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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 are located in different Algerian oil sedimentary basins that have high potential in oil resources," the ministry said in a statement on its website.Copyright Reuters, 2014 ...

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 ...
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. ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln