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Oil slump slashes Saudi Basic Industries Q4 profit 29pc DUBAI: Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups, reported a 29 percent plunge in fourth-quarter net income on Sunday, widely missing analysts' forecasts because of the tumble of global oil prices.Chief executive Mohamed al-Mady told reporters his company's outlook for 2015 depended on oil prices and was therefore unpredictable, but that SABIC faced challenges early in the year. Oil, which is closely tied to petrochemical product prices, has tumbled more than 50 percent since last June.The Gulf's largest listed company earned 4.36 billion riyals ($1.16 billion) in the three months to Dec. 31 compared to 6.16 billion riyals a year earlier, SABIC said in a bourse statement, as sales sank 10 percent from a year ago to 43.4 billion riyals.Profit was well below the average forecast of analysts polled by Reuters, who had predicted earnings of 5.50 billion riyals. It was also below the company's ...

Oil price slump could cripple clean energy push: experts    ABU DHABI: Falling oil prices could have a negative impact on global efforts to develop renewable energy sources, experts warned Saturday at a conference in Abu Dhabi.Oil prices have fallen by almost 60 percent since June, crashing on worries over global oversupply and weak demand in a faltering world economy.Participants at the International Renewable Energy Agency (IRENA) conference that opened Saturday in the United Arab Emirates said the trend could spell doom for plans to ...
Yemen sets March Masila crude OSP at $0.02/bbl premium SINGAPORE: Yemen has set the official selling price of its Masila crude for loading in March at a premium of $0.02 a barrel to dated Brent, down 40 cents from the previous month, its government said on Monday.UNIPEC UK bought the entire 1.3 million barrels of Masila crude offered by Yemen, the government said in a statement.The OSP for the March 2015 Marib Light Crude oil has been set at flat to dated Brent.The Aden ...
Oil price fall unjustified but set to continue: Kuwait      KUWAIT CITY: Kuwait said Tuesday that the sharp fall in world oil prices is unjustified but that the market may not improve before the second half of this year."Nobody can justify the drop now," Oil Minister Ali al-Omair told reporters as prices slid towards six-year lows.Omair attributed the slide to a production glut of around 1.8 million barrels per day combined with a slowdown in global economic growth."We expect this situation to continue until the ...
OPEC cannot protect oil price ABU DHABI: OPEC cannot protect world oil prices which have plunged since June, the United Arab Emirates said on Tuesday, arguing that rising North American shale oil output needed to be curbed."We cannot continue to be protecting a certain price," UAE Energy Minister Suhail al-Mazrouei said."We have seen the oversupply, coming primarily from shale oil, and that needed to be corrected," he told participants in the Gulf Intelligence UAE Energy Forum in Abu Dhabi.Oil prices ...
Tanzania cuts fuel prices, move may dampen inflation pressure DAR ES SALAAM: Tanzania's energy regulator cut fuel prices on Wednesday to reflect lower import costs, in a move likely to further ease inflationary pressures.Fuel prices are the second-biggest drivers of inflation in the east African nation after food prices. Year-on-year inflation fell for the third consecutive month to 5.8 percent in November from 5.9 percent the previous month.The state-run Energy and Water Utilities Regulatory Authority (EWURA) cut the price of petrol in the commercial ...
UAE oil minister says oversupply may last months or years DUBAI: Oil market oversupply may last months or even years, but prices could recover if non-OPEC producers "act rationally", the United Arab Emirates (UAE) oil minister said in remarks published on Wednesday.The comment by Suhail bin Mohammed al-Mazrouei in an interview with The National daily echoed recent calls by core Gulf Arab OPEC members such as Saudi Arabia that non-OPEC producers should curb planned increases in output to help prop up sagging prices."We are experiencing ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln