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Oil eases on Iran talks, US budget crisis LONDON: Global oil prices fell towards $110 per barrel on Monday on expectations that Iranian nuclear talks will ease tensions, while a looming deadline to head off a US default stoked worries about the outlook for demand.Brent futures fell by a dollar to $110.28 before paring some losses to trade down about 83 cents at $110.45 at 1039 GMT. US oil pared early gains and was down 75 cents at $101.27 a barrel."Oil is falling on the possibility of talks with Iran bearing fruit. That possibility is the main factor. The US budget deadlock is also weighing," said Christopher Bellew, an oil trader at Jefferies Bache.Talks about Iran's nuclear programme are due to start in Geneva on Tuesday and will be the first since the election of Iranian President Hassan Rouhani, who has tried to improve ties with the West to pave the way for an end to sanctions.Iran's nuclear ...


US natgas futures edge higher, slip from 4-month high NEW YORK: US natural gas futures edged higher early on Monday, extending gains for a third straight day, but prices edged off the four-month spot chart high hit in overnight electronic trading.Continued technical buying and short-covering ahead of cooler weather on tap for late this month as well as offshore Gulf of Mexico production cuts helped push the contract up nearly 8 percent last week.The onset of autumn nuclear plant outages has spurred some near-term ...

Oil falls nearer to $110 on Iran talks LONDON: Global oil prices fell towards $110 per barrel on Monday on expectations that Iranian nuclear talks will ease tensions, while a looming deadline to head off a US default stoked worries about the outlook for demand.Brent crude futures fell by 93 cents to $110.35 at 1348 GMT. US oil pared early gains and was down 45 cents at $101.61 a barrel."Oil is falling on the possibility of talks with Iran bearing fruit. That possibility ...

UAE on track for 3.5mn bpd target: minister DAEGU: United Arab Emirates Energy Minister Suheil al-Mazrouei said Monday the country was on track to achieve its goal of a one-third increase in oil production by 2017."We are confident and the projects are on time," Mazrouei told AFP at the ongoing World Energy Congress in Daegu, South Korea.Back in April, the UAE said it wanted to hike its oil production capacity to 3.5 million barrels per day by 2017, from the then-level of 2.6 ...

Oil prices edge lower on fears of US debt default SINGAPORE: Oil prices edged lower in Asian trade Monday as the United States faces a potentially devastating sovereign debt default as lawmakers remain unable to end a budget impasse.New York's main contract, West Texas Intermediate for delivery in November was down 29 cents at $101.73 in afternoon trade, while Brent North Sea crude for November eased 17 cents to $111.11.Investors are keeping a close eye on Washington as Democrats and Republicans try to work out ...

Saudi shale gas drilling bears fruit: Aramco head SEOUL: The US shale gas boom will spread "far and wide," the head of Saudi Aramco said Monday, announcing the state oil giant was set to supply gas to a massive Saudi power plant project.The world's largest oil exporter launched an unconventional gas program in northern Saudi Arabia two years ago, as it sought alternative domestic fuel supplies that would allow an expansion of lucrative oil exports."We are now ready to commit gas for the ...

Brent drifts towards $111 on lower Chinese exports, US budget crisis SINGAPORE: Brent futures edged lower towards $111 per barrel on Monday after an unexpected decline in China's exports, with a looming deadline to get an increase in the US debt ceiling adding to worries about the outlook for oil demand.Weekend talks to avert a US debt default showed signs of progress on Sunday, but there were still no guarantees that a government shutdown was about to end or that default would be avoided.Underscoring the urgency ...


 



 
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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