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OPEC unlikely to hold emergency meeting on oil drop-sources LONDON: OPEC is unlikely to call an emergency meeting as proposed by Venezuela, two OPEC sources said on Tuesday, a sign the exporter group is in no rush to discuss a collective response to the sharp drop in oil prices.Venezuela last week became the first member of the Organization of the Petroleum Exporting Countries to call for an emergency meeting to arrest the slide in oil prices, which have slid to below $88 a barrel, the lowest since 2010.But the suggestion has met with a cool response from others in OPEC, which appears split on what action if any should be taken to halt the slide. The next scheduled OPEC meeting is on Nov. 27 at OPEC's Vienna headquarters."The ordinary meeting is not very far away," said an OPEC delegate, who declined to be identified by name. "It would be surprising to meet before."While the drop in prices has caused ...

Oil falls to post-2010 low after IEA cuts demand forecasts LONDON: Brent crude fell to a fresh low below $88 a barrel on Tuesday, trading at the weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next.The global oil benchmark has dropped almost 25 percent from its 2014 high in June as supplies have risen and global demand has slowed, creating a glut in many markets.The International Energy Agency said on Tuesday world oil demand growth ...
Statoil says Tanzania LNG plant to start in 2021/22 at earliest OSLO: Norwegian energy firm Statoil expects its Tanzania gas liquefaction plan to start up in 2021 or 2022 at the earliest, the firm said on Tuesday. "If we experience no delays, our preliminary schedule indicates that it is not realistic to start up production before 2021-22, at the earliest," Statoil spokesman Knut Rostad told Reuters. "Our focus is now on reducing the technical and commercial uncertainties and aligning some key outstanding framework conditions together with ...
Oil prices slump further as weak demand weighs LONDON: Brent oil prices sank Monday to another four-year low on abundant supplies and demand concerns arising from the weak outlook for global economic growth.The market also slid as Iraq became the latest OPEC crude exporter to cut its prices after similar moves by Saudi Arabia and Iran, according to analysts.Brent North Sea crude for delivery in November dived to $88.03 a barrel in Asian trading hours, touching the lowest level since December 1, 2010.In ...
UK gas prompt prices fall in well supplied market LONDON: Prompt natural gas prices in Britain fell early on Monday as healthy supplies from Norway and lower demand from gas-fired power generators led to a fairly balanced system.Prices for within-day delivery were trading at 49.80 pence per therm at 0912 GMT, down 1.50 pence since their last settlement. Prices for delivery on Tuesday were down 1.10 pence at 49.45 pence per therm.With supply flows at about 204.7 million cubic metres (mcm) per day on ...
Oil heads for 4-year low on Saudi output signal LONDON: Brent crude oil fell below $88 a barrel on Monday, its lowest in almost four years, after key Middle East producers signalled they would keep output high even if that meant lower prices.Saudi Arabia has privately told oil market participants it can accept oil prices between $80 and $90 a barrel, sources briefed by OPEC's biggest producer have told Reuters.Kuwait's oil minister said on Sunday OPEC was unlikely to cut production to support prices."In ...
Russian oil shift east accelerates, dictated by politics MOSCOW: Russia is diverting more of its crude oil east with deliveries to China hitting a new record last month at the expense of Europe as geopolitical tensions between Moscow and the West dictate the latest shift in flows.As Russia's relations with the West deteriorated over the Ukraine crisis, the European Union and United States imposed wide-ranging sanctions on Russian firms, including oil and gas producers, leaving Moscow trying to forge closer ties with energy-hungry ...

 



 
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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%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln