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Iraq cuts March crude prices to Asia; ups US and Europe BAGHDAD: Iraq raised the price of Basra light crude to US buyers for March by 20 cents to 50 cents per barrel below the Argus (ASCI) benchmark and cut the prices to Asia, the State Oil Marketing Organisation (SOMO) said on Sunday. The price for Basra light crude for Asian buyers was set at a discount of 60 cents to the average of Oman-Dubai quotes versus a discount of 30 cents for the previous month. The price of Basra crude for European buyers was set at a discount of $4.60 to the North Sea spot benchmark BFOE versus $4.95 below the benchmark the previous month.Copyright Reuters, 2014 ...

Nigeria faces questions over 'missing' oil money LAGOS: Africa's biggest oil producer Nigeria is facing questions about where billions of dollars in oil money is going, amid suspicions of fraud and it being syphoned off to fund election campaigns. The issue has been rumbling on since September, when the governor of the Central Bank of Nigeria accused the Nigerian National Petroleum Corporation of withholding $49.8 billion in oil revenue. Sanusi Lamido Sanusi, who steps down as central bank chief in the coming ...
UAE's Dana Gas says Q4 profit rises 12pc DUBAI: Dana Gas made a net profit of 128 million dirhams ($34.9 million) in the fourth quarter of 2013, up 12 percent from a year earlier, the United Arab Emirates energy company said on Sunday. Net profit for the full year fell 6 percent to 571 million dirhams, due in part to rising royalty payments to the Egyptian government and lower sales of liquid petroleum gas (LPG) in the Kurdistan Region of Iraq. Dana Gas ...
Middle East Crude: Weakens; ESPO premiums slump SINGAPORE: The Middle East crude market softened on Tuesday, following a slump in Russian ESPO premiums on weak demand. Russian producer Surgutneftegas sold three ESPO cargoes for March loading via a tender to Shell. Two of the cargoes were priced at premiums below $5 to Dubai quotes, down from premiums between $6.2 and $6.9 fetched for cargoes sold last week. The March 23-27 cargo was priced at $6.40 while the March 19-23 and 26-30 cargoes ...
Angola's onshore oil potential over 7 billion barrels: firm LUANDA: Angola has over seven billion barrels of oil potential in onshore blocks and production rights will soon go on sale, state-owed company Sonangol said Monday."The ten blocs that we will award have great potential, with on average 700 million barrels each," said Severino Cardoso, head of exploration at the firm."But that can increase with more exploration," he told a news conference after an information session with prospective investors.Earlier this month Sonangol announced ten new ...
Iraq oil exports dip in 2013: official data BAGHDAD: Iraq's oil exports in 2013 declined compared with the previous year, new figures showed on Wednesday, despite the country's efforts to dramatically ramp up crude sales to fund much-needed reconstruction.Exports in December recovered from multi-month lows earlier in the year, but were still below their peak, with overall exports and revenues for the year lower than similar figures for 2012, according to oil ministry data compiled by AFP.Overall, Iraq exported 72.6 million barrels of ...
Algeria sets new oil bids for August, winning contracts in Sept ALGIERS: Algeria will open bidding from foreign energy firms interested in its new oil and gas round on August 6, and winning companies will sign contracts on Sept. 5, the energy ministry said.The negotiations will be the first bidding under a new oil law passed in January last year, with 31 fields on offer. OPEC member Algeria hopes it can help reverse declining output after previous bids failed to bring in foreign investors."The competition perimeters ...

 



 
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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