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Oil prices extend falls; Goldman Sachs slashes forecasts LONDON: Oil prices renewed their declines on Monday, dropping below $49 a barrel as Goldman Sachs slashed its short-term forecasts and Gulf producers showed no signs of cutting production.Both Brent and U.S. crude are around their lowest since April 2009 and have fallen for seven straight weeks on a growing supply glut.The February Brent contract was down $1.29 at $48.82 a barrel at 0917 GMT. U.S. crude oil for February was down $1.12 at $47.24 per barrel.Analysts at Goldman Sachs cut their three-month forecasts for Brent to $42 a barrel from $80 a barrel and for the U.S. West Texas Intermediate contract to $41 a barrel from $70 a barrel. The bank cut its 2015 Brent forecast to $50.40 a barrel from $83.75 and U.S. crude to $47.15 a barrel from $73.75.Despite declining investments in U.S. shale oil, the main driver in the current supply glut, production will take longer ...


Middle East Crude-Murban price cut lifts demand SINGAPORE: ADNOC's price cut for flagship Murban has given the grade a boost in Asia as a cargo may have been sold to Thailand early in the trading cycle for March-loading Middle East crude, traders said on Monday.The cargo was likely sold by a Japanese trader on Dubai basis, they said. Price details remained sketchy although most traders expect the grade to be priced at a premium to its official selling price (OSP).A trader expects ...

Asia-Pacific Crude-PTT buys regional grades in tender SINGAPORE: Asia-Pacific crude prices held steady on Monday as Thailand bought regional grades in a tender, reducing surplus in the market.PTT bought 1.2 million barrels of light sweet crude for March 1-5 arrival. The purchase includes a 600,000-barrel North West Shelf (NWS) condensate cargo and other grades from Vietnam and Malaysia. Prices were not immediately available.The market is under pressure from a rise in Malaysian crude supply and lacklustre demand from China, although high freight ...

Gas tanker runs aground off Nigeria MILAN: A liquefied natural gas (LNG) tanker has run aground off Nigeria after taking on a cargo at the country's Bonny Island export plant, two trading sources said. The 165,000-cubic-metre-capacity Magellan Spirit tanker, owned by Teekay LNG Partners, ran aground trying to leave the port bound for South Korea, traders said. Teekay could not be reached for immediate comment. A trader said that the tanker is not expected to disrupt inbound or outbound tanker traffic ...

Australia's North West Shelf LNG launches 5-cargo tender MILAN: Australia's North West Shelf liquefied natural gas (LNG) export plant on Monday launched a tender to sell at least five cargoes from April, a source with direct knowledge of the matter said.The 16.3 million tonne per year capacity plant expects to sell the supply in two tranches with final bids for the cargoes due by Jan. 26, the source said.The unexpected tender signals a delay of around three months to reforms of how NWS ...

Norway's gas capacity down by close to a fifth on Monday after storm OSLO: Norwegian gas export capacity will be reduced by around a fifth on Monday due to power outages at major onshore and offshore facilities, limiting exports to western Europe, gas system operator Gassco said on Monday. Gas export capacity will be reduced by a combined 62 million cubic metres (mcm) on Monday, or about 18 percent of Norway's overall capacity, with all outages seen ending on Monday, after a winter storm disrupted power supplies. At ...

North Sea oil producer Ithaca cuts 2015 investments by 60pc LONDON: North Sea-focused oil and gas operator Ithaca Energy has cut its 2015 investment budget by 60 percent from last year year because of weak oil prices, it said on Monday. The London and Toronto-listed company said its 2015 net capital expenditure would be about $150 million, two thirds of which is related to its Greater Stella Area project, which is expected to produce its first oil before the end of this year. "The (capex) ...


 



 
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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%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln