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Fuel and Energy: World


Russia, the world's biggest energy exporter, does not plan to cut oil production to shore up prices, Rossiya 24 television quoted Energy Minister Alexander Novak as saying on Saturday. Russia, which relies on oil and gas exports for about half its federal budget, has been hit this year by a fall in global oil prices as well as by Western sanctions over its role in the Ukraine's crisis.

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders. Venezuela recently started importing Saharan Blend from Algerian state-run Sonatrach to dilute its extra heavy crude from the Orinoco oil belt. PDVSA had previously imported costlier naphtha to use as a diluent.
US Vice President Joe Biden welcomed an agreement between Iraq's central government and its northern Kurdistan region over the management of oil exports, a step forward in a feud that has threatened the unity of Iraq. In a speech in Istanbul on Saturday that touched on energy issues from Russia to Cyprus, Biden said he was encouraged to see a recent interim agreement between Baghdad and Arbil on managing exports and revenue sharing.
The Obama administration on Friday postponed a decision on 2014 biofuel-use targets until next year, prompting opponents to call on Congress to reform the highly contested federal program to promote renewable fuels like corn ethanol. The administration said it would get the program's targets back on track in 2015, but critics said Friday's delay was one too many on 2014 quotas that are already a year behind schedule.
US natural gas futures ended down 5 percent on Friday on profit taking after as forecasts for less frigid temperatures spurred some traders to cash in on gains made earlier in the week. Front-month gas futures on the New York Mercantile Exchange closed down 22.3 cents at $4.266 per million British thermal units. The front-month has been on a roller-coaster ride for the past few weeks - up 14 percent two weeks ago, down 9 percent last week and up 6 percent this week - due primarily to changes in the 15-day weather forecast, exacerbated by technical trade.
Three economic deals to be signed during the 18th summit of the South Asian Association for Regional Co-operation (Saarc) will be a milestone for the region's economic development, experts said here on Saturday. The three pacts are Agreement for the Regulation of Passenger and Cargo Vehicular Traffic, Saarc Regional Agreement on Railways and Saarc Framework Agreement for Energy Co-operation (Electricity).
Ghana's President John Mahama created a ministry of power on Saturday in a fresh bid to resolve a long-standing electricity crisis that has slowed economic growth and frustrated citizens with frequent power cuts. Kwabena Donkor, the chairman of parliament's energy committee, will head the new ministry, according to a statement from the presidency. Donkor, a former deputy energy minister, was not immediately available for comment.


Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

Banking Review 2013

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