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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 aimed at bolstering the market have risen in recent days, analysts say, citing meetings between the top members of the cartel.Saudi Arabia's King Abdullah said on Twitter on Thursday he had an "important phone conversation" with Iranian President Hassan Rouhani, but gave no details.Brent was up 25 cents at $78.35 a barrel by 1315 GMT after closing 37 cents down in the previous session. U.S. crude was down 15 cents at $74.43 a barrel.Austrian consultancy ...

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 ...
UK gas prompt gas prices rise on lower Norwegian supplies LONDON: Prompt natural gas prices in Britain rose on Thursday morning as lower supplies from Norway led to an undersupplied system.Prices for within-day delivery were trading at 56.20 pence per therm at 0940 GMT, up 1.15 pence from their last settlement. Prices for delivery on Friday were up 0.90 pence at 56.00 pence per therm.With supply flows at about 229.7 million cubic metres per day (mcm/d) and demand expected to be about 254.9 mcm, the ...
Oil slips below $78 a barrel hit by Europe, China data LONDON: Brent crude oil fell below $78 a barrel on Thursday, as the demand outlook was hit by weak economic data in China and Europe, outweighing support from possible cuts in oil output at an OPEC meeting next week."We've had disappointing data from China and Europe, and U.S. crude inventories are high, so there's plenty of supply, but tepid demand," said Michael Hewson, chief market analyst at CMC Markets.Brent crude futures fell 42 cents to ...
Ineos to invest $1bn in UK shale exploration LONDON: Refiner and petrochemical group Ineos will invest around $1 billion in shale gas exploration in the United Kingdom, it will announce on Thursday, according to the BBC.The BBC, without citing sources, said Ineos believes shale gas will transform the economics of its Grangemouth refinery and petrochemical plant in Scotland, which was at the centre of a bitter industrial dispute last year.Ineos declined to comment ahead of a press conference later in the day.In September, ...
Oil climbs above $79 on speculation OPEC may cut LONDON: Brent oil gained slightly, heading towards $78 a barrel on Wednesday on speculation OPEC may act to stabilise prices that have fallen by almost a third in five months when it meets next week.However gains were trimmed after weekly U.S. government data showed a rise in crude inventories there.Brent was up 27 cents at $78.74 a barrel at 1552 GMT, after settling 84 cents lower in the previous session.U.S. crude was up 1 cent ...
Oil rebounds before US energy report LONDON: Global oil prices rebounded slightly on Wednesday as traders awaited key US stockpiles data and eyed next week's crucial OPEC output meeting.Brent North Sea crude for delivery in January rose 56 cents to $79.03 a barrel nearing midday in London.US benchmark West Texas Intermediate for December added 24 cents to $74.85 per barrel. Later on Wednesday, all eyes will be on the weekly commercial crude stockpiles report from the US government's Department of Energy ...


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Banking Review 2013

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