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Oil prices falter on robust supplies LONDON: World oil prices dropped on Friday with the market under persistent pressure from large supplies of crude and a strong dollar, traders said.US benchmark West Texas Intermediate for delivery in April fell 51 cents to $43.45 a barrel.Brent North Sea crude for May slipped 57 cents to $53.86 a barrel around midday in London."Market sentiment seems to be dominated by inventories this week, with levels across Europe, Asia and the US building steadily over the past week," said Kash Kamal, senior research analyst at Sucden brokers.Markets are tracking the global supply glut, made worse by the 10th straight weekly increase in US crude inventories.Data from the US Department of Energy on Wednesday showed US crude stocks jumped 9.6 million barrels for the week ending March 13, taking inventories to the highest level in at least the last 80 years."Traders are still wary of the oversupply situation," said Ric Spooner, ...

Shell sells Nigerian oil field stake to local firm LONDON: Royal Dutch Shell's Nigerian unit has sold its stake in a Niger Delta oil field for $737 million (684 million euros) to a local company, the British energy group said Friday.Shell Petroleum Development Company of Nigeria Limited -- a joint venture with the state-run Nigerian National Petroleum Corporation -- has sold the 30-percent holding to local firm Eroton Exploration & Production, it said in a statement. "This divestment is part of the strategic review ...
Oil prices mixed in Asian trade SINGAPORE: Oil prices were mixed in Asia Friday, with analysts warning of further downward pressure owing to a global oversupply and a strong dollar.US benchmark West Texas Intermediate for April delivery eased 16 cents to $43.80 and Brent for May climbed 18 cents to $54.61 in afternoon trade."The price fluctuations seem flat at the moment as traders are still wary of the oversupply situation," Ric Spooner, market analyst with CMC Markets in Sydney, said by ...
Med Crude-Urals differentials slip further amid flurry of offers MOSCOW: Russian Urals crude price differentials slipped in northwest Europe on Thursday to their lowest levels since last December, as sellers were showing three cross-month cargoes in a move to get rid of prompt barrels. Outside the window Eni was showing through Argus bulletin board and broker PVM one Urals cargo for loading in the Baltic on Mar. 28 - Apr. 4 down to dated Brent minus 2,47 a barrel, but failed to find a ...
North Sea Crude-Ample supply keeps differentials under pressure LONDON: North Sea Forties crude price differentials held at a steep discount to dated Brent on Thursday, pressured by ample supplies and weak refining demand in Europe.Unsold West African cargoes plus more plentiful supplies in the Mediterranean are increasing buyer choice and putting downward pressure on North Sea crude, say traders, adding to the impact of refinery maintenance limiting crude demand."Those barrels are there so buyers are relaxed, and when buyers are relaxed the sellers ...
West Africa Crude-Contango, Indian buying keeps diffs from falling LONDON: West African crude oil staved off downward pressure on differentials on Thursday as contango and buying in India helped to keep prices versus dated Brent steady. Strong demand for West African crude in India has helped to absorb cargoes, particularly from Nigeria, and boost premiums to dated Brent. India's IOC awarded another tender on Thursday for May delivery, including Nigeria's Bonny Light and Qua Iboe. "There is still some strong demand from India," one ...
Oil falls below $55 as Kuwait forces refocus on oversupply LONDON: Brent crude oil fell back below $55 a barrel on Thursday after Kuwait said OPEC had no choice but to keep production steady, refocusing the market on global oversupply as the dollar recovered from sharp losses in the previous session.Brent had rallied by more than $2 a barrel on Wednesday after the Federal Reserve indicated it would raise U.S. interest rates slower than previously thought, overshadowing data showing U.S. crude stocks at a record ...

 



 
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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%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln