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Oil falls after OPEC comments imply no supply cut LONDON: Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Benchmark North Sea Brent crude headed for its fifth consecutive weekly fall after comments on Thursday in Moscow by Abdullah al-Badri, secretary-general of the Organization of the Petroleum Exporting Countries. Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would have little impact on the market. Brent was down 70 cents at $52.61 a barrel by 0935 GMT after settling 7 cents lower in the previous session. US light crude was down 90 cents at $47.62 a barrel. OPEC members produced around 31.25 million barrels per day (bpd) in the second quarter, about 3 million bpd more than daily demand, a Reuters survey showed this week. The surplus ...


Oil falls after OPEC comments imply no supply cut LONDON: Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Benchmark North Sea Brent crude headed for its fifth consecutive weekly fall after comments on Thursday in Moscow by Abdullah al-Badri, secretary-general of the Organization of the Petroleum Exporting Countries.Badri said rising demand would prevent a further fall in oil prices and ...

Oil prices down in Asia SINGAPORE: Oil prices extended their decline in Asia Friday after the OPEC cartel indicated that current lofty output levels will remain, while a stronger dollar is also causing downward pressure.US benchmark West Texas Intermediate for September delivery fell 32 cents to $48.20 and Brent crude for September shed 24 cents to $53.07 a barrel in afternoon trade.Both contracts tumbled on Thursday, snapping two consecutive days of gains.Abdullah El-Badri, Secretary General of the Organization of the ...

Oil market rebounds on US energy report LONDON: Oil prices rebounded Wednesday as investors digested signs of stronger-than-expected US crude demand in the world's top consuming nation, before the latest Federal Reserve interest rate decision.US benchmark West Texas Intermediate for delivery in September jumped $1.21 to $49.19 a barrel compared with Tuesday's close.Brent North Sea crude for September won 61 cents to stand at $53.91 a barrel in London late afternoon deals, having dived on Tuesday to $52.25 -- the lowest since ...

Oil up after 4-day loss; bets for drop in US stockpiles NEW YORK: Oil turned higher on Tuesday, recovering from near six-month lows, as bets for a drop in US crude stockpiles offset worries about a global supply glut and equity market meltdown in China.The market also saw short-covering after a four-day selloff that wiped between 6 and 7 percent off crude futures, traders said. Some remained convinced, however, that oil had more to lose, and that a bottom for the market was still far off."We're ...

Oil contractor Saipem slashes guidance and jobs in turnaround effort MILAN: Italian oil contractor Saipem slashed its guidance for the year on Tuesday as it booked writedowns of 929 million euros ($1 billion) and introduced a restructuring plan that foresees 8,800 job cuts. Saipem, which is 43 percent owned by oil major Eni, said in a statement it expected to post a net loss this year of around 800 million euros and an operating loss (EBIT) of around 450 million euros. Previous guidance had pegged ...

Oil prices fall further LONDON: Global oil prices fell further Tuesday on stubborn concerns over high supplies and slowing Chinese demand.US benchmark West Texas Intermediate for delivery in September dropped 27 cents to $47.12 a barrel compared with Monday's close.Brent North Sea crude for September delivery shed 71 cents to stand at $52.76 a barrel in London midday deals.Crude futures had slid for a fourth straight session on Monday as the steepest drop in Chinese equities since 2007 fuelled ...


 



 
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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%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln