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Middle East & Africa


Saudi slashes January oil prices for Asia, US LONDON: Saudi Arabia steeply cut its January oil prices for Asian and US buyers on Thursday, which some analysts said showed it was stepping up a battle for market share a week after refusing to support OPEC output cuts.Official Selling Prices (OSPs) for oil from the largest producer and exporter in the Organization of the Petroleum Exporting Countries have been seen as possible indications of the kingdom's oil policies.Some analysts have said sharp drops in OSPs in recent months show the kingdom is fighting for market share with other producers, but others have said the OSPs only reflect the market and are a backward-looking rather than a forward-looking indicator."(The) Saudis are making it clear they don't want to lose market share," Richard Mallinson, an analyst at consultancy Energy Aspects, told the Reuters Global Oil Forum.Saudi Arabia and other rich Gulf producers last week blocked proposals from poorer OPEC members, such ...

Iraq exports boost to add pressure on 2015 oil market LONDON: Iraq's plan for higher oil exports in 2015, emerging in detail just days after OPEC shunned any output cut, will add to global over supply and is likely to entrench the reluctance of other OPEC members to curb their own supplies.Iraq's government on Tuesday reached a temporary agreement with Kurdish regional authorities, preparing the ground for flows of 300,000 barrels per day (bpd) of Kirkuk crude exports to resume, on top of 250,000 bpd ...
Nigeria slashes oil price assumption by 11pc to $65 per barrel ABUJA: Nigeria has slashed the oil price assumed in its 2015 budget by 11 percent to $65 a barrel from $73, in light of lower world oil prices, a Finance Ministry spokeswoman said on Thursday.It was the second time in a month the benchmark has been cut, after initially being lowered from $78 a barrel.Other oil exporting countries including Russia and Mexico have said they expect oil prices to be lower next year than assumed ...
South African stocks up as weaker rand lifts MTN, but Sasol hammered JOHANNESBURG: South African stocks ticked higher on Wednesday as a weaker rand lifted companies with overseas businesses, such as telecoms operator MTN and e-commerce firm Naspers.Shares in Sasol slumped by 3 percent as investors continued to hammer the petrochemicals company on the weaker oil price, which has fallen nearly 40 percent since June. "You are seeing that investors are concerned about the longer term outlook for oil," said Mohammed Nalla, head of strategic research at ...
Qatar sets Nov Marine crude OSP at $74.35/bbl, lowest in 4 SINGAPORE: Qatar has set its November retroactive official selling price (OSP) for its Marine crude at $74.35 a barrel, down $10.55 from the previous month, a trader with knowledge of the matter said on Wednesday.The November OSP for Marine crude is the lowest since September 2010. The Gulf Arab state also set its October Qatar Land crude OSP at $76.20, down $10.30 from the previous month, the trader said.Copyright Reuters, 2014 ...
South Africa's petrol price to drop by 5.2pc on December 5 JOHANNESBURG: The retail price of 95-grade petrol in South Africa will drop by 69 cents or 5.2 percent a litre from next Wednesday, while wholesale diesel will decrease by 4.6 percent, local radio said on Friday. Petrol will cost 12.47 rand ($1.13) a litre while the wholesale diesel price will be 11.31 rand in the main Gauteng inland region. Copyright Reuters, 2014 ...
Qatar oil minister says sees OPEC harmony, no crisis VIENNA: Qatar Oil Minister Mohammed al-Sada said on Thursday that he sees harmony among OPEC members and does not see a crisis.Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in ViennaCopyright Reuters, 2014 ...


Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
Arrow S&P 2,070.65 0.46
Arrow FTSE 6,545.27 1.23
Arrow DAX 9,786.96 0.25
Arrow CAC-40 4,241.65 0.18
Arrow Nikkei 17,621.40 2.39
Arrow H.Seng 23,116.63 1.25
Arrow Sensex 27,371.84 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln