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Oil price 'fair' despite geopolitical factors: Kuwait KUWAIT CITY: Kuwaiti Oil Minister Ali al-Omair said on Monday that current oil prices are "fair" despite strong geopolitical factors impacting the region.OPEC member Kuwait is the world's fourth-largest oil exporter, pumping around 3.0 million barrels per day, of which at least 2.6 million bpd are exported in the form of crude oil and petroleum products."There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also by political changes," Omair told reporters on the sidelines of the second Gulf Petroleum Forum."We, as exporters and importers, wish to see stability in production and prices," he said, voicing hope that prices would remain "fair" as "they are now".The Kuwaiti minister said that it is not necessary that "high prices are good for producers and low prices are good for consumers".Crude prices dropped in Asian trade Monday after rebels agreed to reopen two of ...

Kuwait's oil output capacity rises to 3.3mn bpd KUWAIT: Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5 million bpd in 2015, the head of its state oil company said on Monday. Kuwaiti officials have previously said that capacity in the OPEC member state was around 3.1-3.2 million bpd. "Kuwait has increased its production capacity to 3.3 million barrels per day.It will reach 3.5 million barrels per day by 2015," ...
Southern Iraq oil exports 2.48mn bpd in March, new field to open BASRA: Oil exports from southern Iraq have averaged 2.48 million barrels per day (bpd) so far in March, a senior official said on Saturday, as Russia's Lukoil prepared to begin production from the country's second-largest field.Production in the south has averaged 2.5 million bpd so far this month, and should rise to 2.65 million following the inauguration of the giant West Qurna-2 oilfield, Dhiya Jaafar, the head of Iraq's South Oil Company, also said.Lukoil is ...
Southern Iraq oil exports 2.48mn bpd in March, new field to open BASRA: Oil exports from southern Iraq have averaged 2.48 million barrels per day (bpd) so far in March, a senior official said on Saturday, as Russia's Lukoil prepared to begin production from the country's second-largest field. Production in the south has averaged 2.5 million bpd so far this month, and should rise to 2.65 million following the inauguration of the giant West Qurna-2 oilfield, Dhiya Jaafar, the head of Iraq's South Oil Company, also said.Lukoil ...
Total seals deal for smaller stake in Papua New Guinea bloc MELBOURNE: Total has agreed to buy a 40 percent stake in Papua New Guinea's largest undeveloped gas field from InterOil Corp, in a revised deal announced on Wednesday, giving the French oil giant a smaller stake than first planned.InterOil estimated it could receive between $1.62 billion and $3.5 billion all together from Total, depending on how large a reserve of gas is found in the fields.The final stakes in the deal, which was first announced ...
Tanzania raises petrol, cuts diesel, kerosene prices DAR ES SALAAM: Tanzania's energy regulator raised the price of petrol in east Africa's second-biggest economy on Wednesday but cut diesel and kerosene prices, citing a weaker local currency and swings in international energy prices. The Energy and Water Utilities Regulatory Authority (EWURA) raised the retail price of petrol 1.95 percent and lowered the price of diesel 3.5 percent. Kerosene prices were cut 0.9 percent in the latest price caps, which take immediate effect. Fuel ...
Iraq oil exports hit record 2.8mn bpd in February BASRA: Oil exports from Iraq rose to a record 2.8 million barrels per day (bpd) on average in February, Deputy Prime Minister for energy Hussain al-Shahristani told reporters on Saturday.The figure was up from 2.228 million bpd in January thanks to the completion of work expanding the capacity of the southern Basra port, from which the bulk of Iraq's crude is shipped."These projects which we carried out relating to development and production have enabled Iraq ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln