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Oil jumps 3 percent to $63 as energy firms slash investments LONDON: Brent crude jumped 3 percent to above $63 a barrel on Thursday, extending a rebound from five-year lows this week as oil's six-month price rout forced more energy firms to cut investments in new production.Oil this week slumped as low as $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelms demand, with losses accelerating after producer group OPEC decided not to cut output at its meeting last month.But signs that lower prices are threatening future production have given some traders pause. Oil prices were volatile on Wednesday, briefly spiking as much as 6 percent as players rushed to close short positions, before falling back.At 1109 GMT on Thursday, Brent for February delivery was $2.09 higher at $63.27, after settling up $1.17 in the prior session.U.S. crude for January delivery, which expires after Friday's settlement, was up $1.83 at $58.30 a barrel."It looks like investors favour ...

Poland agrees 4pc cut in gas prices for industry in 2015 WARSAW: Polish energy market regulator URE approved a 4-percent average cut in 2015 high-methane gas prices for industrial buyers, it said in a statement late on Wednesday.The new tariff, in place from January next year, will hold for the first four months of 2015.It applies to companies reselling gas to individual customers and those with an annual consumption of over 25 million cubic metres.Copyright Reuters, 2014 ...
Eni says default gas supply agreement with Ilva ends December ROME/MILAN: Italian oil major Eni said on Wednesday it was supplying gas to troubled steelmaker Ilva under a special default supply agreement that would end in December, raising concern the plant could face a possible shut down. "Eni has no commercial gas supply relations with Ilva," the major said in a statement. Privately-owned Ilva, Europe's biggest steel plant by output capacity, was placed under special administration last year after being accused of failing to contain ...
Oil moves above $60 as US crude stockpiles fall LONDON: Brent crude oil moved above $60 a barrel on Wednesday as US data showed falling crude inventories, stemming deep losses brought on by a supply glut and signals from OPEC producers and Russia that they will not cut production.U.S. Energy Information Administration data showing U.S. crude inventories falling by 847,000 barrels helped curtail losses, despite expectations of a 2.4-million-barrel draw. Analysts said the boost would not last long."The decline in overall crude oil inventories ...
Oil below $60 as OPEC, Russia keep pumping LONDON: Brent crude oil traded below $60 a barrel on Wednesday, near 5-1/2 year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.Core Gulf OPEC members have said they are prepared to wait as long as a year for the market to stabilise, undercutting hopes they will step it to stem crude price losses.Oil prices have almost halved over the last six ...
UK gas prompt prices ease as warm weather dents demand LONDON: Prompt natural gas edged lower in Britain on Wednesday morning as warm weather forecasts led to reduced demand for gas for heating and from power generators.Prices for within-day delivery were trading at 53.75 pence per therm at 1013 GMT, down 0.10 pence since their last settlement.With supply flows at about 258.9 million cubic metres (mcm) per day on Wednesday and demand expected to be about 251.8 mcm, the system was 7.1 mcm oversupplied, National ...
Oil holds below $60 as OPEC, Russia keep pumping LONDON: Brent crude held below $60 a barrel on Wednesday, near 5-1/2-year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.Core Gulf OPEC members have said they are prepared to wait as long as a year for the market to stabilise, undercutting hopes they will step in to stem crude price losses.Oil prices have almost halved over the last six months as ...

 



 
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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