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Saudi Aramco says cyclicality of oil markets won't affect long-term strategy DUBAI: The cyclicality of oil markets won't take Saudi Aramco's long-term corporate strategy off track, its Chief Executive Khalid al-Falih told a chemical industry conference in Dubai on Monday.Copyright Reuters, 2014 ...

US says welcomes oil deal between Iraqi Kurdistan and Baghdad ISTANBUL: The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, US Vice President Joe Biden said on Saturday.Biden told an Atlantic Council summit in Istanbul that Washington also supported the development of an oil pipeline from Iraq's Basra to Turkey's Mediterranean port of Ceyhan.Copyright Reuters, 2014 ...
Gulf to reject OPEC cuts to guard oil market share KUWAIT CITY: Gulf oil producers led by Saudi Arabia will likely reject output cuts at an OPEC meeting next week unless they are guaranteed their market share in a highly competitive market, analysts say.The stance of Kuwait, Qatar, United Arab Emirates and Saudi Arabia is seen as crucial for a positive OPEC decision on reducing supplies to boost crude prices, which have shed a third of their value since June.The four pump a total 16.2 ...
Saudi crude oil exports edge up to 6.72mn bpd in Sept DUBAI: OPEC heavyweight Saudi Arabia's crude oil exports edged up in September by around 59,000 barrels per day (bpd) while volumes used by domestic refineries remained high, official data showed on Tuesday.The world's top oil exporter shipped 6.722 million bpd of crude in September, up from 6.663 million in August but lower than July's 6.989 million, data published by the Joint Organisations Data Initiative (JODI) showed.Production rose to 9.704 million in September from 9.597 million ...
Iran oil minister slams producers for not cutting output DUBAI: Iran's oil minister accused some countries on Sunday of making up excuses to justify their refusal to stabilise prices by cutting output, a possible reference to Saudi Arabia as a Saudi official insisted the issue should be left to market forces."Certain countries had raised their production after the exit of several countries from the cycle of oil production," Iran's Bijan Zanganeh said, referring to international sanctions that have forced his country to cut its ...
Iraq's southern oil output averaging about 3mn bpd BAGHDAD: Iraq's current southern oil output and export levels, given by the country's oil minister on Saturday, indicate that fighting and unrest has not derailed an expansion of supplies from OPEC's second-largest producer.The country's oil supplies were held back by decades of war and sanctions. It has been expanding oil production in the south since Western companies signed a series of service contracts with Baghdad in 2010, and boosted export capacity.Iraq's oil exports from its ...
Kuwait to spend $40bn to boost oil output to 4mn bpd by 2020 DOHA: Kuwait plans to invest around $40 billion to boost its oil production capacity to 4 million barrels per day (bpd) by 2020, an executive from Kuwait's state oil company (KOC) said on Thursday.The OPEC state has a crude oil production capacity of around 3.4 million bpd and its production is in the range of 3 million bpd, Saeed al-Shaheen, manager of well surveillance at KOC, told Reuters at an industry event."There are plans to ...

 



 
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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