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Brent, US crude down

Thursday, 23 May 2013
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Brent crude extended losses in late trading on Wednesday to settle below $103 a barrel, after minutes from the Federal Reserve sent US stock markets down and compounded earlier oil weakness stemming from a rise in US gasoline inventories. US equities fell in choppy trading, with the Dow briefly down more than 1 percent, after Fed chief Ben Bernanke suggested the central bank was not ready to curb economic stimulus but may act if the economy keeps improving.

Manipulation probe draws attention to oil firms' trading desks

Thursday, 23 May 2013
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Europe's energy price manipulation probe has turned regulatory attention to secretive trading units at oil companies with huge turnover and millionaire staff with risk appetite higher than at Wall Street's biggest banks. Regulators have scrutinised banks, trading houses and commodities markets more closely following the Libor benchmark rigging scandal but trading desks at oil majors have largely escaped attention.

BP to invest $2.85 billion in Iraq's largest oilfield

Thursday, 23 May 2013
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Oil major BP has allocated $2.85 billion to develop Iraq's Rumaila oilfield in 2013, up from $2.2 billion last year, the head of the joint management committee for the field told Reuters On Wednesday. Boosting output from Rumaila, Iraq's most prolific oilfield is vital for the country to realise its ambition of raising oil exports to 6 million barrels per day (bpd) by 2017.

Oil ends lower, pares losses

Wednesday, 22 May 2013
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Crude oil futures ended lower on Tuesday, falling early as the dollar strengthened, then paring losses as the greenback weakened after a Federal Reserve official said he did not believe the US central bank should pull back on its quantitative easing program. US crude oil prices were further pressured by sinking gasoline prices. The June US crude contract expired on Tuesday.

Chesapeake Energy hires Anadarko executive as CEO

Wednesday, 22 May 2013
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Chesapeake Energy Corp on Monday named a top executive at rival Anadarko Petroleum Corp to head the No 2 US natural gas producer, which has suffered through a governance crisis and liquidity crunch over the last year. Chesapeake hired Robert Douglas Lawler, senior vice president of international and deepwater operations at Anadarko, to fill the post vacated by co-founder Aubrey McClendon in April.

Crude oil rises

Tuesday, 21 May 2013
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Crude oil prices rose on Monday against a weaker dollar, but ample oil supplies limited gains, even as equity markets hovered at record levels. The dollar extended losses against the euro as foreign exchange traders let up on expectations Federal Reserve Chairman Ben Bernanke would hint at cutting back on US bond purchases.

Saudi Arabia to import near record high diesel this summer

Tuesday, 21 May 2013
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Saudi Arabia will import near record high diesel volumes this summer, as it gears up to beat the sweltering heat and meet rising travel needs during the month of Ramazan, trade sources said. State oil giant Saudi Aramco will import up to 8.9 million barrels of diesel in June, up from an estimated 6.7 to 7.5 million barrels in May, according to the sources, who expect at least the same volume or higher to be booked for July.

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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyApril
Trade Balance $-1.779 bln
Exports $2.130 bln
Imports $3.909 bln
WeeklyMay 20, 2013
Reserves $11.601 bln