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Some grades supported by Angolan Plutonio outage  LONDON: Some grades of Angolan crude oil for March export were supported on Friday, with a key grade out for the month, but overall differentials remained under pressure due to slack demand. There will be no cargoes of Plutonio crude oil for March loading due to maintenance at the field according to traders, which should give support to grades like Cabinda and Saxi which have a similar API. However more broadly, traders saw little scope for much of a recovery in differentials due to high freight costs, and the fact that Asian buyers who were traditionally big buyers of West African oil are looking to new suppliers. India's Mangalore Refinery and Petrochemicals has made its first purchase of Argentina's Escalante crude, two sources with knowledge of the tender award said. A trader said state oil firm Sonangol had sold around 10 cargoes on term contracts, a slightly smaller number than ...

Tullow says finds more oil in Kenya NAIROBI: Fresh oil finds were announced Wednesday in Kenya's arid and under-developed north, further raising the prospect of a potential major boost to the country's economy, Tullow Oil said.Tullow, a British-listed company focused on Africa, said it had raised its estimate of resources there to over 600 million barrels after new discoveries at two onshore wells in northern Kenya."Exploration results to date... have proven that Tullow's onshore acreage in northern Kenya has the potential to ...
Kuwait says oil market balance takes precedence over price issue KUWAIT: Balance in global oil markets takes precedence over the crude price, Kuwait's new oil minister said on Sunday. Asked whether 100 dollars a barrel was a good price for oil, Ali al-Omair told reporters at a reception: "The issue of balance comes before the issue of price." Omair, who was appointed last week, said OPEC member Kuwait targets 3.5 million barrels per day capacity by 2015. Copyright Reuters, 2014 ...
West Africa Crude-Differentials pressured LONDON: West African crude oil differentials stayed under pressure on Monday, with sales slow as buyers awaited lower offers before picking up the ample supply available for February loading. Highlighting fading demand from the biggest customers of West African crude oil, exports to Asia will fall to around 1.86 million barrels per day from 2.16 million bpd in December, a Reuters survey showed on Monday. Traders said that signs of increasing exports from Libya ...
UAE's ADNOC sets Dec Murban crude price at $113.85/bbl DUBAI: Abu Dhabi National Oil Company (ADNOC) set the December retroactive selling price for its benchmark Murban crude at $113.85 per barrel, ADNOC said on Sunday. Copyright Reuters, 2014 ...
Libya warns against buying crude from seized oil ports in east TRIPOLI: Libya warned customers against buying any crude offered by a pro-autonomy group which seized three oil ports in the east of the OPEC producer more than five months ago, the state oil firm said on Saturday. The heavily-armed group calling for autonomy and a greater share of oil sales is occupying the eastern Ras Lanuf, Es-Sider and Zuweitina ports, which previously accounted for 600,000 barrels a day of oil exports. ...
Libya Hariga port stays shut as oil deadlock drags on TRIPOLI: An eastern oil port, which officials had said was to open soon, remained shut on Monday, as the paralysis of Libya's oil sector continued, caught in a struggle between Tripoli and the regions. Hariga has been shut since August due to an occupation by local people. The 110,000 barrels per day oil port was still closed but officials were "looking forward to hearing good news," National Oil Corp spokesman Mohamed al-Harari said. ...

 



 
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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