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Crude settled lower on Monday as ample global supply blunted support from the conflict in Yemen and the falling number of US rigs drilling for oil and kept traders cautious after prices reached 2015 peaks last week.

Venezuelan state oil company PDVSA's earnings fell 4.3 percent in 2014, it said Monday, reporting drops in production and exports after a year of economic upheaval and sliding crude prices. PDVSA, which dominates the oil industry in the country estimated to have the world's largest crude reserves, registered earnings of $128.4 billion last year, down from $134.3 billion the year before, it reported on its website. Production meanwhile fell four percent, to 2.78 million barrels per day, and exports 2.8 percent, to 2.35 million barrels a day, it said.
Asia's naphtha crack recovered 6 percent to $102.50 a tonne, the highest since April 16, but traders said the boost behind the value could be coming from gasoline. Naphtha can be reformed into gasoline or be used as a gasoline blending component apart from being a petrochemical feedstock.
The Asian gasoil margin is expected to slip in the second half of the year on the start-up of a new refinery in India adding more spot supply to the market, traders said on Monday. Indian Oil Corp has started the process of commissioning its 300,000 barrels per day (bpd) refinery at Paradip, the company said.
The British government has warned oil giant BP that it would oppose a foreign takeover of the company weakened in recent years by the Gulf of Mexico oil spill, media reports said Monday.
Indian Oil Corp, the country's biggest refiner, on Sunday began crude processing at its 300,000 barrel per day (bpd) Paradip refinery and aims to fully commission the plant in six months, two company sources said, potentially adding to the glut of oil products in the region. Output from the $5.2 billion Paradip refinery will compete with rising supplies of fuels from new and expanded plants in the Middle East and China, putting pressure on the profit margins of Asian refiners.
Venezuelan oil company PDVSA's revenue from oil and fuel sales dropped by roughly 7.6 percent in 2014 from the previous year, hurt by a fall in crude prices and exports, the state company reported on Saturday. Revenue from sales declined to around $105.3 billion, according to a company document published in Venezuelan newspaper Ultimas Noticias. Its total revenue for last year was also down by around 4.4 percent to $128.4 billion.

 



 
Index Closing Chg%
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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
WeeklyApril 16, 2015
Reserves $16.818 bln