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Oil steadies below $79 as market doubts OPEC cut LONDON: Brent crude oil steadied below $79 a barrel on Wednesday after Saudi Arabia signalled it was unlikely to push for a major change in OPEC oil output despite a collapse in prices. Saudi Arabian Oil Minister Ali al-Naimi said he expected oil "to stabilise itself eventually", a comment traders understood to mean that the cartel would not cut output when oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna. "He effectively ruled out an output cut," Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt, told Reuters Global Oil Forum. Oil prices have dropped by a third since June and some OPEC members have called for the cartel to reduce production sharply in an attempt to tighten the market. Predictions for the OPEC meeting range from a large output cut to no action at all. Benchmark Brent futures were down ...


Brent steadies around $78.40 ahead of OPEC meeting SINGAPORE: Brent crude steadied around $78.40 a barrel on Wednesday ahead of talks by producer group OPEC, but prices fell earlier in the session as Asia's top four economies showed signs of weakness.The European benchmark was at $78.43 a barrel at 0717 GMT, off a low of $78 hit earlier in the day, while US crude was at $74.13 a barrel, up from a low of $73.64.Traders said talks of a potential output cut ahead ...

Polish refiner PKN to build heat and power plant for $493mn WARSAW: PKN Orlen, Poland's top oil refiner, announced plans on Wednesday to build a 596 megawatt combined heat and power plant in the city of Plock, where it is based, for about 1.65 billion zlotys ($493mn).PKN said in a statement its supervisory board has already approved the project, which should be completed by the end of 2017.Copyright PPI (Pakistan Press International), 2014

Saudi's Naimi says oil market will stabilise eventually VIENNA: Saudi Arabian Oil Minister Ali al-Naimi told reporters on Wednesday that he believed the oil market "will stabilise itself eventually".Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna.Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut.Copyright Reuters, 2014

Oil prices mixed ahead of OPEC meeting SINGAPORE: Oil prices were mixed in Asia Wednesday as speculation swirls that the OPEC oil cartel will maintain output at this week's closely watched meeting despite a global supply glut. US benchmark West Texas Intermediate (WTI) for January delivery fell two cents to $74.07 while Brent crude for January rose nine cents to $78.42 in afternoon trade. WTI dived $1.69 Tuesday while Brent closed down $1.35.Crude prices have sunk 30 percent to four-year lows since ...

Oil prices extend losses ahead of OPEC meeting SINGAPORE: Oil prices extended losses in Asia Wednesday as speculation swirls that the OPEC oil cartel will maintain output at this week's closely watched meeting despite a global supply glut. US benchmark West Texas Intermediate (WTI) for January delivery fell 24 cents to $73.85 while Brent crude for January eased 17 cents to $78.16 in mid-morning trade. WTI dived $1.69 Tuesday while Brent closed down $1.35."At the moment, the outcome of the OPEC meeting on ...

Oil steady around $80 ahead of OPEC output decision LONDON: Brent crude oil prices steadied around $80 a barrel on Tuesday ahead of a meeting of OPEC oil producers to decide on production levels for next year.Oil market watchers are divided on the outcome of the Organization of the Petroleum Exporting Countries meeting this Thursday in Vienna. Predictions range from a large production cut to revive prices, to a small reduction, or none at all.Oil prices have fallen by almost a third since June ...


 



 
Index Closing Chg%
Arrow DJIA 17,827.75 0.07
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Arrow DAX 9,974.87 0.60
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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