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West Africa Crude: Stable despite oversupply, reported attack LONDON: West African crude was little changed on Wednesday, but selling into Asia could become more difficult if expected cuts to Saudi Arabian official selling prices materialise later this week. Traders said a reported attack on a vessel in the vicinity of the Qua Iboe terminal off the coast of Nigeria could also make loading Nigeria's largest crude stream more expensive due to insurance and security costs. Shipping and crude sources said the attack on the Greek-flagged Kalamos left one crew member dead, but neither the vessel manager, the charterer listed for the ship, India's BPCL, nor the Nigerian government returned calls for comment. Sources said the vessel had not yet loaded a cargo of Qua. While there was no clear impact on differentials for Nigerian grades, traders said that if the reports are true, the cost of getting vessels in and out of the country would rise, making its ...

Tanzania buys over 250,000 tonnes oil products from Addax SINGAPORE: Tanzanian importers bought more than 250,000 tonnes of oil products for delivery in March from Addax Energy, industry sources said on Tuesday.The Petroleum Importation Coordinator, which represents oil marketing companies in the east African nation, bought nearly 175,000 tonnes of 50 ppm sulphur diesel, 67,599 tonnes of 10 ppm sulphur gasoline, 14,807 tonnes of jet fuel and 1,400 tonnes of kerosene.The cargoes are to be delivered into Kurasini Oil Jetty and into the country's ...
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 ...
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 ...

 



 
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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%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln