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Oil steady above $60 as dollar balances supply concerns LONDON: Brent crude oil steadied above $60 a barrel on Friday as a stronger dollar balanced worries over the impact of fighting in Libya and Iraq on Middle East and North African oil production. The dollar hit an 11-and-a-half-year high against a basket of currencies on Friday after strong US jobs data boosted expectations of a sooner-than-expected interest rate rise in the world's largest economy. US employment accelerated in February and the jobless rate fell to 5.5 percent, signs that could encourage the Federal Reserve to raise interest rates in June.Brent was down 5 cents a barrel at $60.43 by 1450 GMT. US light crude was down 40 cents at $50.36. "The (US) economy, with respect to jobs, is doing a pretty good job of growing," said Bruce Mccain, Chief Investment Strategist at Key Private Bank In Cleveland, Ohio. Supplies remained a major worry for the international oil markets. Fighting ...

BP and partners to invest $12bn in Egypt Gas deal LONDON: British oil major BP expects to invest around $12 billion with its partners as part of a finalised West Nile Delta deal to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates.BP said production from the project was expected to reach up to 1.2 billion cubic feet a day, equivalent to about 25 percent of Egypt's current gas production.BP said it had about 65 percent equity in the project ...
Oil prices rise before US jobs data LONDON: Oil prices rose on Friday as dealers awaited US jobs data and focused on increasing tensions in the Middle East and Ukraine. US benchmark West Texas Intermediate for delivery in April added 14 cents to $50.90 a barrel.Brent North Sea crude for April gained 56 cents to stand at $61.04 a barrel around midday in London.Investors awaited the release Friday of US non-farm payrolls data that, if strong enough, could support a Federal Reserve ...
 delays Castberg, Snorre projects to cut costs OSLO: Norwegian energy firm Statoil postponed two of its biggest offshore developments on Friday as low oil prices spur cost cuts, it said.Statoil delayed the concept selection for the Arctic Johan Castberg project by more than a year to the second half of 2016 while a similar decision on extending the lifetime of the Snorre field to 2040, was also delayed a year."We have made significant progress in reducing costs for Johan Castberg," Statoil said. ...
North Sea BFOE oil loadings to rise in April LONDON: The supply of North Sea crude that underpins the Brent benchmark will average 960,000 barrels per day (bpd) in April, according to loading programmes, up from a revised 948,000 bpd in March.Brent is based on four crude streams: Brent itself, Forties, Oseberg and Ekofisk (BFOE). March's Oseberg and Ekofisk loadings have been boosted by the addition of one cargo apiece from February.Brent, the last of the four April BFOE cargoes to be issued, will ...
BP announces $12bn investment in Egypt gas fields LONDON: UK-based energy giant BP on Friday announced a total investment of $12 billion (11 billion euros) in developing gas fields in Egypt, calling it a "vote of confidence" in the country."The WND (West Nile Delta) project investment is the largest foreign direct investment in Egypt," BP chief executive Bob Dudley said in a statement after final agreements were signed.Copyright AFP (Agence France-Presse), 2015 ...
Russia's Gazprom gets $15mn gas prepayment from Ukraine MOSCOW: Russian natural gas exporter Gazprom said on Thursday that it had received a $15 million prepayment from Ukrainian state energy firm Naftogaz following warnings supply could be cut off if no payment was made. The payment is enough for 45.6 million cubic metres of gas, or about five days' supply at current rates of delivery, Gazprom said by e-mail.Gazprom had warned supply to Kiev could be cut off as soon as Friday if no ...


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Arrow DJIA 17,678.23 0.23
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Arrow Sensex 27,457.58 2.33

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln