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OPEC is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister Bijan Zanganeh said on Sunday, according to the semi-official Mehr news agency. "Lowering OPEC's production ceiling requires consensus between all members ... under current conditions it seems unlikely that the OPEC production ceiling will change," Zanganeh was quoted as saying.

Malaysian state energy firm Petronas said on May 22 it made a net profit of 11.4 billion ringgit ($3.18 billion) in the first quarter - more than 7 billion ringgit lower than the same period last year - due to the slump in global oil prices. In the first quarter of 2014, Petronas, the single largest revenue contributor to the Malaysian government, posted an 18.8 billion ringgit profit.
Austrian energy group OMV said on May 18 it was unlikely to resume production in war-torn Libya or Yemen before winter, after headline profit fell by half as low oil prices weighed on its upstream business. It also said overcapacity in Europe would drive an improved refining margin down again. OMV's bigger rivals including Chevron, Exxon Mobil and Royal Dutch Shell, have leant on their refining divisions to buffer profit slumps when oil is cheap.
Algeria's state energy firm Sonatrach has picked a new chief executive to replace an interim head appointed less than a year ago and has also replaced more than 20 other managers in a major shake-up, two industry sources said on Sunday.
Germany Economy Minister Sigmar Gabriel said on Sunday the country must lay more power lines underground to take electicity generated by windpower in the north to industry in the south, to overcome opposition along the routes.
Commodities trader Cargill will remain active in China and Singapore's fuel oil market, a company official said on Thursday, rebutting industry talk it had shut its trading desk for the oil product, "Cargill is not closing its fuel oil desk in Asia, which has been part of a long-term stable business. We will continue to be active in Singapore and in China and are committed to growing our business and supporting customers in this region," a Cargill spokeswoman said.
The world's fossil fuel reserves cannot be burned unless some way is found to capture their carbon emissions, Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden said on Friday. In an interview published in Britain's Guardian newspaper, Van Beurden forecast that global energy use would produce "zero carbon" by the end of the century, and that his group would get a "very large segment" of its earnings from renewable power.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln