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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 million barrels of light and heavy crude."This is great news for Pemex, the industry and our country," Lozoya told an oil conference in the western city of Guadalajara."It indicates that in a relatively short time, we will ... already be reversing the (declining) production curve," he said. "This is Pemex's biggest exploration success in five years." The discovery could also produce 170 million cubic feet of gas per day.The find comes a month before Mexico ...

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 ...
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 ...
Oil up 2 percent after early swing on dollar, OPEC move NEW YORK: Oil staged its first rally in three days on Friday, gaining 2 percent, despite warnings of more oversupply as a result of OPEC's decision to keep pumping crude without restraint. A strong dollar, often enough to depress commodity prices, failed to stem the late run-up in Brent and US crude futures, despite limiting their gains in choppy trade earlier. "I guess some people wanted to take their oil shorts off before the weekend ...
Oil tumbles again before OPEC; worry over spiking European yields NEW YORK: Crude prices tumbled almost 3 percent for a second day on Thursday ahead of an OPEC decision likely to keep the market oversupplied and on worry rising European bond yields could tighten the speculative money swirling in oil. The Organization of the Petroleum Exporting Countries, meeting in Vienna, is expected to affirm on Friday an output target of 30 million barrels per day, ignoring calls from some producers to cut supply and support ...
Oil down 3pc despite US stockpile drop; pre-OPEC mood glum NEW YORK: Oil fell nearly 3 percent on Wednesday as traders and investors ignored a fifth straight weekly decline in US crude stockpiles to focus instead on a big build in distillates, including diesel, as the peak season for US road travel gets under way. Glum sentiment ahead of Friday's meeting of the Organization of the Petroleum Exporting Countries also weighed on the market. OPEC, which pumps more than a third of the world's oil, ...
Oil prices drop ahead of OPEC meeting NEW YORK: Oil prices dipped Monday as the dollar strengthened and the market looked ahead to an OPEC meeting expected to keep output high.US benchmark West Texas Intermediate for July delivery shed 10 cents to $60.20 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for delivery in July lost 68 cents at $64.88 a barrel in London.Analysts noted that Monday's drop was small compared with Friday's move, when crude bolted more ...


Index Closing Chg%
Arrow DJIA 17,440.59 0.73
Arrow Nasdaq 5,039.78 0.96
Arrow S&P 2,067.64 0.58
Arrow FTSE 6,505.13 1.13
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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln