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Oil softens under $98, on weak demand, strong supply LONDON: Brent crude fell slightly, staying under $98 a barrel on Tuesday, as poor economic data from the world's biggest energy consumers which pointed to weak demand growth at a time of strong supply.November Brent was down 8 cents to $97.80 a barrel by 1049 GMT. The October contract which expired on Monday dipped to a 26-month low at $96.21 in its final session.Brent is down around 13 percent in the third quarter, its biggest such drop since the second quarter of 2012.U.S. crude for October delivery fell 22 cents to $92.70 a barrel.Growing supply from Libya, where output has increased to nearly 1 million barrels per day, has coincided with weaker-than-expected economic data from China and the United States."Production is increasing and there are no visible shortages of oil," said Olivier Jakob, at oil analyst Petromatrix in Zug, Switzerland."The IEA revised demand lower, China is not pulling and the ...

OPEC's Badri says he expects OPEC to lower output target VIENNA: OPEC Secretary General Abdallah El-Badri told reporters on Tuesday he expected the group to lower its oil output target when it meets next in late November.Badri was asked if OPEC's 30 million barrels per day output target would still be appropriate next year."No, I don't think so," he said. "I think our production will be maybe 29.5 in 2015, not 30 million barrels per day."Badri said OPEC output often fluctuated slightly around its output ...
Russia considers Rosneft request for help from state fund MOSCOW: Sanctions-hit oil company Rosneft will be able to apply for money from a state wealth fund, Deputy Prime Minister Arkady Dvorkovich said on Tuesday, adding that the government had "on the whole" approved the company's investment programme. Rosneft's access to Western money has been restricted by the sanctions imposed in response to Moscow's role in the Ukrainian conflict. Rosneft has asked the government for $42 billion support from a fund earmarked for Russian pensions ...
Russian crude oil exports seen down 6pc in Q4 MOSCOW: Exports of seaborne Russian Urals and ESPO crude oil blends were seen declining by 6.2 percent to 50.17 million tonnes in the last three months of the year from the previous quarter, traders said on Monday, citing a quarterly loading schedule.Russia has been cutting crude oil exports as it has increased production of oil products from its refineries.Traders also said that the Black Sea port of Novorossiisk is expected to load 7.4 million tonnes ...
Brent oil hits another 2-year low on demand fears LONDON: Global oil prices hit a fresh two-year low on Monday as weak Chinese economic data stoked concerns about the strength of world energy demand, dealers said.In early morning deals, Brent North Sea crude for delivery in October sank to $96.21 per barrel, the lowest level since July 2, 2012. The contract later stood at $96.73, down 38 cents from Friday's close.US benchmark West Texas Intermediate (WTI) for October lost 85 cents to $91.42 a ...
UK gas prices climb on undersupplied system LONDON: British prompt wholesale natural gas prices climbed on Monday morning as low imports and reduced domestic flows created a tight system.Gas prices for Monday delivery were up 7.08 percent to 48.40 pence per therm by 0813 GMT, having hit an intra-day high of 48.50 pence. Day-ahead gas for Tuesday delivery was up 6.22 percent at 47.85 pence.Britain's gas system was undersupplied by around 26 million cubic metres (mcm), with demand forecast at around 166 ...
Russia's Gazprom Neft sticks to development plans after sanctions PRIRAZLOMNAYA OIL PLATFORM: Gazprom Neft, the oil arm of Russian state gas company Gazprom, will stick to its production plans at its Prirazlomnoye oil field in the Arctic despite being put under Western sanctions, First Deputy CEO Vadim Yakovlev said. "At the moment, we don't think that this will affect our long-term plans," he told reporters at the platform, located some 60 km (40 miles) away from the shore in the Pechora Sea.The oil field ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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WeeklySeptember 25, 2014
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