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Oil falls to four-year low below $80, awaits OPEC LONDON: Brent crude oil fell to a four-year low below $80 a barrel on Thursday after Chinese data showed a further slowdown in activity in the world's biggest energy consumer and Saudi Arabia remained silent about a possible cut in production.China's economy lost momentum in October, with factory growth dipping and investment growth hitting a near 13-year low, reinforcing expectations of a slower increase in fuel demand from emerging nations.Developing economies had been a major support for oil over the last decade, but their demand is now failing to keep up with increasing supply from North American shale production.Brent crude for December, which expires on Thursday, fell $1.03 a barrel to $79.35, its lowest since September 2010, before recovering slightly to around $79.50 by 1050 GMT. U.S. light crude was down 40 cents at $76.78 a barrel."There are not many bullish factors," said Avtar Sandu, senior manager for commodities at ...

Russia's Rosneft considers selling Saratov refinery MOSCOW: Rosneft, Russia's top oil producer, is considering selling its Saratov refinery, Kommersant daily newspaper reported on Thursday.The Saratov plant, which has a refining capacity of 6.8 million tonnes of oil a year, became part of Rosneft last year, after the company bought its peer TNK-BP for $55 billion.It is one of a total 13 refineries owned by Rosneft in Russia. Quoting sources, Kommersant said Rosneft was valuing the plant at around $400-$500 million and ...
Shell says 2008 Nigeria spills bigger than thought LONDON: Royal Dutch Shell said Thursday that two 2008 oil spills in Nigeria were larger than earlier thought, ahead of a compensation court case in England's High Court.The Anglo-Dutch energy giant's Nigerian arm said in a statement that the spills had been greater than the previously-reached total figure of 4,144 barrels.Lawyers bringing a compensation bid for 15,000 members of Nigeria's Bodo community have in the past claimed the spills could be as large as 600,000 ...
Oil falls further on dim prospect of OPEC output cut LONDON: Crude prices fell further Tuesday on dimming prospects of a production cut by the OPEC oil cartel despite a global supply glut, analysts said. Brent North Sea crude hit a four-year low at $81.23 a barrel. The contract for delivery in December later recovered to $81.88 in London midday deals, though still down 46 cents compared with Monday's close.US benchmark West Texas Intermediate (WTI) for December lost 23 cents to $77.17 a barrel.WTI had ...
Brent oil falls to $82 after hitting four-year low LONDON: Brent crude traded close to $82 per barrel on Tuesday after hitting a four-year low, as a firm dollar and robust production from U.S. shale oilfields outweighed a drop in Libyan output.Brent for December fell $1.11 to $81.23 per barrel, its lowest since October 2010, and was around $82 by 1045 GMT. U.S. crude was down 20 cents at $77.20 per barrel.The U.S. dollar hit a seven-year high against the yen and was up ...
UK gas prompt prices slip on mild November weather outlook LONDON: Prompt natural gas prices in Britain eased on Tuesday on expectations of weaker demand following forecasts for continued mild weather and above-average temperatures this month.Prices for within-day delivery were trading at 53.55 pence per therm at 1011 GMT, down 1.45 pence since their last settlement. Prices for delivery on Wednesday were down 0.70 pence at 53.50 pence per therm."An increase in the temperature forecast from the end of this week going forward has led ...
Brent crude oil falls more than $1 to 4-year low of $81.23 LONDON: Brent crude oil futures fell by more than $1 on Tuesday to a four-year low of $81.23, as a strong dollar and robust production from US shale oil fields weighed on prices.The US dollar hit a 7-year high against the yen and was up 0.2 percent on the day against a basket of currencies. Production from shale oil fields in the United States showed no signs of slowing despite falling prices, the Energy Information ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln