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UAE oil minister says oversupply may last months or years DUBAI: Oil market oversupply may last months or even years, but prices could recover if non-OPEC producers "act rationally", the United Arab Emirates (UAE) oil minister said in remarks published on Wednesday.The comment by Suhail bin Mohammed al-Mazrouei in an interview with The National daily echoed recent calls by core Gulf Arab OPEC members such as Saudi Arabia that non-OPEC producers should curb planned increases in output to help prop up sagging prices."We are experiencing an obvious oversupply in the market that needs time to be absorbed," he was quoted as saying."Depending on the actual production growth from non-OPEC countries, this problem could take months or years. If they act rationally, we can see positive corrections during 2015."Mazrouei also said the UAE would not panic over low prices and the market would eventually stabilise itself, adding that low prices would not delay the country's plans to boost its output capacity ...

Oil weighs on Gulf but Saudi cuts losses on late buying DUBAI: Gulf stock markets extended their losses on Tuesday as Brent crude plunged for a second session in a row and the threat of a fresh euro zone crisis in Greece also prompted investors to sell risky assets globally.Brent crude touched a fresh 5-1/2-year low at $51.23 a barrel on oversupply concerns. MSCI's emerging market index fell 1.0 percent to a three-week low.Saudi Arabia's main index dropped as much as 4.0 percent in a broad ...
Gulf markets fall after oil plunge; Dubai tumbles DUBAI: Gulf stock markets fell in early trade on Tuesday after Brent crude plunged 5 percent a day earlier and the threat of a fresh euro zone crisis in Greece also prompted investors to sell risk assets globally. Dubai's index tumbled 5.3 percent in a broad sell-off. Emaar Properties, Dubai's largest listed developer, topped trading volume as it lost 8.1 percent. However, shares in low-cost carrier Air Arabia bucked the trend and jumped 2.0 percent ...
West Africa Crude-Nigerian steady near multi-year low LONDON: Nigerian crude differentials were steady on Friday close to multi-year lows, pressured by a large quantity of unsold cargoes for loading in early 2015 and ample global supply. The premium for Qua Iboe, Nigeria's biggest crude stream, was assessed at dated Brent plus 35 cents on Dec. 30, the lowest since 2005 according to Reuters data, and at dated plus 40 cents on Friday. Trade was thin as many market participants are not returning ...
Oil, global markets may weigh on Gulf DUBAI: Selling pressure may persist in Gulf stock markets on Tuesday after oil prices dropped back to five-year lows and political uncertainty in Greece weakened global equities. Brent oil has extended its losses into a fourth session on Tuesday, with prices hovering around $57.50 per barrel, as persistent worries about a global supply glut offset concerns about output disruptions in Libya. Although oil's fresh weakness is unlikely to trigger another panic sell-off of stocks in ...
Gulf markets mixed as oil stays below $60 DUBAI: Gulf stock markets were mixed in early trade on Monday after gaining strongly in the two previous sessions on the back of Saudi Arabia's 2015 budget, which maintained government spending at a high level. Brent crude edged up early on Monday due to supply disruptions in Libya, but still traded just below $60 per barrel. Dubai's index fell 0.8 percent after jumping 2.6 percent on Sunday.Developer Emaar Properties pulled back 1.0 percent and builder ...
Oil pull-back may end Gulf's rebound for now DUBAI: A renewed pull-back in oil prices may encourage profit-taking in Gulf stock markets on Tuesday and end their recent rebound, temporarily at least.After jumping to almost $63 a barrel on Monday, Brent crude slid back to not much over $60 after Saudi Arabia's oil minister said OPEC would not cut production at any price.The stabilisation of oil prices was a major factor behind Gulf bourses' recovery since late last week, so the possibility of ...

 



 
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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