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Iraq lowers oil price forecast in budget proposal to $55 a barrel BAGHDAD: Falling oil prices forced Iraq's cabinet on Tuesday to revise its draft 2105 budget, trimming its forecast for oil to $55 a barrel from $60.It trimmed spending to 119 trillion Iraqi dinars ($105 billion) for 2015. Even so, the budget deficit will rise to 25 trillion dinars.The decision to lower the forecast oil price may satisfy some MPs who saw the previous estimate as unrealistic, but Brent crude is trading still lower at under $50, down from $115 in June.Prime Minister Haider al-Abadi said last week he feared lower revenues from falling global oil prices could hurt Iraq's military campaign against Islamic State, which swept across northern Iraq last summer.Speaking after a meeting of the U.S.-led coalition which has launched air strikes against IS in northern Iraq and Syria, Abadi said allies could help by potentially allowing Baghdad to defer payment for ammunition and weapons.It was not immediately clear ...

Oil price 'too low': Saudi Aramco chief RIYADH: World oil prices have fallen too far, the president of state-owned energy giant Saudi Aramco said Tuesday, stressing it was for the market not OPEC producers to shore them up."It's too low for everybody," Khalid al-Falih told a conference."I think even consumers start to suffer in the long term."Falih also said American shale oil production is important for the world's long-term energy future and Saudi Aramco has marked an additional $7 billion for its ...
Oman's ORPIC began 29-day maintenance on Sohar refinery late-Sunday MUSCAT: Oman Oil Refineries and Petroleum Industries Co (ORPIC) began planned maintenance on its Sohar refinery late on Sunday, the company's chief executive told Reuters."The complete refinery in Sohar is shutdown for 29 days. But we have studied carefully the timing for this maintenance so it will not have any effect on the local market," Musaab al-Mahrouqi told Reuters on Monday.Copyright Reuters, 2015 ...
Niger oil refinery workers start 48-hour strike NIAMEY: Workers at Niger's only oil refinery declared a two-day strike on Thursday, effective immediately, over working conditions, a union official said. The West African country's 20,000 barrel per day Zinder refinery is a joint venture between the government and China National Petroleum Corporation (CNPC). "We have informed the oil ministry and I can assure you that our strike is a warning. If nothing is done to satisfy our demands, we will toughen our stance," ...
Oil slump slashes Saudi Basic Industries Q4 profit 29pc DUBAI: Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups, reported a 29 percent plunge in fourth-quarter net income on Sunday, widely missing analysts' forecasts because of the tumble of global oil prices.Chief executive Mohamed al-Mady told reporters his company's outlook for 2015 depended on oil prices and was therefore unpredictable, but that SABIC faced challenges early in the year. Oil, which is closely tied to petrochemical product prices, has tumbled more ...
Oil price slump could cripple clean energy push: experts    ABU DHABI: Falling oil prices could have a negative impact on global efforts to develop renewable energy sources, experts warned Saturday at a conference in Abu Dhabi.Oil prices have fallen by almost 60 percent since June, crashing on worries over global oversupply and weak demand in a faltering world economy.Participants at the International Renewable Energy Agency (IRENA) conference that opened Saturday in the United Arab Emirates said the trend could spell doom for plans to ...
Yemen sets March Masila crude OSP at $0.02/bbl premium SINGAPORE: Yemen has set the official selling price of its Masila crude for loading in March at a premium of $0.02 a barrel to dated Brent, down 40 cents from the previous month, its government said on Monday.UNIPEC UK bought the entire 1.3 million barrels of Masila crude offered by Yemen, the government said in a statement.The OSP for the March 2015 Marib Light Crude oil has been set at flat to dated Brent.The Aden ...

 



 
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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%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln