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Iran oil min says hard to return to old prices, urges market support DUBAI: Iran's oil minister said on Saturday it was hard to return to old crude prices but oil producers should do what they can to support the market, the Iranian Oil Ministry's news agency Shana reported."It is difficult to go back to the old (oil) prices but we should try to fix the prices as much as the current market situation allows," Bijan Zanganeh was quoted as saying after meeting Venezuelan Foreign Minister Rafael Ramirez, who is in Tehran.Shana cited Ramirez, Venezuela's main representative at OPEC, as saying he believes oil prices are at a very low level and "instability in the market is in no one's interest"."A hundred dollars per barrel is the desirable price for Venezuela," Ramirez told Shana.Ramirez visited Algeria and Qatar as part of a diplomatic tour that includes Iran and Russia to discuss oil markets.Copyright Reuters, 2014


Gjoea field outage cuts Norway's gas output by 8.8 mcm/d OSLO: Norway's gas output was cut by 8.8 million cubic metres (mcm) per day on Saturday due to an outage at GDF Suez' Gjoea field, the country's gas system operator Gassco said.The outage, caused by maintenance on a compressor, started at 2310 GMT on Thursday and is expected to last for 18-20 hours, Gassco added.Gassco also said an outage on BP's Skarv field, cutting the country's gas output by 10.9 mcm/day, was extended until Monday. ...

Oil prices rebound after fresh lows LONDON: Oil prices bounced back Friday after diving to fresh lows caused by expectations that OPEC is unlikely to cut production levels to counter a global supply glut.Despite the pullback, crude futures are expected to keep sliding well into 2015, held down by weak demand and increased shale production, the International Energy Agency (IEA) said.Brent North Sea crude struck $76.76 a barrel -- the lowest level since September 2010. The contract for delivery in January ...

Middle East Crude: DME Oman up; al-Shaheen weaker SINGAPORE: The Middle East crude market was mixed on Friday as DME Oman's differential to Dubai hit the strongest this month, but Al-Shaheen crude discounts widened.Tasweeq sold five January-loading cargoes of Al-Shaheen at discounts from $1.63 to $1.75 a barrel, or an average of $1.71, to Dubai quotes, traders said. Last month, December cargoes were sold between a premium of 40 cents and $1 discount to Dubai quotes.ExxonMobil bought two of the January-loading cargoes while ...

Oil edges up from 4-year low to $78, IEA warns on 2015 LONDON: Oil edged up from an early four-year low below $77 a barrel on Friday, when it had been pressured by excess supply and scepticism that OPEC would cut output at a meeting in two weeks. The International Energy Agency, which usually refrains from predicting oil prices, said in its monthly report that prices could fall further in 2015 and pressure was building on OPEC to cut supply."It is increasingly clear that we have begun ...

Russia's Gazprom says risks to gas transit via Ukraine 'critical' MOSCOW: Risks to the transit of Russian gas to Europe via Ukraine have reached a "critical" level, Russia's top natural gas producer Gazprom said on Friday in its third-quarter financial results under Russian Accounting Standards. Russia caters for a third of the European Union's gas needs, while half of Russian gas exports to Europe flow via Ukraine. Copyright Reuters, 2014

Oil prices rebound in Asia SINGAPORE:- Oil prices bounced back in Asia Friday after diving to fresh lows in the previous session on expectations that OPEC is unlikely to cut production levels to counter a global supply glut.US benchmark West Texas Intermediate (WTI) for December delivery rose seven cents to $74.28 while Brent crude for January gained 38 cents to $77.87 in afternoon trade. WTI plunged $2.97 in New York trade Thursday, while Brent crude for December dived $2.46 in ...


 



 
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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