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Middle East & Africa


Iran says OPEC unlikely to change output ceiling: Mehr news agency DUBAI: OPEC is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister Bijan Zanganeh said on Sunday, according to the semi-official Mehr news agency."Lowering OPEC's production ceiling requires consensus between all members ... under current conditions it seems unlikely that the OPEC production ceiling will change," Zanganeh was quoted as saying.Last month, Zanganeh said the producing group should cut its target daily crude production by at least 5 percent, or approximately 1.5 million barrels per day.The Organization of the Petroleum Exporting Countries will meet on June 5. At its last meeting in November, OPEC, led by oil kingpin Saudi Arabia, decided against cutting output to defend its market share, resisting calls by some members such as Iran and Venezuela to reduce production to shore up prices.Brent oil settled down $1.17, or 1.8 percent, at $65.37 a barrel on Friday.Lower oil prices have caused pain ...

Shell declares force majeure on Nigeria crude exports because of leaks LAGOS: Anglo-Dutch oil giant Shell has halted crude exports from a key terminal in southern Nigeria because of a leak in a supply pipeline, a spokesman said Thursday."We declared force majeure on Forcados exports effective 6:00 pm Tuesday due to a series of leaks on the NPDC-operated Trans Forcados pipeline," Precious Okolobo said in a text message to AFP in Lagos.Force majeure is a legal term releasing a company from contractual obligations when faced with ...
Nigerian fuel retailer MRS Oil falls to Q1 pretax loss LAGOS: Nigeria's MRS Oil fell to a first-quarter pretax loss of 734.5 million naira ($3.7 million) after posting a profit of 321.1 million a year earlier, the fuel retailer said on Monday. Turnover, operating under the name Chevron Nigeria, fell 12 percent to 21.3 billion naira in the three months to end-March, the company said in a statement with the Nigerian Stock Exchange. Copyright Reuters, 2015 ...
South Africa's petrol pump price to stay unchanged in May JOHANNESBURG: The retail price of 95-grade petrol in South Africa will remain unchanged from May 6, while the wholesale diesel price will dip by 0.44 percent, the energy department said on Thursday. The government adjusts the price of fuel every month, taking into account global prices and shifts in the rand exchange rate. Copyright Reuters, 2015 ...
Oil prices drop as Middle East tension ease SINGAPORE: Oil prices extended declines from the previous session on Wednesday as Middle East tension eased after Saudi Arabia ended an air strike campaign in Yemen, but industry leaders said the market could rebound as attention turned to rising demand.Saudi Arabia said on Tuesday it was ending a month-long military campaign against the Houthi rebels who seized large areas of Yemen, bringing hope of a peaceful political solution to the conflict in the key oil ...
UAE's ADNOC says no timeframe for decision on onshore concession ABU DHABI: Abu Dhabi National Oil Company (ADNOC) does not have a deadline for when to award further stakes in its 40-year onshore oilfield concession, the director general of the state run company said on Monday. The comment suggests ADNOC, which signed an agreement on Jan. 29 with France's Total giving the firm a 10 percent stake in the new concession, is in no rush to make a decision about other bidders in the tender. Total's ...
Iraq sets prices for Basrah heavy crude in May ABU DHABI: Iraq has set the May official selling price (OSP) for Basrah heavy crude to the North and South American market at the Argus Sour Crude Index (ASCI) minus $1.40, the State Oil Marketing Organization (SOMO) said on Sunday. The May OSP for Basra Heavy to Europe was set at dated brent minus $8.45 a barrel while the May OSP to Asia was set at minus $6.85/bbl to the Oman/Dubai average, SOMO said. Copyright ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln