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Oil prices down in Asia SINGAPORE: Oil prices extended their decline in Asia Friday after the OPEC cartel indicated that current lofty output levels will remain, while a stronger dollar is also causing downward pressure.US benchmark West Texas Intermediate for September delivery fell 32 cents to $48.20 and Brent crude for September shed 24 cents to $53.07 a barrel in afternoon trade.Both contracts tumbled on Thursday, snapping two consecutive days of gains.Abdullah El-Badri, Secretary General of the Organization of the Petroleum Exporting Countries, said the group would not cut output in response to lower prices.Speaking in Moscow after meeting Russia's energy minister on Thursday, he said the cartel is "not ready" to cut production, which is currently at around 30 million barrels per day.Analysts said the statement shows OPEC is determined to defend its market share as it fends off competition from US shale oil."OPEC is telling the market that cuts will not come from ...

Japan's JX sees Aug crude refining up 2 pc TOKYO: Japan's top oil refiner JX Nippon Oil & Energy Corp said on Monday it would refine 1.09 million barrels per day (5.37 million kilolitres) of crude oil in August for domestic consumption, up 2 percent from a year earlier.Its July crude refining for domestic consumption was estimated at 848,000 bpd (4.18 million kl), down 12 percent from the year-earlier period, compared with the original plan of 954,000 bpd (4.70 million kl), due to delay ...
Oil prices rebound in Asia but crude oversupply weighs SINGAPORE: Oil prices rose in Asia on Friday following recent losses but analysts said the rebound is unlikely to be sustained because of a global crude glut.US benchmark West Texas Intermediate for September delivery edged up 26 cents to $48.71 a barrel in afternoon Asian trade. The contract finished below $49 on Thursday for the first time since March 31.Brent crude for September advanced 18 cents to $55.45.Over the week WTI is down more than ...
China's Sinopec sets eyes on Europe with 2nd jet fuel shipment SINGAPORE: China's Sinopec Corp is shipping its second ever jet fuel cargo to Europe, once considered a rare trade route, as the refiner looks to expand its global market share with demand lagging output levels at home, industry sources said. The world's No. 2 refiner shipped out 90,000 tonnes of jet fuel to Europe in late June, said two sources, who did not want to be named because of rules on talking to media. Shipping ...
Oil prices fall further on strong dollar, WTI below $50 SINGAPORE: Oil prices fell further in Asia Tuesday, with US crude falling below $50 a barrel as demand for the dollar-priced commodity takes a hit from a strong US currency, analysts said. Expectations of more Iranian crude flooding the oversupplied global market within months following a nuclear deal also continue to drag prices lower. US benchmark West Texas Intermediate (WTI) for August delivery fell 20 cents to $49.95 and Brent crude for September dropped 14 ...
Oil prices down in Asia on strong dollar, supply worries SINGAPORE: Oil prices declined in Asia Monday on a stronger dollar and concerns a supply glut will worsen following a landmark deal that will allow Iran to increase its crude exports.US benchmark West Texas Intermediate (WTI) for August delivery fell 26 cents to $50.63 and Brent crude for September dipped 20 cents to $56.90 a barrel in afternoon trade.The dollar was firm in Asia on Monday with investors focussing on the timing of a US ...
Oil prices edge up, but glut fears cap gains HONG KONG: Oil prices edged up Friday but gains were tempered by ongoing concerns about a global supply glut and a pick-up in the strength of the dollar.US benchmark West Texas Intermediate for August delivery rose five cents to $50.96 a barrel and Brent crude for September, a new contract, advanced 16 cents to $57.08. Crude investors continue to fret as the global economy struggles to get back up to speed, despite a strong pick-up ...

 



 
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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%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln