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West Africa Crude: Market on hold ahead of Asian tenders LONDON: Trade in West African oil ground to a near halt on Friday, as sellers awaited the outcome of tenders from Asian refiners next week and buyers regarded current offers as too high.There are around 25 of 59 Nigerian cargoes for June loading yet to find buyers, with a wide range of grades still available. Nigerian crude is selling more slowly than in recent months."It's realistic to pull up offers when trade is brisk but inevitably there comes a point where buyers won't chase any further and let sellers sit," a trader said."I think we're at that point now as both buyers and sellers wait to see the outcome of Pertamina and HPCL tenders."He was referring to tenders from Indian and Indonesian refineries which are expected next week.West African oil exports to Asia are set to fall to around 1.72 million barrels per day (bpd) in May from 2.05 million ...

Oil rises nearly $1 as Ukraine hots up LONDON: Brent crude futures rose by almost $1 to above $108 a barrel on Friday as fighting between Ukraine's army and a pro-Russian group in the east intensified, stoking fears of energy supply disruptions from the region. The west has threatened more sanctions against Russia, which it believes is helping separatist groups. So far, US and EU measures have not affected gas or oil flows. Pro-Russian rebels shot down two Ukrainian helicopters on Friday, killing ...
Russia to cut gas supply to Ukraine in June if no payment in May WARSAW: Russia's Gazprom will reduce gas supply to Ukraine in June if it receives no prepayment in May, Russia's Energy Minister Alexander Novak said on Friday. He also expressed concern that Ukraine could be unable to store enough gas during the summer months for transit to European countries for the winter season. Copyright Reuters, 2014 ...
Crude prices fall on easing supply concerns LONDON: Oil prices dropped on Thursday as high stockpiles in the United States and expected increased output from Libya offset potential supply risks linked to the Ukraine-Russia crisis, traders said.West Texas Intermediate (WTI) for delivery in June fell 48 cents to $99.26 a barrel.Brent North Sea crude for June slid 71 cents to $107.36 a barrel around midday in London."The biggest direct reason (for lower prices) is that US stockpiles of crude oil have risen," ...
Shell profits almost halve on huge impairment charge LONDON: Royal Dutch Shell's net profits almost halved in the first quarter on a vast impairment charge on its refineries in Asia and Europe, the Anglo-Dutch oil giant said Wednesday.Earnings after taxation dived 45 percent to $4.51 billion (3.27 billion euros) in the three months to March, compared with $8.18 billion a year earlier, Shell revealed in a results statement.The group took a huge impairment charge of $2.9 billion, mostly on the declining value of ...
Crude prices fall before US data LONDON: Oil prices fell on Wednesday awaiting official data expected to reveal another increase for US crude stockpiles that would indicate weak demand in the world's biggest economy.New York's West Texas Intermediate (WTI) for June delivery dropped 96 cents to $100.32 a barrel.Brent North Sea crude for June slid 65 cents to stand at $108.33 a barrel approaching midday in London.Analysts expect data due on Wednesday to show US crude stockpiles had risen by 2.2 ...
Plunging ruble sends Rosneft profit down 14pc MOSCOW: A fast-depreciating ruble and stalled crude production rates led Russia's state-held oil giant Rosneft to post Friday a 14 percent slump in profits for the first quarter of 2014.The world's largest publicly traded oil producer reported a net income of 88 billion rubles ($2.5 billion, 1.8 billion euros) and a meagre 0.5 percent rise in oil and liquids production rates.Rosneft said its foreign exchange losses amounted to 84 billion rubles ($2.4 billion) -- slightly ...

 



 
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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