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Canada's oil sands determined to weather price plunge CALGARY: Falling oil prices have slowed the phenomenal expansion of Canada's oil sands extraction trade but the industry remains optimistic it is only a temporary setback.The price of oil fell $60 from June 2014 to January 2015, resulting in a massive budget deficit for the Canadian province of Alberta which will receive Can$7 billion (US$5.7 billion) less in energy royalties this year, forcing the local government to hike taxes and cut services for the first time in a generation.It has been a tremendous shock for this oil-rich region after a decade-long boom that saw home prices soar, a new car in every driveway and jobs for everyone. "The downturn has been brutal," said Brad Herald, vice-president of the Canadian Association of Petroleum Producers (CAPP).Oil company executives initially expected the global energy slump to be temporary and oil prices to soon bounce back, but they now admit a return to prosperity ...

Oil ebbs from 2015 high; OPEC reports jump in output NEW YORK: Global oil prices edged back from a 2015 high on Thursday as traders took some profits from a weeks-long rally and the Organization of the Petroleum Exporting Countries reported a sudden surge in March production.U.S. crude retraced some of the previous day's nearly 6 percent gains that followed government data showing the smallest weekly inventory build since the week ending Jan. 2, suggesting that months of oversupply may be starting to ease.But on ...
Oil turns higher, rallies to 2015 high on Yemen conflict NEW YORK: Crude oil prices jumped to fresh 2015 peaks on Thursday, turning higher on news that a tribal group made up of former Al Qaeda militants took control of a major southern oil terminal in Yemen.The terminal is one of the major hubs for the Hadramout region exporting an average of 120,000 to 140,000 barrels per day (bpd) of crude from fields in the area.While a relatively minor oil producer, Yemen's escalating conflict raises ...
Oil sees sixth day of price gains NEW YORK: Oil prices marked gains for their sixth day running Thursday amid signs that US production, a key driver of the global supply glut, may be on the cusp of easing. West Texas Intermediate for May delivery, the US benchmark, advanced 32 cents to close at $56.71 a barrel on the New York Stock Exchange, a fresh high since December. Global benchmark Brent North Sea crude for June delivery rose 66 cents to settle ...
Oil surges after lower than expected US inventory rise NEW YORK: Oil prices rallied and US crude jumped nearly 6 percent to a 2015 peak on Wednesday after government data showed crude oil inventories in the United States rose less than expected last week. Though hitting a record level for a 14th consecutive week, US crude inventories rose only 1.3 million barrels to 483.69 million, the smallest build since the week ending Jan. 2, the Energy Information Administration said on Wednesday. That build was ...
Heavy grades tighten to match multi-month highs CALGARY: Canadian heavy crude differentials tightened on Wednesday as the April trading cycle started to wind down, with prices buoyed by strong refinery demand and good access to markets in the United States. Canada exported 3.2 million barrels per day of crude to the United States in the week ended April 10, according to the US Energy Information Administration. Western Canada Select heavy blend for May delivery last traded at $11.30 per barrel below the ...
Oil climbs for 5th day as US output edges lower NEW YORK: US oil prices shot up to a 2015 peak Wednesday after a slight dip in US oil production sparked talk that the glutted petroleum market could be turning.US benchmark West Texas Intermediate for May delivery jumped $3.10 to $56.39 a barrel on the New York Mercantile Exchange, the highest closing price since December 23.European benchmark Brent oil for delivery in May rose $1.89 to $60.32 a barrel in London.The gains extended a market ...

 



 
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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%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln