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Oil falls on prospect of higher Iranian exports LONDON: Oil prices fell on Wednesday as investors digested the likely impact of increasing Iranian fuel exports at a time of heavy oversupply.A milestone nuclear deal reached on Tuesday between six world powers and Iran will mean sanctions that have limited sales of Iranian oil for several years are likely to be lifted in early 2016.An official at the National Iranian Oil Company said on Wednesday that Iran's oil production could increase by 500,000-600,000 barrels per day (bpd), confirming the prospect of a ramp-up in supply from a nation that holds some of the world's largest oil reserves.Iran could reach its pre-sanctions level of 4 million bpd within six to 12 months if there is enough demand, he said.Most analysts agree that first Iranian oil exports could enter the global market in early 2016, but their estimated additional volumes vary between 300,000 and 700,000 bpd.Iran, a member of the Organization ...

Low oil price domino effect to shut more North Sea fields early LONDON: Low oil prices have tightened the screws on some of the most depleted and costly oilfields in Britain's North Sea, forcing operators to cease production earlier than planned and adding to fears of a domino effect in mature areas.For years North Sea producers have delayed expensive decommissioning projects, supported by high oil prices that have helped paper over soaring operating costs. But with oil prices halving over the last 12 months, some companies are ...
Shell says keen to explore ways to do business in Iran LONDON: Oil major Shell said it was interested in doing business in Iran and was engaging with relevant governments to understand the impact of a nuclear deal reached between six major world powers and Iran. "Strictly within the boundaries of the law, we are interested in exploring the role Shell can play in developing Iran's energy potential," a spokeswoman said. Iran and six major world powers reached a nuclear deal on Tuesday, capping more than ...
Oil prices steady awaiting Iran deal LONDON: Oil prices were stable Monday as markets waited to see whether Iran and western powers would agree a landmark deal that would lift sanctions on Tehran and lift crude exports.US benchmark West Texas Intermediate for August delivery was up 13 cents at $52.87 barrel compared with Friday's close.Brent North Sea crude for August slipped 22 cents to stand at $58.51 a barrel in late London deals.Despite earlier optimism, there is little possibility that Iran ...
Oil rises to $57 as Iran talks drag on LONDON: Brent oil bounced back from a three-month low to around $57 a barrel on Wednesday after an industry report showed a larger-than-forecast drop in US crude stocks and Iran nuclear talks failed to produce a deal.Oil had come under downward pressure as a plunge in China's stock market accelerated and the Greek debt crisis raised concern about fuel demand. Talks in Vienna between Iran and six world powers dragged on beyond a self-imposed deadline ...
Indonesia's Bontang LNG plant sells at least 12 cargoes LONDON/MILAN: Indonesia's Bontang liquefied natural gas (LNG) export plant has sold at least 12 cargoes to buyers including BG, Shell and BP , traders said. The sale included six cargoes to BG, four cargoes to Shell and 2 cargoes to BP, the traders said. One trader said the cargoes were for shipment between September and November. Copyright Reuters, 2015 ...
Oil prices drop amid high US output LONDON: Oil prices fell on Friday with the focus on high US output as traders looked ahead to Greece's weekend referendum that could determine whether it remains in the eurozone.West Texas Intermediate for August delivery fell 35 cents to $56.58 a barrel compared with Thursday's close.Brent North Sea crude for August dropped 44 cents to stand at $61.63 a barrel in London afternoon deals.Traders are worried about a global supply glut and the first rise ...

 



 
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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