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Oil hits new 17-month low on IEA demand downgrade LONDON: Global oil prices fell further on Thursday, with Brent reaching a new 17-month low after the International Energy Agency cut its forecasts for world demand.The news mirrored similar demand forecast downgrades this week from both the US government's Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC).In early Thursday morning deals, Brent North Sea crude for October sank to $97.10 per barrel -- the lowest point since April 18, 2013.And US benchmark West Texas Intermediate (WTI) for October delivery slid to $90.92 -- a level last seen on May 2, 2013.The market had already forged multi-month lows this week on the back of plentiful global crude supplies.Prices plumbed the latest lows on Thursday after the Paris-based IEA, which advises on energy policy to industralised nations, cut its oil demand outlook, citing weaker economic growth in both Europe and China.The IEA cut its estimate for oil ...

Oil hits 17-month low below $98 as supplies build LONDON: Brent crude fell to a 17-month low below $98 a barrel on Thursday, down for the sixth straight session as worries over ample supply and weak demand outweighed concerns that conflict in the Middle East could curb oil production.North Sea crude oil hit a high above $115 in June as Islamist insurgents swept across northern Iraq, taking control of several oilfields, but prices have now fallen more than 15 percent from their highs as ...
Oil demand growth slowing at 'remarkable' pace -West energy agency LONDON: Global oil demand growth is softening at a remarkable pace due to weaker European and Chinese economies, the West's energy watchdog said on Thursday, while adding that rising volumes of oil in storage was a good cushion against supply shocks."The recent slowdown in demand growth is nothing short of remarkable," The International Energy Agency (IEA) said in its monthly report, revising down its oil demand growth projections for both 2014 and 2015."While festering conflicts ...
Increase in Iran oil storage to increase export flexibility LONDON: A substantial increase in Iranian oil storage capacity will give the sanctions-hit country more flexibility to export crude, the International Energy Agency (IEA) said on Thursday.The United States and the European Union have imposed sanctions on the Islamic Republic over its nuclear programme, preventing it from reaching production capacity.Limited storage capacity has forced it to keep crude on National Iranian Tanker Co (NITC)-controlled tankers at sea.However, a recent build-up in storage that saw four ...
Oil hits two-year low below $97 as supplies build LONDON: Brent crude dropped to a two-year low below $97 a barrel on Thursday, falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production.North Sea crude oil hit a high above $115 in June as Islamist insurgents swept across northern Iraq, taking control of several oilfields, but prices have now fallen more than 15 percent from their highs as ...
IEA cuts oil demand outlook on weaker growth in Europe, China PARIS: The oil market has lost pace because of weak growth in Europe and slowdown in China, the IEA said on Thursday, cutting its estimates for demand.The growth in demand for oil this year and next will be markedly lower than expected, the IEA said, and this together with plentiful supply explains why the price of oil has fallen recently below $100 per barrel."The recent slowdown of demand growth is nothing short of remarkable," the ...
UK GAS: Market seen balanced as oil, sterling weigh on prompt price LONDON: British wholesale gas prices were little changed on Thursday due to balanced supply-demand fundamentals and as fears surrounding reduced Russian gas exports to Poland and Germany receded. The day-ahead contract lost 0.25 pence or 0.5 percent to 46.00 pence/therm by 0845 GMT, hit by falling crude oil and a firmer pound. Prices for delivery over the winter 2014/2015 season added 0.25 pence or 0.4 percent at 60.00 pence/therm. Britain's gas demand was expected to ...

 



 
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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