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Middle East & Africa


Baghdad condemns Kurds for oil exports BAGHDAD: Baghdad's oil ministry condemned Iraqi Kurdistan Saturday for further exports of crude from wells in the autonomous northern region, part of a long-running row over the country's vast hydrocarbon reserves.The federal government alleged that a shipment of oil, the second to be pumped in the three-province Kurdish region and shipped internationally in the past month, had been sent to Israel. It reiterated the threat of legal action against any companies that receive the crude."The oil ministry strongly condemns the Kurdistan region government's continued export of Iraqi oil from the region's fields... in flagrant violation of the values and principles" of the country, the statement said."The ministry is continuing to follow and pursue the shipments."It said it had taken a series of measures to deter buyers, including "warning all companies and oil markets against dealing with these shipments, which have been taken out (of Iraq) illegally."The statement is the latest ...

Iraq's biggest oil refinery shut down, foreign staff evacuated TIKRIT: Iraq's biggest oil refinery, Baiji, has been shut down and its foreign staff evacuated, refinery officials said on Tuesday, adding that local staff remain in place and the military is still in control of the facility.Militants from al Qaeda splinter group Islamic State of Iraq and the Levant (ISIL) seized Iraq's second-biggest city of Mosul last week and other armed groups have advanced into the town of Baiji and surrounded its refinery.The refinery shut ...
Gabon oil refinery output to fall in 2014 LIBREVILLE: Production from Gabon's state-run oil refining company is set to fall by one third to 600,000 tonnes this year because of disruptions in the supply chain, oil minister Dieudonn? Ngoubou said on Friday.The production slump at SOGARA has led to a shortage of fuel for domestic consumption and long lines at petrol stations."The problems that we have had in the last week are due to poor organization of the distribution chain," said Ngoubou, who ...
Kenya raises diesel, kerosene prices, lowers petrol NAIROBI: Kenya's energy regulator raised the maximum retail price of a litre of diesel and kerosene on Saturday, and lowered that of petrol, reflecting their import costs.Fuel prices have a big effect on inflation in east Africa's biggest economy, which relies heavily on diesel for transport, power generation and agriculture, while kerosene is used in many households for cooking and lighting.The government started carrying out a monthly review of retail fuel prices in 2010 after ...
Kuwait sets July crude OSP to Asia at Oman/Dubai minus $0.10/bbl SINGAPORE: Kuwait set the official selling price (OSP) for its crude oil sales to Asian buyers for July at $0.10 a barrel below the average of Oman/Dubai quotes, up 90 cents from the month before, a source familiar with the matter said on Wednesday.Kuwait's crude price formula is loosely linked to that of Saudi Arabia's Arab Medium grade. Copyright Reuters, 2014 ...
Iraq says southern oil facilities ‘very, very safe’ VIENNA: Iraq's southern oil export facilities, currently its only export outlet, were secure, with shipments now running at around 2.6 million barrels per day, Oil Minister Abdul Kareem Luaibi said on Wednesday.An al Qaeda splinter group seized control of the northern Iraqi city of Mosul on Tuesday, putting security forces to flight in a spectacular show of strength against the Shi'ite-led Baghdad government."All our exports now are from the Basra terminal in the south - ...
Cameroon banks earn $13.5m in oil transit fees YAOUNDE: Cameroon's state oil firm SNH earned 6.49 billion CFA francs ($13.46 million) in transit fees for Chadian oil shipped to Cameroon's coast from January through April, triple the amount during the same period last year.The spike in revenues comes after Cameroon last year more than tripled the transit fee land-locked Chad would pay to ship its oil to Cameroon's coast.SNH said in a statement issued on Monday that 10.45 million barrels of Chad's oil ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln