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Oil slips towards $96 on ample supply, slack demand LONDON: Oil fell towards $96 a barrel on Wednesday as rising supply from Africa and Iraq offset mounting tensions in the Middle East and better-than-expected data in China.Weak European economic data and a rise in oil exports from Iraq, Libya and Nigeria have hammered the oil price, which is down nearly 14 percent this quarter.Brent for November delivery fell 34 cents to $96.51 a barrel by 1048 GMT. It was down more than 6 percent for the month so far, the biggest monthly drop since April 2013.U.S. crude fell 13 cents to $91.43 a barrel."We have restocking (because of increased exports) from Libya, and crude oil is also weak because of refinery maintenance," said Olivier Jakob of consultancy Petromatrix in Zug, Switzerland.Libya was producing 800,000 barrels per day (bpd), up about 14 percent from Sunday, after the El Sharara oil field restarted production.Exports from Iraq's southern terminals have averaged 2.58 ...

Gazprom says eyes condensate exports from Kirinskoye fields YUZHNO-SAKHALINSK: Russia's top gas producer Gazprom is considering gas condensate exports from its Sakhalin offshore group of Kirinskoye oil, gas and condensate fields, an official at the state-run firm said on Wednesday. "Of course we are eyeing options for monetization of (condensate) reserves," Viktor Timoshilov, who is overseeing Gazprom's Russian Far East gas development programs, told reporters. Gazprom believes the condensate reserves of two offshore deposits, Kirinskoye and the yet-to-be-launched Yuzhno-Kirinskoye, could exceed the currently ...
Oil prices up on upbeat Chinese data, Syria bombing LONDON: Oil prices rose on Tuesday in response to better-than-expected Chinese manufacturing data and after the United States said it had led bombing raids against jihadists in Syria, analysts said. Brent North Sea crude for delivery in November gained 57 cents to stand at $97.54 a barrel in London afternoon deals.US benchmark West Texas Intermediate for November climbed 83 cents to $91.70 a barrel. Banking giant HSBC on Tuesday said its flash purchasing managers index ...
UK gas spot prices rise on undersupplied system LONDON: Prompt natural gas prices in Britain rose on Tuesday morning as North Sea maintenance work left the system undersupplied although power prices dropped on the back of a warm weather outlook for the rest of the month.Natural gas prices for within-day delivery were trading at 49.80 pence per therm at 0845 GMT on Tuesday, up 0.55 pence since their last close, while prices for next-day delivery were up 0.30 pence to 49.50 pence per ...
Oil up above $97 as US launches air strikes in Syria LONDON: Brent crude rose above $97 a barrel on Tuesday as the United States and several Gulf Arab allies launched strikes against Islamic State strongholds in Syria, and as a surprise pick-up in China's factory activity boosted the demand outlook.Oil fell to a two-year low last week under the weight of a supply glut and tepid demand, but prices have stabilised as pockets of strength in the world economy have emerged and as tensions have ...
Russian gasoline exports up 10.2pc in August vs July MOSCOW: Russian gasoline and gas oil exports in August rose by 10.2 percent and 0.2 percent respectively, compared with July, while fuel oil exports were down by 3.4 percent, data from the Energy Ministry and Reuters calculations showed. According to the Energy Ministry data total production of gasoline rose 7.1 percent compared with the previous month.Russia's domestic supplies of gasoline and fuel oil increased by 6.8 percent and 11.0 percent respectively, while local shipments of ...
Russia's Gazprom says Western sanctions won't hurt YUZHNO-SAKHALINSK: Russia's Gazprom can substitute all imported equipment that is subject to Western sanctions against the company over Russia's role in Ukraine, and the sanctions would not succeed, Gazprom's depurty CEO told an industry conference. "In Gazprom we imported only 10 per cent of equipment and services, 90 per cent of our demand is covered by Russia's producers," Alexander Medvedev said at the conference on the eastern Russian island of Sakhalin. "No successful implementation of ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln