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Oil falls on prospect of higher Iranian exports LONDON: Oil prices fell on Wednesday as investors digested the likely impact of increasing Iranian fuel exports at a time of heavy oversupply.A milestone nuclear deal reached on Tuesday between six world powers and Iran will mean sanctions that have limited sales of Iranian oil for several years are likely to be lifted in early 2016.An official at the National Iranian Oil Company said on Wednesday that Iran's oil production could increase by 500,000-600,000 barrels per day (bpd), confirming the prospect of a ramp-up in supply from a nation that holds some of the world's largest oil reserves.Iran could reach its pre-sanctions level of 4 million bpd within six to 12 months if there is enough demand, he said.Most analysts agree that first Iranian oil exports could enter the global market in early 2016, but their estimated additional volumes vary between 300,000 and 700,000 bpd.Iran, a member of the Organization ...

Mexico, foreign firms set for landmark oil auction MEXICO CITY: Mexico holds on Wednesday the first oil auction of a historic energy reform that reopens the industry to foreign investors, with US, European and Asian firms jostling for contracts.Nearly 80 years after kicking foreign energy companies out of the country, the government is offering 14 blocks in shallow waters of the Gulf of Mexico worth an estimated $17 billion in total.The auction is the climax of President Enrique Pena Nieto's top economic reform, ...

Middle East Crude: Dubai, Oman weaken after Iran nuclear deal SINGAPORE: Dubai and Oman weakened for a second session in the Middle East crude market on Tuesday after world powers and Iran finally reached a nuclear agreement which could pave the way for more Iranian oil exports.Iran and the six powers have reached a deal that will grant Tehran sanctions relief in exchange for curbs on its nuclear programme, Iranian and Western diplomats said, although there were no immediate details on how sanctions would be ...

Low oil price domino effect to shut more North Sea fields early LONDON: Low oil prices have tightened the screws on some of the most depleted and costly oilfields in Britain's North Sea, forcing operators to cease production earlier than planned and adding to fears of a domino effect in mature areas.For years North Sea producers have delayed expensive decommissioning projects, supported by high oil prices that have helped paper over soaring operating costs. But with oil prices halving over the last 12 months, some companies are ...

Shell says keen to explore ways to do business in Iran LONDON: Oil major Shell said it was interested in doing business in Iran and was engaging with relevant governments to understand the impact of a nuclear deal reached between six major world powers and Iran. "Strictly within the boundaries of the law, we are interested in exploring the role Shell can play in developing Iran's energy potential," a spokeswoman said. Iran and six major world powers reached a nuclear deal on Tuesday, capping more than ...

Oil falls further in Asia with Iran deal close SINGAPORE: Oil prices tumbled further in Asia Tuesday on signs of an imminent deal between Iran and Western powers that would allow Iranian crude to flow back into the already saturated global market.A strong US currency has also made the dollar-priced commodity more expensive, denting demand, analysts said.US benchmark West Texas Intermediate for August delivery fell 75 cents to $51.45 and Brent crude for August eased 60 cents to $57.25 in afternoon Asian trade."It seems ...

Oil prices steady awaiting Iran deal LONDON: Oil prices were stable Monday as markets waited to see whether Iran and western powers would agree a landmark deal that would lift sanctions on Tehran and lift crude exports.US benchmark West Texas Intermediate for August delivery was up 13 cents at $52.87 barrel compared with Friday's close.Brent North Sea crude for August slipped 22 cents to stand at $58.51 a barrel in late London deals.Despite earlier optimism, there is little possibility that Iran ...


Index Closing Chg%
Arrow DJIA 16,528.03 0.69
Arrow Nasdaq 4,776.51 1.07
Arrow S&P 1,927.18 0.84
Arrow FTSE 6,247.94 0.90
Arrow DAX 10,259.46 0.38
Arrow CAC-40 4,652.95 0.47
Arrow Nikkei 18,890.48 1.28
Arrow H.Seng 21,670.58 0.27
Arrow Sensex 26,283.09 0.41

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln