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Russian oil production dips in July MOSCOW: Russian oil output fell to 10.65 million barrels per day (bpd) in July, down from 10.71 million bpd in June, falling from post-Soviet highs maintained since March, Energy Ministry data showed on Sunday.The fall was mostly due to lower condensate production at Gazprom, included in the oil figures, the data showed.In July, Gazprom stopped units at its Surgut Gas Condensate Stabilization Plant for maintenance, according to the Energy Ministry.Russian production remained above that of Saudi Arabia, the world's top oil exporter and leading OPEC member, which pumped at an average 10.6 million bpd, according to a Reuters survey.Russia and OPEC have refrained from coming together to prop up crude prices, which have halved since last year to around $52 per barrel. This week, OPEC indicated it would stick to its policy of defending market share.Russia has managed to keep oil output near its highs, despite low oil prices and ...

Oil falls after OPEC comments imply no supply cut LONDON: Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Benchmark North Sea Brent crude headed for its fifth consecutive weekly fall after comments on Thursday in Moscow by Abdullah al-Badri, secretary-general of the Organization of the Petroleum Exporting Countries. Badri said rising demand would prevent a further fall in oil prices ...
Oil falls after OPEC comments imply no supply cut LONDON: Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Benchmark North Sea Brent crude headed for its fifth consecutive weekly fall after comments on Thursday in Moscow by Abdullah al-Badri, secretary-general of the Organization of the Petroleum Exporting Countries.Badri said rising demand would prevent a further fall in oil prices and ...
Oil market rebounds on US energy report LONDON: Oil prices rebounded Wednesday as investors digested signs of stronger-than-expected US crude demand in the world's top consuming nation, before the latest Federal Reserve interest rate decision.US benchmark West Texas Intermediate for delivery in September jumped $1.21 to $49.19 a barrel compared with Tuesday's close.Brent North Sea crude for September won 61 cents to stand at $53.91 a barrel in London late afternoon deals, having dived on Tuesday to $52.25 -- the lowest since ...
Oil contractor Saipem slashes guidance and jobs in turnaround effort MILAN: Italian oil contractor Saipem slashed its guidance for the year on Tuesday as it booked writedowns of 929 million euros ($1 billion) and introduced a restructuring plan that foresees 8,800 job cuts. Saipem, which is 43 percent owned by oil major Eni, said in a statement it expected to post a net loss this year of around 800 million euros and an operating loss (EBIT) of around 450 million euros. Previous guidance had pegged ...
Oil prices fall further LONDON: Global oil prices fell further Tuesday on stubborn concerns over high supplies and slowing Chinese demand.US benchmark West Texas Intermediate for delivery in September dropped 27 cents to $47.12 a barrel compared with Monday's close.Brent North Sea crude for September delivery shed 71 cents to stand at $52.76 a barrel in London midday deals.Crude futures had slid for a fourth straight session on Monday as the steepest drop in Chinese equities since 2007 fuelled ...
Statoil CEO sees oil at $80 by 2018 OSLO: Statoil's Chief Executive said on Tuesday he saw crude oil prices climbing to $80 a barrel by 2018 and repeated the price levels at which the company would have the necessary cashflow to pay out future dividends."We think there will be some time before we will see a balanced market. But we have also been clear about our expectation for the oil price to rise again and we have indicated around $80 before 2018," ...

 



 
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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