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Oil prices drop amid high US output LONDON: Oil prices fell on Friday with the focus on high US output as traders looked ahead to Greece's weekend referendum that could determine whether it remains in the eurozone.West Texas Intermediate for August delivery fell 35 cents to $56.58 a barrel compared with Thursday's close.Brent North Sea crude for August dropped 44 cents to stand at $61.63 a barrel in London afternoon deals.Traders are worried about a global supply glut and the first rise in the US oil-rig count this year.Oil prices had meanwhile slumped midweek as the US government revealed a surprise weekly build of 2.4 million barrels for the country's commercial crude inventories. "This was the first build in stockpiles since the end of April, ending a run of eight weekly declines," said Fawad Razaqzada, technical analyst at Forex.com.Saxo Bank analyst Ole Hansen added Friday that the US situation combined with "OPEC producing the most since 2012... ...

Oil prices recover as Iran talks, Greek crisis drag on LONDON: Oil prices recovered Thursday as markets tracked the latest diplomacy surrounding Iran and Greece, awaiting more key US data.US benchmark West Texas Intermediate (WTI) for August delivery climbed 21 cents to $57.17 a barrel compared with Wednesday's close, ahead of jobs data due Thursday in main crude consumer the United States.Brent North Sea crude for August gained 57 cents to stand at $62.58 a barrel in London afternoon deals.World powers negotiating a deal with ...
Shell gives green light to develop giant Gulf of Mexico field LONDON: Royal Dutch Shell has given the green light for the development of the Appomattox deepwater oil and gas field in the Gulf of Mexico, set to be the energy giant's largest floating platform in the region.The Appomattox project, some 80 miles (130 km) off the coast of Louisiana, is expected to reach peak production of around 175,000 barrels of oil equivalent (boe) per day, Shell said in a statement on Wednesday. Shell holds a ...
Eni to sell 1.4mn tonnes/year of LNG to Indonesia's Pertamina MILAN: Italian oil firm Eni on Tuesday signed agreements to sell 1.4 million tonnes per annum (mtpa) of liquefied natural gas from an Indonesian deepwater project to state-run company Pertamina. Production will start in 2017 and come from the Jangkrik Field Development Project offshore Indonesia, a block in which Eni holds a 55 percent operating stake. Gas from the project will be piped to the country's Bontang LNG plant, where it will be liquefied. "It ...
Oil prices retreat on Greece LONDON: Oil prices dropped on Monday, tracking a sell-off in global equity markets and the euro caused by fears of a Greek debt default, analysts said.US benchmark West Texas Intermediate for August delivery slid $1.40 to $58.23 compared with Friday's close.Brent North Sea crude for August lost $1.71 to stand at $61.55 a barrel in London midday trade.Daniel Ang, investment analyst at Phillip Futures, said the weakening euro "could see crude prices continue to drop, ...
Russia's Rosneft reports first quarter profit rise of 30pc MOSCOW: Russia's oil giant Rosneft said Friday its net profit rose by 30.2 percent in the first quarter from the same period last year to 56 billion rubles ($1 billion).The results were adjusted however as the company revised its 2014 first-quarter income down from 88 to 43 billion rubles to exclude the exceptional profit from its sale of a stake in Yugragazpererabotka, a gas processing joint venture with Sibur.Sales were down 6.3 percent to 1,288 ...
Oil prices slip as Greece and Iran rattle market LONDON: Oil prices fell on Thursday as concerns over Greek debt negotiations and the potential easing of sanctions on crude-producing Iran overshadowed strong U.S. demand figures.North Sea Brent crude oil traded within a fairly narrow range as investors eyed a weak physical crude market in the Atlantic Basin amid reports of healthier demand for gasoline and diesel in the United States and Europe.But to-the-wire talks between Greece and its international creditors that have thus far ...

 



 
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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%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln