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Kurdish oil trade with Turkey rising, more to come  KHOR MOR: Kurdistan is taking its first steps towards gaining independence from Baghdad in the sale of its oil and gas with a convoy of trucks taking the condensate liquid fuel bi-products of a remote gas field directly into Turkey. At least 15 trucks a day are loading up with high quality condensate at Khor Mor's gas plant and then trundling down a bumpy road to start the two-day journey to Mersin on the Turkish Mediterranean. In return, Turkey is trucking back small quantities of diesel fuel and kerosene to use in the autonomous region's power plants. "It's a very simple but symbolic start to direct oil trade between the Kurdistan Regional Government (KRG) and Turkey - and there will be more to come," said an official familiar with the barter-type operation between private companies. "Neither side is thinking about stopping." But Baghdad wants the trade to stop as it believes Iraq's central government has ...

Gulf OPEC big three raise Aug oil output by 400,000 bpd  DUBAI: Oil output by the big three Gulf producers saw a net increase of around 400,000 barrels per day (bpd) in August from July as a sharp rise in Kuwaiti output outweighed cuts by Saudi Arabia and the United Arab Emirates (UAE), industry sources said.   Saudi Arabia and the UAE both cut their production by around 100,000 barrels per day (bpd) in August, to 9.7 million bpd and 2.7 million bpd, respectively, according to Gulf industry ...
Saudi Arabia pumped 9.7mn bpd of crude in August  DUBAI: Saudi Arabia produced 9.7 million barrels a day (bpd) of crude oil in August, down around 100,000 bpd from July, an industry source said on Sunday.   The top oil producer supplied 9.8 million bpd to the market in August, the source said, which implies production was supplemented with about 100,000 bpd from storage.   In July, Saudi Arabia produced 9.8 million bpd and pumped 100,000 into storage, leaving 9.7 million bpd for consumers.   Copyright Reuters, 2012 ...
Kuwait oil output was 3mn bpd in Aug  DUBAI: Kuwait produced around 3 million barrels a day (bpd) of crude oil in August, up around 600,000 bpd from July, a Kuwaiti industry source said on Sunday.   The increase in the OPEC member's production was mainly due to more demand from Asia, the source said. In July, Kuwait produced around 2.4 million bpd.   OPEC ministers agreed in mid-June they should adhere to a collective output limit of 30 million barrels per day (bpd), which would require ...
UAE oil output at 2.7mn bpd in Aug: source  DUBAI: The United Arab Emirates produced 2.7 million barrels per day (bpd) of oil in August, down around 100,000 bpd from the previous month, an industry source familiar with the matter told Reuters on Thursday. In July, the OPEC country's production was ramped close to its maximum capacity of 2.8 million bpd. The UAE, which is among the world's top crude exporters, has promised oil supplies to customers who are looking at cutting their dependence on Iran's ...
Unplaced cargoes pressure Nigerian, Angolan  LONDON: West African crude oil differentials came under renewed pressure on Tuesday as equity holders sought interest in almost 50 cargoes still available and unsold for loading in October, more than half-way through the monthly sales cycle. "It is rare that so many cargoes are still on offer at this time of the month," said a West African crude oil trader with a large state-owned trading house. "A quarter of the Angolan programme and almost half ...
Shell wins $150mn contract to explore oil in Tunisia  Tunis: Royal Dutch Shell has won a $150 million oil exploration deal in Tunisia as part of plans to attract investments to the energy sector, the industry minister said on Saturday. "Shell will drill oil wells in the centre of the country at a cost of $150 million," Lamine Chakari said. Exploration and drilling operations will take place in the areas of El Jem, Kairouan, Sousse and Sfax, he said, without giving more details. Copyright Reuters, 2012 ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln