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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 suggested cuts in OPEC output would have little impact on the market.Brent was down 70 cents at $52.61 a barrel by 0935 GMT after settling 7 cents lower in the previous session. US light crude was down 90 cents at $47.62 a barrel.OPEC members produced around 31.25 million barrels per day (bpd) in the second quarter, about 3 million bpd more than daily demand, a Reuters survey showed this week.The surplus oil has gone into ...

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," ...
Oil prices drop on Chinese woes LONDON: World oil prices slid on Monday to around four-month lows, hurt by poorly received economic data from China, the world's top energy consuming nation, traders said.A strong dollar and signs of increasing US oil production added further pressure to prices, which have already been depressed by a global oversupply of crude.US benchmark West Texas Intermediate (WTI) for September delivery fell 63 cents to $47.51 a barrel, pulling back from a near four-month low of ...
Oil prices drop on Chinese, US data LONDON: World oil prices slid on Monday, hurt by poorly-received economic data from China, the world's top energy consuming nation, traders said.A strong dollar and signs of increasing US oil production added further pressure to prices, which have already been depressed by a global oversupply of crude.US benchmark West Texas Intermediate (WTI) for September delivery fell 64 cents to $47.50 a barrel.Brent North Sea crude for September dropped 94 cents to stand at $53.68 a ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln