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Middle East & Africa


Shale oil poses threat to Gulf exports: experts DUBAI: Shale oil production could pose a threat to exports from the Gulf region, whose energy wealth has given it pivotal role in the global market and a geopolitical importance, experts say.Saudi Arabia is the world's top oil producer, but is only marginally ahead of the United States, whose output is gaining rapidly thanks in part to development of oil shale reserves.That could significantly alter Saudi Arabia's export mix, as the kingdom's oil accounted for a whopping 16 percent of US imports last year.Saudi billionaire Prince Alwaleed bin Talal has joined in raising the alarm over the kingdom's dependence on oil exports to generate revenue, warning that the threat from shale oil and gas is "definitely coming".But medium-term demand is likely to continue, propped up by Asian countries' hunger for energy, if economic growth keeps its rapid pace.The International Monetary Fund, in a July paper on the kingdom, said that, ...

Morocco says its coal imports to rise by 3.5mn tonnes by 2017 RABAT: Morocco will increase its current 6 million tonnes a year of coal imports by 3.5 million tonnes by 2017, to meet demand from a 1,320 megawatt power plant being built by Safi Energy Company, the government said on Friday.Safi Energy Company (SEC) is a joint venture of GDF Suez , Morocco's royal holding Nareva and Japan's Mitsui .Morocco is investing 4.7 billion dirhams ($550 million) to build a coal port in the southern city ...
Libya oil output jumps to 620,000 bpd on western field restarts LONDON: Libya's crude oil production has hit 620,000 barrels per day, as the big western oilfields ramp up after reopening earlier this week, two state National Oil Corp (NOC) officials said on Wednesday.Output from the El Sharara field has reached about 300,000 bpd day and El Feel has hit 70,000 bpd, Mustafa Sanalla, executive board member at NOC said.Another Libyan oil official added that El Sharara was expected to reach full capacity of around 330,000 ...
Saudi oil exports rose to 7.47mn bpd in July DUBAI: Saudi Arabia increased its exports by 155,000 barrels a day (bpd) in July from June to 7.470 million bpd, the latest official data published by the Joint Data Initiative (JODI) showed on Wednesday.The world's largest oil exporter produced 10.034 million bpd of crude, up 392,000 bpd from June, official Saudi government data available through the JODI website showed.Copyright Reuters, 2013 ...
Tullow to shut Ghana Jubilee production ACCRA: Tullow Oil Plc will shut production at Ghana's Jubilee offshore oil field on September 20 for three weeks of maintenance on an $800 million processing and storage vessel, the company said on Monday.Tullow said in its second quarter results maintenance would take place during the third quarter but did not give a date. It began production in December 2010 from the field, which has estimated reserves up to 1 billion barrels.It expects 2013 full ...
Libya oil production slumps to 'below 100,000 bpd' TRIPOLI: A weeks-long blockade by guards at key Libyan oil terminals has sent production plunging to under 100,000 barrels per day in a major blow to the economy, an official said Monday.Guards, mostly ex-rebels who helped topple veteran strongman Moamer Kadhafi in a 2011 uprising, have been on strike since late July and imposed a blockade on oil terminals.They accuse the authorities of corruption by selling crude in excess of documented cargo, while the government ...
Saudi Aramco says Midyan field to produce 75 mcf/day of gas DOHA: Saudi Arabia's Midyan gas field project in the Red Sea is expected to produce 75 million cubic feet of gas per day, Saudi Aramco's chief executive said, production that would help supply the growing domestic market.The world's top oil exporter is trying to boost its gas production quickly enough to meet rapidly rising domestic power demand and feed its booming petrochemical industry."The field development of Midyan is going ahead steadily as planned in all ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln