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Oil prices drop as IEA predicts demand slowdown LONDON: Oil prices dropped Thursday as the International Energy Agency predicted that a recent surge in world crude demand was set to end.US benchmark West Texas Intermediate for delivery in July fell 58 cents to $60.85 a barrel compared with Wednesday's closing level.Brent North Sea crude for July slid 46 cents to stand at $65.24 around midday in London. World oil demand growth soared to a four-year high in the first three months of 2015, but the surge is unlikely to persist, the IEA said Thursday in its monthly report.The strong growth, which reached 1.7 million barrels per day in the first quarter, was underpinned by an economic recovery, a European winter that was colder than the previous year's, and lower crude prices which spurred consumption."However, there are doubts that this trio will persist" in the second half of 2015, said the IEA.Heating needs are not expected to return to ...


Mexico finds large shallow water oil fields MEXICO CITY: Mexican state energy giant Pemex announced Wednesday its biggest exploration success in five years, the discovery of new shallow water oil fields that could yield 200,000 barrels per day.The fields were found in four locations in the Gulf of Mexico and production could begin in around 16 months, helping Pemex reverse declining output, said company director Emilio Lozoya.Altogether, the locations off the coast of Tabasco and Campeche states are estimated to contain 350 ...

Oil prices down in Asian trade SINGAPORE: Oil prices moved lower in Asia Thursday following a mixed US energy report that showed a huge decline in crude and gasoline reserves but record-high output levels, analysts said. US benchmark West Texas Intermediate fell 27 cents to $61.16 while Brent eased 19 cents to $65.51 in late-morning trade. The US Department of Energy's (DoE) inventory report for the week to June 5 showed Wednesday that crude reserves fell 6.8 million barrels and gasoline ...

Gas Malaysia to raise gas price by 10.3pc from July 1 KUALA LUMPUR: Gas Malaysia Bhd , Malaysia's sole supplier of natural gas except to the power sector, said on Tuesday evening gas prices supplied to commercial and industrial sectors would rise by an average of 10.3 percent from July 1.The tariff adjustment comes seven months after the last revision in October as part of a previous government plan to cut subsidies and reduce its budget deficit.The gas tariff in Peninsular Malaysia will increase to 21.80 ...

Oil prices surge ahead of US supply data NEW YORK: Oil prices surged Tuesday as traders girded for a bullish US crude storage report and the government lowered its forecast for American production in the second half of 2015. US benchmark West Texas Intermediate for delivery in July jumped $2 to $60.14 a barrel on the New York Mercantile Exchange. European benchmark Brent North Sea crude for July delivery added $2.19 to $64.88 a barrel in London.Analysts expect the weekly US report on ...

Iraq oil production now 3.8mn bpd LONDON: Iraq's oil production is around 3.8 million barrels per day (bpd) and is set to rise to 5.5-6.0 million bpd by the end of this decade, Iraq's OPEC governor said in London on Tuesday, speaking on behalf of the country's oil minister.Copyright Reuters, 2015

Oil falls as China cuts crude imports; OPEC decision weighs NEW YORK: Oil fell by 1 percent or more on Monday on a slump in Chinese demand and worries that OPEC's decision to pump crude without restraint could prolong the current supply glut, although a weaker dollar limited losses. China, the top net oil importer in the world, bought about a quarter less crude oil in May than it did in April, official data showed on Monday. In the oil products category, imports fell by ...


 



 
Index Closing Chg%
Arrow DJIA 17,776.91 0.53
Arrow Nasdaq 4,997.46 0.11
Arrow S&P 2,081.34 0.61
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Arrow DAX 10,676.78 1.96
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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