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OPEC says oil's drop hitting other producers faster than thought LONDON: OPEC forecast on Monday that demand for its oil this year would be much higher than previously thought, as its strategy of letting prices fall to hurt other producers begins to take effect.In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for its oil would average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous prediction.That would raise demand for the group's crude to above the level seen last year, with OPEC's forecast for production growth outside the group slashed by a third due to a slowdown in the U.S. shale boom and lower oil investments globally."(Lower non-OPEC supply is) mainly due to announced capital expenditures cuts for 2015 on the part of international oil companies, as well as a decline in the number of active drilling rigs in the U.S. and Canada," it said.It said non-OPEC supply would ...

Oil prices extend gains LONDON: Oil prices advanced further Monday with buying boosted by a dip in North American crude production, while a robust US jobs report also provided support, analysts said. US benchmark West Texas Intermediate for delivery in March advanced $1 to $52.69 a barrel compared with Friday's close.Brent North Sea crude for March won 63 cents to stand at $58.43 a barrel in London afternoon trade.Last week saw WTI surge seven percent and Brent add 9.4 ...
Oil dips after weak Chinese trade data LONDON: Brent crude prices slipped on Monday as a slump in Chinese imports pointed to lower fuel demand in the world's biggest energy consumer, outweighing falling U.S. oil rig counts and signs of healthy U.S. growth.China's trade performance slumped in January. Exports fell 3.3 percent from a year earlier while imports tumbled 19.9 percent, highlighting a deepening slowdown.Global benchmark Brent crude oil for March was down 25 cents at $57.55 a barrel by 0845 GMT ...
UK gas prompt prices ease on warming weather despite undersupply LONDON: Prompt natural gas prices edged lower on Monday on forecasts for warmer weather, despite higher than usual demand and an undersupplied system.Prices for within-day delivery were trading at 48.25 pence per therm at 1020 GMT, down 0.30 pence since their last settlement. Prices for delivery on Tuesday were down 0.80 at 48.25 pence per therm."The cold spell we saw last week is over and consumption is forecast strongly down for (within-day) compared with Friday," ...
Oil steadies near $58 as US rig count offsets Chinese data LONDON: Brent crude prices steadied near $58 a barrel on Monday as falling U.S. oil rig counts and signs of healthy U.S. growth offset concerns over the strength of the Chinese economy.China's trade performance slumped in January, pointing to lower fuel demand in the world's biggest energy consumer. Exports fell 3.3 percent from a year earlier while imports tumbled 19.9 percent, highlighting a deepening slowdown.But the falling number of U.S. oil rigs, at its lowest ...
Russia's Sakhalin II LNG export plant launches 8-cargo tender MILAN: Russia's Sakhalin II liquefied natural gas (LNG) export plant last week launched a tender to sell 8 cargoes from April this year to March 2016, traders said.The cargoes have been offered to long-term buyers and stakeholders in the project, not to the wider market, the sources said.Russian gas export monopoly Gazprom owns a 50 percent share in Sakhalin II, with Shell owning 27.5 percent, Japan's Mitsui 12.5 percent and Mitsubishi Corp subsidiary Diamond Gas ...
Oil poised for biggest weekly gain in four years LONDON: Brent crude oil was on track for the biggest weekly rise since 2011 as fighting in Libya and stronger economic signals from the United States helped futures rebound from near six-year lows. Prices have rallied nearly 20 percent over the past six sessions, but they remain roughly 50 percent below their peak from the middle of last year. No sustained recovery is expected in the near term amid rising global inventories and steady OPEC ...

 



 
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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%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln