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Oil prices rise ahead of US inventory data LONDON: Expectations of a decline in US crude inventories were pushing oil prices higher in European trading on Wednesday.London's benchmark Brent contract for delivery in August climbed 48 cents from Tuesday's close to $64.93 around 1000 GMT in trading on the Intercontinental Exchange (ICE).US benchmark West Texas Intermediate for August delivery climbed 45 cents at $61.64 a barrel in electronic trading on the New York Mercantile Exchange (Nymex). Analysts at Commerzbank said oil prices were being "... boosted by the inventory report of the American Petroleum Institute which showed that crude oil stocks in the US had decreased by 3.2 million barrels last week." They noted that is nearly twice as much as the market expects from the US Department of Energy when it releases its weekly report later Wednesday.A survey of experts by Bloomberg news agency has a median forecast of a drop in crude stocks by 2 million ...

Oil prices steady awaiting Iran supplies deal LONDON: Oil prices steadied Tuesday as traders eyed the possible return of Iranian crude to the global market with supplies already at high levels, analysts said.The market was responding also to movements in the euro against the dollar, and how that affects demand for dollar-denominated crude oil, awaiting a deal on Greece's bailout terms.Iran and major Western powers are racing to agree a deal by June 30 that would see Tehran open up its nuclear ...
Oil falls to $63, ample supplies and Greece weigh LONDON: Oil fell to around $63 a barrel on Friday as concern over Greece and a forecast that US shale oil output would keep growing this year countered signs of a pickup in demand. Greece has been less of a driver for oil than other markets such as equities, but analysts said the situation represented a bearish risk heading into the weekend. Euro zone leaders will hold an emergency summit on Monday to try to ...
Gazprom inks plan for new gas pipeline to Germany SAINT PETERSBURG: Russian gas giant Gazprom on Thursday agreed a plan with Shell, E.ON and OMV aimed at building a new gas pipeline to Germany, the companies said in a statement. In the memorandum of understanding, Germany's E.ON, Austria's OMV and Anglo-Dutch Shell would join up to construct the new route under the Baltic Sea from Russia with a capacity of 55 billion cubic metres per year, the statement said.The project -- for which no ...
Oil prices steady after weak start LONDON: Oil prices steadied Tuesday after starting the week with losses amid concerns over ample supply and the breakdown in Greece's debt talks.US benchmark West Texas Intermediate for delivery in July rose 31 cents to $59.83 a barrel compared with Monday's close.Brent North Sea crude for August was up three cents at $63.98 a barrel London afternoon deals."Brent crude oil is trading in a tight range... and the medium-term outlook remains bearish due to the ...
Norway's Statoil could cut workforce by 2,000 OSLO: Norwegian energy firm Statoil could lay off another 2,000 employees by the end of 2016, business daily Dagens Naeringsliv (DN) said on Friday.The decision will be finalised in the near future, after discussions with the management and representatives from the unions on Thursday.According to DN, 1,500 employees will be laid off, as well as 500 hired workers.The cuts would be part of Statoil's technical efficiency programme announced in February, which targets a $1.7 billion ...
Global LNG: Price slide resumes on weak demand MILAN: Asian spot liquefied natural gas (LNG) prices for July fell this week on continued weak demand and ample supply. The price of Asian spot cargoes slid to $7.40 per million British thermal units (mmBtu), compared with around $7.70 per mmBtu last week. There was supply availability from Russia's Sakhalin export plant, which launched a tender to sell four cargoes spread across July, August and September last week. Sakhalin was also expected to shut down ...

 



 
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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