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Oil holds below $60 as OPEC, Russia keep pumping LONDON: Brent crude held below $60 a barrel on Wednesday, near 5-1/2-year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.Core Gulf OPEC members have said they are prepared to wait as long as a year for the market to stabilise, undercutting hopes they will step in to stem crude price losses.Oil prices have almost halved over the last six months as increasing volumes of light, high-quality crude from North American shale have overwhelmed demand."Every day now you have some Gulf OPEC member actively trying to talk the market down," said Olivier Jakob, oil analyst at Petromatrix. "OPEC is trying to choke U.S. oil producers."Brent for February was down 55 cents at $59.46 a barrel by 1115 GMT. The January Brent contract, which expired in the prior session, hit a low of $58.50 on Tuesday - the ...

Oil drops below $59 for first time since 2009 LONDON: Oil fell below $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel in June. Ample supply, slowing demand and a switch in strategy by exporter group OPEC to defending market share rather than prices have all hit crude ...
Oil slumps near $59 for first time since 2009 on oversupply LONDON: Oil fell to just above $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel in June on ample supply and slowing demand, and a switch in strategy by exporter group OPEC to defending market share rather than prices.A ...
Oil drops to near $59 for first time since 2009 LONDON: Oil fell to close to $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel in June on ample supply and slowing demand, and a switch in strategy by exporter group OPEC to defending market share rather than prices.A ...
UK gas prices firm on undersupplied gas system LONDON: Prompt natural gas prices in Britain firmed on Tuesday, supported by an undersupplied system, as reduced flows from the St. Fergus terminal in Scotland tightened supply.Prices for next-day delivery edged up 0.05 pence to 53.55 pence per therm at 1059 GMT.The gas system was 18 million cubic metres (mcm) undersupplied, with flows forecast at 280 mcm/day and demand at 298 mcm, according to National Grid data.An unplanned outage at Total's St. Fergus gas terminal ...
Brent oil tumbles under $60 for first time since 2009 LONDON: The price of Brent oil slumped Tuesday to a fresh five-year low below $60 per barrel, as weak Chinese manufacturing data stoked global demand concerns, with sentiment also plagued by over-supply.In morning London deals, the price of Brent North Sea crude for delivery in January sank to $59.63, breaching the key level for the first time since mid-2009.Copyright AFP (Agence France-Presse), 2014 ...
Total says outage at UK's St Fergus gas terminal to continue LONDON: An unplanned outage at Total's St. Fergus gas terminal in Scotland is expected to continue for a further 24 hours, the operator said in a market message. The outage, which cut production by an estimated 8 million cubic metres per day (mcm/d), began on Monday and was initially expected to last 24 hours. The terminal receives and processes gas from more than 20 fields in the North Sea. Copyright Reuters, 2014 ...

 



 
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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 15, 2014
Reserves $13.922 bln