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Middle East crude Oman weakens despite uptick in refining margins  SINGAPORE: The Middle East crude market weakened on Thursday as abundant supply and weak demand continued to weigh on the market despite a slight improvement in refining margins.Shell sold two Dubai partials to Vitol in the Platts window at $100.60 a barrel.Refining margins have improved slightly over the past 10 days, mainly due to improving middle distillate cracks.Murban was discussed at 80-90 cents a barrel below the official selling price (OSP), while Das Blend was discussed at around 60 cents below its OSP, although no deals were done, traders said."I think some buyers see values at a 60 cent or even 50 cent discount," a Singapore-based trader said referring to Das Blend."Even if differentials go up, there will still be lots of light grades available going into next month," the trader said.Qatar Marine was heard sold out, while trading in Basra Light remained muted as Asian refiners continued to avoid ...


Asia Pacific crude brent/Dubai gap narrows; ESPO steady SINGAPORE: The Asia-Pacific crude market held steady on Thursday, although differentials could find support from Brent's narrowing premium to Dubai and lower inflows of West African grades.Differentials for Russia's ESPO crude held steady after Surgut sold three 730,000-barrel cargoes at $1.50-$1.80 a barrel above Dubai quotes.Premiums for the sour grade have ranged between $1.20 and $1.80 a barrel over the last couple of weeks, according to Reuters data.Differentials failed to improve despite lower supply expected ...

West Africa oil exports to China at near record in Sept LONDON: A surge in Chinese buying to near record highs pushed up West African crude oil exports to Asia in September, a Reuters survey of traders showed on Thursday.Exports from Nigeria, Angola and other West African oil producing nations are set to rise to around 2 million barrels per day (bpd) from the 1.59 million bpd originally planned in August, the survey indicated.There is set to be a substantial rise in exports to China, which ...

CNOOC H1 net profit falls 2.3pc, beats estimates HONG KONG: State-run Chinese offshore oil and gas producer CNOOC Ltd reported a 2.3 percent drop in its first-half net profit due to a surge in production costs, but the fall was less than analysts had forecast.CNOOC posted a consolidated net profit of 33.59 billion yuan ($5.47 billion) for the January-June period, lower than the 34.38 billion yuan profit for the same year ago period. That compared with an average forecast of 29.62 billion yuan ...

Oil slips towards $102 on ample supply LONDON: Brent crude oil fell towards $102 a barrel on Thursday, depressed by ample supply and lacklustre demand as global economic growth remains tepid. Oil supply is expected to exceed demand this year, analysts forecast, and crude oil benchmarks on both sides of the Atlantic Basin are on track to post a second monthly decline. "It looks like there is crude everywhere," said Tony Nunan, a risk manager at Mitsubishi Corp. "There's just too much ...

Preparations for Rosneft's privatisation under way MOSCOW: Russia's Economy Minister said on Tuesday that preparations to sell a part of the state's stake in Rosneft, the world's top oil producer by output, are under way and it could be sold in two tranches, RIA Novosti news agency reported. The Russian government has said it plans to sell 19.5 percent of Rosneft. Russia set out privatisation plans covering a number of companies in 2010, aiming to boost state coffers and improve corporate ...

Japan's JX plans Sept crude refining down 5pc y/y TOKYO: Japan's top oil refiner JX Nippon Oil & Energy Corp said on Thursday it would refine 1.01 million barrels per day (4.82 million kilolitres) of crude oil in September for domestic consumption, down 5 percent from a year earlier. Its August crude refining for domestic consumption was estimated at 5.09 million bpd (1.03 million kl), down 13 percent from the year-earlier period, slightly lower than the original plan of 1.05 million barrels per day ...


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune-July
Trade Balance $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln