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Oil starts week with gains as OPEC moves into focus LONDON: Global oil prices firmed Monday, making a positive start in a week that will be centred on the OPEC cartel's output meeting, dealers said.Nearing midday, Brent North Sea crude for delivery in January rose four cents to $80.40 a barrel.US benchmark West Texas Intermediate for January advanced 15 cents to $76.66 per barrel.The Organization of the Petroleum Exporting Countries (OPEC) will hold one of its most significant meetings in recent years on Thursday, with members under pressure to address slumping prices and protect their precious revenues.The oil market has tumbled 30 percent since June on the back of plentiful supplies, the stronger dollar, and growing doubts about both global demand and economic growth.Before the weekend, crude futures had rallied Friday on China's surprise interest rate cuts and rising expectations that the 12-nation OPEC cartel could decide to reduce its collective production ceiling."Activity (on Monday) looks to extend the positive ...

Ghana says signs oil and gas exploration deal with Italy's ENI ACCRA: Ghana's government said on Monday it had signed a $6 billion deal to allow Italy's Eni Exploration to start oil and gas work at the Offshore Cape Three Points block and deploy a third floating production storage and offloading (FPSO) vessel.The deal is subject to parliamentary approval and the block should start producing oil and gas by mid-2017, a statement said. Ghana produces around 100,000 barrels per day from the offshore Jubilee field. It ...
Oil price seen falling to $60 if OPEC does not cut output LONDON: Oil prices could plunge to $60 a barrel if OPEC does not agree a significant output cut when it meets in Vienna this week, market players say.Brent crude futures have fallen 34 percent since June to touch a four-year low of $76.76 a barrel on Nov. 14, and could tumble further if OPEC does not agree to cut at least 1 million barrels per day (bpd), commodity fund managers say."The market would question the ...
Oil nears $80 on possible OPEC cut, strong US data LONDON: Brent crude oil rose towards $80 a barrel on Friday on speculation OPEC could agree output cuts at a meeting next week, with strong US economic data also bolstering prices. Venezuela reiterated its call for production cuts, with Foreign Minister Rafael Ramirez saying it was willing to curb its own output if the Organization of the Petroleum Exporting Countries agreed to reduce production at its Nov. 27 gathering. Libya and Ecuador have also called ...
Oil market climbs on new hopes of OPEC output trim LONDON: Global oil prices rallied Friday on fresh hopes that the OPEC cartel will overcome internal resistance to trim output, while upbeat US economic data also provided support, analysts said.Nearing midday, Brent North Sea crude for delivery in January jumped $1.27 to $80.60 a barrel.US benchmark West Texas Intermediate for January advanced 93 cents to $76.78 per barrel."Brent ... rose to $80 a barrel on Friday on speculation that OPEC could agree to output cuts ...
Oil steadies above $78 as market awaits OPEC LONDON: Brent crude oil steadied above $78 a barrel on Thursday as reports that oil producers would agree to cut output next week offset weak economic data from China and Europe.Ministers from the Organization of the Petroleum Exporting Countries will meet in Vienna on Nov. 27 to decide how to respond to a collapse in oil prices that have fallen more than 30 percent in five months.The chances of an OPEC agreement to cut production ...
Oil market drops as OPEC seen holding output ceiling LONDON: Global oil prices fell Thursday as traders deemed that the OPEC cartel was unlikely to trim output at its key production meeting next week.Nearing midday, Brent North Sea crude for delivery in January dipped 40 cents to $77.70 a barrel.US benchmark West Texas Intermediate for December slid 25 cents to $74.33 per barrel. "The Brent price fell ... below the $78 per barrel mark because any major cut in OPEC production is regarded as ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln