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Middle East crude steady; Al-Shaheen tender results eyed SINGAPORE: The Middle East crude market held steady on Thursday as traders looked ahead to results of the Qatari al-Shaheen tender before commencing January trade.Four cargoes of the heavy sour grade have been sold prior to the tender at $1-$1.50 a barrel below Dubai quotes, wider discounts than last month, traders said.January spot differentials for medium and heavy grades may be weaker than in the last month without the support of robust demand from Chinaoil, they said.The trading arm of PetroChina bought a record 47 cargoes on the trade window last month, tightening spot supply and pushing up differentials for December-loading Middle East crude to multi-month highs.TENDERSState-run Japan Oil, Gas and Metals National Corp (JOGMEC) bought about 1.26 million barrels (200,000 kilolitres) of Abu Dhabi Das crude from Itochu Corp for the government's Strategic Petroleum Reserves, two industry sources said.JOGMEC had been seeking 1.26 million barrels of Middle Eastern light ...


UK gas prices ease as supply surpasses demand in mild weather LONDON: Wholesale natural gas prices in Britain fell on Thursday as gas flows were more than enough to meet demand with temperatures remaining above seasonal trends.UK gas for delivery on Friday was 0.45 pence lower at 54.25 pence per therm at 0944 GMT, while gas for immediate delivery was 1.25 pence lower at 53.25 pence per therm.Flows were expected to be around 226 million cubic metres (mcm) on Thursday, and demand was around 217 mcm, ...

Oil below $80 hits rouble, naira; politics weighs on Ukraine LONDON: A renewed downward lurch in oil prices put emerging market commodity currencies under more pressure on Thursday, with Russia's rouble facing additional headwinds from a flare-up in tensions with Ukraine.As Brent crude dropped through $80 and Ukraine deployed troops amid fears of a new separatist offensive in the country's east, the rouble sank more than 1.5 percent against the dollar."There is a risk of oil prices dropping further and the geopolitical risk is making ...

Oil falls to four-year low below $80, awaits OPEC LONDON: Brent crude oil fell to a four-year low below $80 a barrel on Thursday after Chinese data showed a further slowdown in activity in the world's biggest energy consumer and Saudi Arabia remained silent about a possible cut in production.China's economy lost momentum in October, with factory growth dipping and investment growth hitting a near 13-year low, reinforcing expectations of a slower increase in fuel demand from emerging nations.Developing economies had been a major ...

Russia's Rosneft considers selling Saratov refinery MOSCOW: Rosneft, Russia's top oil producer, is considering selling its Saratov refinery, Kommersant daily newspaper reported on Thursday.The Saratov plant, which has a refining capacity of 6.8 million tonnes of oil a year, became part of Rosneft last year, after the company bought its peer TNK-BP for $55 billion.It is one of a total 13 refineries owned by Rosneft in Russia. Quoting sources, Kommersant said Rosneft was valuing the plant at around $400-$500 million and ...

Brent falls below $80; OPEC expects lower demand in 2015 SINGAPORE: Brent crude fell below $80 a barrel on Thursday, near its lowest level since 2010, after OPEC said demand for its oil would fall next year, while Saudi Arabia remained silent about a possible cut in production. Global demand for oil from OPEC will drop to 29.20 million barrels per day (bpd) next year, almost 1 million bpd less than it currently produces, the cartel said in its monthly report.Brent crude for December delivery, ...

Shell says 2008 Nigeria spills bigger than thought LONDON: Royal Dutch Shell said Thursday that two 2008 oil spills in Nigeria were larger than earlier thought, ahead of a compensation court case in England's High Court.The Anglo-Dutch energy giant's Nigerian arm said in a statement that the spills had been greater than the previously-reached total figure of 4,144 barrels.Lawyers bringing a compensation bid for 15,000 members of Nigeria's Bodo community have in the past claimed the spills could be as large as 600,000 ...


 



 
Index Closing Chg%
Arrow DJIA 17,814.94 0.02
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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