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Brent crude oil plunged as much as $6.50 a barrel on Thursday, and US crude fell by nearly as much, posting the steepest one-day falls since 2011, after Opec decided against cutting output despite a huge oversupply in world markets. Asked whether the oil producer group had decided not to reduce production, Saudi Arabian Oil Minister Ali al-Naimi told reporters: "That is right."

Saudi Arabia blocked calls on Thursday from poorer members of the Opec oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude plunging to a fresh four-year low. Brent oil fell more than $6 to $71.25 a barrel after Opec ministers meeting in Vienna left the group''s output ceiling unchanged despite huge global oversupply, marking a major shift away from its long-standing policy of defending prices.
Oil prices fell on Wednesday after OPEC increased signals that it would hold off making any major production cuts this week. With US trading subdued by the approaching Thanksgiving Day holiday, activity was thin and prices choppy, hitting near four-year lows early in the day. US weekly oil inventory data showed a bigger than expected build in crude stockpiles, although the data had little impact.
Cyprus and energy-starved Egypt agreed Tuesday to speed up procedures on the prospect of exporting natural gas from the Mediterranean island to the North African country, officials said. Egyptian Oil Minister Sherif Ismail said his country was willing to receive as much gas as Cyprus is able to export. "Egypt has a very huge (natural gas) infrastructure and can accommodate the production coming from Cyprus," Ismail told reporters in Nicosia.
French nuclear group Areva needs to focus on costs and review its strategy, its interim chief Philippe Knoche said on Wednesday, as the group battles a multi-billion euro debt burden and costly problems in the atomic power sector. The 87 percent state-owned group last week issued a third profit warning in four months and dropped its 2015-16 financial targets, blaming delays to a Finnish reactor, the slow restart of Japan's reactors and a lacklustre nuclear market globally.
Oil prices tumbled to near four-year lows before paring some losses on Tuesday as the market was hit with conflicting signals on whether Opec will agree to curb output at its meeting this week. Crude prices reversed early gains and fell more than $1 a barrel after a meeting in Vienna on Tuesday between Saudi Oil Minister Ali al-Naimi and officials of Venezuela, and non-Opec members Russia and Mexico ended with no deal on cuts. That meeting came before Thursday's gathering of the Organisation of the Petroleum Exporting Countries in the Austrian capital.
Russia's oil giant Rosneft said Tuesday it had cut its daily output by 25,000 barrels because of "marketing conditions" that have seen the price of crude shrink by nearly a third since June. But the token reduction represented less than one percent of the behemoth's total and did little to boost energy prices on depressed global commodity markets.

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln