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Oil drops to five-year low on oversupply forecasts LONDON: Brent crude oil fell almost $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output."Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015," Morgan Stanley analyst Adam Longson said.In a report dated Dec. 5, the U.S. investment bank said oil prices could fall as low as $43 a barrel next year. The bank cut its average 2015 Brent base-case outlook by $28 to $70 per barrel, and by $14 to $88 a barrel for 2016.Brent crude for January was down $1.45 at $67.62 a barrel by 1030 GMT, having fallen $1.72 to $67.35 -- its lowest since October 2009.U.S. crude was down $1.16 at $64.68 a barrel, after hitting a session low of $64.63. The U.S. contract, also known as West Texas Intermediate, touched ...

Brent falls below $69 as price rout rolls on LONDON: Brent crude slipped below $69 a barrel on Friday, on track to finish the week below $70 a barrel for the first time since 2010, as cuts to official selling prices from Saudi Arabia added to recent pressure.Prices remain near five-year lows as the market grapples with oversupply due to the US shale boom and the recent decision by the Organization of Petroleum Exporting Countries not to cut production. Prices pared early losses after ...
Brent retreats near to $69 as price rout extends LONDON: Brent crude slipped towards $69 a barrel on Friday, on track to finish the week below $70 a barrel for the first time since 2010, as cuts to official selling prices from Saudi Arabia helped hold oil near five-year lows. Prices have tumbled by roughly 40 percent since June, hitting their lowest in five years earlier this week, as the market grapples with oversupply as a result of the US shale boom and the ...
Oil falls below $70 after Saudi price cut LONDON: Brent crude oil fell below $69 a barrel on Thursday after Saudi Arabia announced deep cuts in selling prices for Asian and U.S. buyers, a week after refusing to support OPEC output cuts.The kingdom's state-owned oil company cut its January price for its Arab Light grade for Asian customers by $1.90 a barrel from December to a discount of $2 a barrel to the Oman/Dubai average.The Arab Light Official Selling Price to the United ...
Oil prices stable before US data, rate calls LONDON: World oil prices steadied on Thursday as traders awaited fresh US economic data and interest rate calls in both Britain and Europe, dealers said.In London deals, Brent North Sea crude for delivery in January added 12 cents to $70.04 per barrel.US benchmark West Texas Intermediate for December slipped ten cents to $67.28 compared with Wednesday's closing value."Today, the main focus will turn to the release of" US jobless claims data "which could provide an ...
UK gas prices slip as flows pick up to meet strong demand LONDON: Prompt natural gas prices in Britain eased on Thursday, as supply continued to keep pace with strong demand, aided by a rise in flows from Norway.Prices for next-day delivery eased to 55.75 pence per therm at 0943 GMT, down 0.6 pence from the previous settlement.Temperatures remained below normal for this time of year, forecast at 4 to 6 degrees Celsius for Friday, and similar levels over the weekend.The UK gas system was 5 million ...
Oil steadies around $70, further fall possible LONDON: Brent crude oil steadied around $70 a barrel on Thursday as investors searched for a stable price range after a near 40 percent fall since June.Oil has been volatile since the Organization of the Petroleum Exporting Countries (OPEC) said last week it would not lower output despite an oversupplied market.Brent was up 26 cents at $70.18 a barrel by 1040 GMT. U.S. crude rose 12 cents to $67.50 a barrel, after a 50-cent gain ...

 



 
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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%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln