bpd) from ...


Index Closing Chg%
Arrow DJIA 17,098.45 0.11
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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WeeklyAugust 28, 2014
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