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Middle East & Africa


Oil steadies around $61, Kuwait sees prices supported LONDON: Oil steadied around $61 a barrel on Monday, holding gains from last week, after Kuwait's oil minister said lower supply levels would support prices in the second half of the year.The recent rally "will start holding gains now and hopefully in the second half of 2015 we will see better prices", the minister, Ali al-Omair, said. Supported by signs of lower industry spending, the price of Brent crude has increased by more than 30 percent in the last four weeks. In January it hit $45.19, the lowest in almost six years, after collapsing from $115 in June due to oversupply.Omair said the current oil surplus was now "definitely lower" than 1.8 million barrels per day.Benchmark Brent futures traded at $60.89 a barrel, down 63 cents, by 0920 GMT. US crude was down 55 cents at $52.23. Trading volumes were reduced as US markets remained closed for a public holiday.Oil ...

Iraq's oil exports drop to 2.535mn bpd in Jan: statement BAGHDAD: Iraq's oil exports dropped to 2.535 million barrels per day (bpd) in January from a high of 2.940 million bpd the previous month, an oil ministry statement said on Thursday.Two weeks of bad weather in the south affected January's total, said a spokesman quoted in the statement.Exports from Iraq's southern terminals reached 2.39 million bpd, while exports from the north via the Kurdistan pipeline were 145,000 bpd in January, the statement said quoting a ...
Ethiopia cancels diesel import tender for March-August SINGAPORE: Ethiopia has cancelled an import tender for up to 120,000 tonnes of diesel fuel for delivery over March to August, and may have bought it through private negotiations instead, traders said on Thursday.Ethiopian Petroleum Supply Enterprise (EPSE) was seeking 80,000 to 120,000 tonnes of 500 ppm sulphur gasoil for delivery into Djibouti.PetroChina had placed the lowest out of three offers at a $5.75 a barrel premium above Middle East quotes for the diesel cargo ...
Kenya's state-run firm to raise $2bn to buy into oil blocks NAIROBI: Kenya's state-run National Oil Corporation will raise $2 billion to take stakes in oil blocks on behalf of the government once they near commercial production, it said on Wednesday.Kenya estimates its crude oil reserves to be about 1 billion barrels and the government can legally take a stake in oil blocks under commercial production through National Oil.The oil firm would raise the money through internal sources, external debt and other equity partners, Joram Temesi, ...
Cameroon hikes 2015 debt issuance to $1.56bn amid fall in oil revenues DAKAR: Cameroon has hiked its debt issuance for 2015 to 900 billion CFA francs ($1.56 billion) from 320 billion initially planned, a decree signed by President Paul Biya said, amid a shortfall in oil revenues due to the slump in global oil prices.The decree signed on Friday authorised the government to "issue debt including Treasury bills and bonds of up to 900 billion CFA francs to finance development projects."It did not give any further details, ...
Kenya, Tanzania seek consultant for cross-border power lines NAIROBI: Kenya and Tanzania have invited bids for a consultant to oversee the construction of a high-voltage power line connecting the two nations, part of efforts to meet growing demand for electricity and deepen integration of their economies.The two countries will build approximately 510 km of 400 kilovolt (kv) power lines and several substations to allow them trade in power.The project is planned to be implemented in twenty-three months from the contract commencement date, a ...
West Africa Crude: Improving refining margins support market LONDON: West African crude differentials were steady on Friday, holding on to gains this week, supported by increased demand in Europe and Asia amid improving refining margins. While traders say there is still an ample supply of March-loading Nigerian crude, differentials have ticked up further this week from multi-year lows. Healthy refining margins in Europe, which are well above the annual average according to Reuters models, and in Asia have helped to boost demand, say ...


Index Closing Chg%
Arrow DJIA 17,6630.27 1.09
Arrow Nasdaq 5,089.21 0.98
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Arrow H.Seng 24,503.94 0.62
Arrow Sensex 27,459.23 0.37

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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln