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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 eased on oil."Asian buyers have always been interested in buying more crude. I think Asia will start importing more as soon as possible, and Europe will follow," Ehsan Ul-Haq, a senior market consultant at KBC Energy Economics, said on Thomson Reuters' Global Oil Forum.Traders are also concerned about how soon Iran would release an estimated 40 million barrels of crude from storage.Iran "will try to profit from this storage in the beginning," Ul-Haq said."The energy ...

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 ...
Middle East Crude: Sept Upper Zakum sells at premium; Basra supply cut SINGAPORE: Trade in September-loading Middle East crude cargoes kicked off with Upper Zakum trading at slightly higher premiums than the previous month, traders said on Monday.Exxon Mobil and ENOC sold one Upper Zakum cargo each at 30-40 cents a barrel above the grade's official selling price (OSP) to Chinaoil and PTT, they said. The deals could not be independently verified.Robust demand on the window supported Upper Zakum and will likely underpin values for medium and ...
Oil prices down in Asia as Iran deal looms SINGAPORE: Oil prices fell in Asia Monday as Iran and major western powers said they were closer than ever to a landmark nuclear deal that would lift sanctions and see Tehran's crude exports return to global markets.A forecast by the International Energy Agency (IEA) for slower world oil demand next year was also weighing on the market, analysts said.US benchmark West Texas Intermediate for August delivery was down 86 cents to $51.88 and Brent crude ...
Oil up in Asian trade as China shares recover SINGAPORE: Oil prices rose further in Asia Friday following recent sharp losses, lifted by a recovery in Chinese stocks as the government beefed up measures to support the market.The rebound, which followed a 30 percent plunge Chinese share prices, eased concerns of a wider fallout into the world's second biggest economy and top energy consumer, but analysts said it remained to be seen whether the rally it will be sustained.US benchmark West Texas Intermediate for ...
China's Sinopec Corp forecasts 11-fold profit jump in Q2 BEIJING: Sinopec Corp said on Wednesday that it expected an 11-fold jump in quarterly net profit, and has halted trading on the Hong Kong bourse until Thursday. In a notice to the Shanghai Stock Exchange, the state-controlled energy giant said it estimated its second-quarter net profit attributable to equity holders of the company would jump more than 1,000 percent from the first quarter. Net profit in the first quarter of 2015 stood at 2.17 billion ...
Asia Fuel Oil: Demand expected to improve after price drop SINGAPORE: Asian fuel oil demand, especially in the shipping fuel bunker sector, could revive due to lower underlying prices, industry sources said on Wednesday.Liquidity increased with Vitol snapping up 60,000 tonnes of the 80,000 tonnes traded.China's fuel oil demand is stable but it could increase in the near future after underlying crude oil prices fell about 5 percent since Monday, a trader familiar with the Chinese market said.But high import taxes and the approval of ...

 



 
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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