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Oil pares gains after US inventories cloud outlook LONDON: Oil prices held steady after surrendering early gains on Thursday, as an unexpectedly large rise in US inventory levels dented some of the recent optimism that the oversupply plaguing the market could soon vanish. US crude stocks rose by 3.1 million barrels to 461 million last week as refineries cut output and idled capacity. Analysts had expected a rise of 2.2 million barrels. The oil price is set for a 7 percent gain this week, its largest weekly increase since late August, after oil industry executives warned that this year's fall below $50 would force higher-cost producers to reduce output. "Those expectations drove prices upwards, so that's being reassessed and it's possible we'll see prices dropping below $50 again," Commerzbank analyst Carsten Fritsch said. Brent crude oil futures rose 6 cents on the day to $51.39 a barrel by 1058 GMT, down from an intraday high of $52.03 and ...

Russia's Gazprom delays pipeline project amid Turkey tensions MOSCOW: Russian gas giant Gazprom said Wednesday its TurkStream pipeline project with Turkey would be delayed as tensions between Moscow and Ankara peak over Russia's intervention in the Syrian conflict. "Given that there is no intergovernmental agreement, the timeframe will be postponed," Russian news agencies quoted Gazprom deputy CEO Alexander Medvedev as saying, referring to a deadline next year for building the first of four pipelines."How long it is postponed for depends on when the ...
Oil extends gains as fears over glut, US rates ease LONDON: Oil rose Wednesday, driven by hopes of an easing in the stubborn global supply glut, before a key update on stockpiles in top consumer the United States.A softening of the US currency also helped bolster the commodity as the dollar-priced commodity becomes cheaper for holders of weaker units, spurring demand, analysts said.In London afternoon deals, Brent North Sea crude for delivery in November added 90 cents to stand at $52.82 a barrel.New York's benchmark ...
OPEC chief sees oil market improving, low price will not persist LONDON: OPEC sees the oil market improving because of higher demand for the group's crude and a drop in supply growth from non-members, its secretary general said, the latest sign that OPEC believes its strategy of defending market share is working. Oil prices have almost halved in the last year on oversupply in a drop that deepened after the Organization of the Petroleum Exporting Countries in 2014 changed strategy to protect market share against higher-cost ...
Oil prices rally on reported Russian moves LONDON: Oil prices rallied on Monday amid reports that key producer Russia was willing to discuss the global supply glut situation that has been weighing on the market, analysts said.US benchmark West Texas Intermediate for delivery in November won $1.11 to $46.65 a barrel compared with Friday's close.Brent North Sea crude for November delivery jumped $1.38 to stand at $49.51 a barrel in late London deals.Crude futures were "supported by a softer US dollar and ...
Oil prices extend gains LONDON: Oil extended gains Monday as a slowdown in US production helped to offset a weak US jobs report, analysts said.US benchmark West Texas Intermediate for delivery in November climbed 44 cents to $45.98 a barrel.Brent North Sea crude for November delivery rose 54 cents to $48.67 a barrel.Data ahead of the weekend showed the number of active rigs in the United States fell to a five-year low of 614 last week, helping ease concerns ...
Russia energy Minister: discounted gas price for Ukraine in Q4 around $230 SOCHI: Russian Energy Minister Alexander Novak said on Saturday that the discounted price Ukraine would pay for Russian gas supplies in the fourth quarter would be around $230 per thousand cubic metres, plus or minus $2 or $3.Novak made the comments to journalists at an investment conference in the southern Russian city of Sochi.Copyright Reuters, 2015 ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln