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Middle East & Africa


Kenya cuts maximum retail prices of fuel NAIROBI: Kenya's Energy Regulatory Commission cut the maximum retail prices of petroleum products on Sunday saying the cost of importing refined products had fallen.Since 2010, every month the east African nation has set a cap on prices of petrol, diesel and kerosene, to protect consumers from unfairly high prices.But the system has angered consumers in recent months as local prices have failed to reflect the slump in the price of crude oil in global markets.The ERC reduced the maximum price of a litre of petrol in the capital Nairobi by 4.5 percent to 102.01 shillings ($1), but still far higher than the 70-80 shillings it retailed at in 2009, when the price of crude was at around the current levels.The commission also reduced the price of a litre of diesel by 3.67 shillings to 90.85 shillings and that of kerosene by 4.94 shillings to 71.37 shillings.Joseph Ng'ang'a, the director general ...

Libya's Nafoura oilfield pumping 20,000 bpd BENGHAZI: Libya's eastern Nafoura oilfield is producing 20,000 barrels a day, a spokesman for the state operator AGOCO said late on Thursday.The field had reopened last month after local residents demanding jobs ended a blockade lasting more than a month. "Nafoura is pumping 20,000 bpd and all our fields are operating normally," a spokesman for Libyan state oil firm AGOCO said.Copyright Reuters, 2014 ...
Saudi slashes January oil prices for Asia, US LONDON: Saudi Arabia steeply cut its January oil prices for Asian and US buyers on Thursday, which some analysts said showed it was stepping up a battle for market share a week after refusing to support OPEC output cuts.Official Selling Prices (OSPs) for oil from the largest producer and exporter in the Organization of the Petroleum Exporting Countries have been seen as possible indications of the kingdom's oil policies.Some analysts have said sharp drops in ...
Iraq exports boost to add pressure on 2015 oil market LONDON: Iraq's plan for higher oil exports in 2015, emerging in detail just days after OPEC shunned any output cut, will add to global over supply and is likely to entrench the reluctance of other OPEC members to curb their own supplies.Iraq's government on Tuesday reached a temporary agreement with Kurdish regional authorities, preparing the ground for flows of 300,000 barrels per day (bpd) of Kirkuk crude exports to resume, on top of 250,000 bpd ...
Nigeria slashes oil price assumption by 11pc to $65 per barrel ABUJA: Nigeria has slashed the oil price assumed in its 2015 budget by 11 percent to $65 a barrel from $73, in light of lower world oil prices, a Finance Ministry spokeswoman said on Thursday.It was the second time in a month the benchmark has been cut, after initially being lowered from $78 a barrel.Other oil exporting countries including Russia and Mexico have said they expect oil prices to be lower next year than assumed ...
South African stocks up as weaker rand lifts MTN, but Sasol hammered JOHANNESBURG: South African stocks ticked higher on Wednesday as a weaker rand lifted companies with overseas businesses, such as telecoms operator MTN and e-commerce firm Naspers.Shares in Sasol slumped by 3 percent as investors continued to hammer the petrochemicals company on the weaker oil price, which has fallen nearly 40 percent since June. "You are seeing that investors are concerned about the longer term outlook for oil," said Mohammed Nalla, head of strategic research at ...
Qatar sets Nov Marine crude OSP at $74.35/bbl, lowest in 4 SINGAPORE: Qatar has set its November retroactive official selling price (OSP) for its Marine crude at $74.35 a barrel, down $10.55 from the previous month, a trader with knowledge of the matter said on Wednesday.The November OSP for Marine crude is the lowest since September 2010. The Gulf Arab state also set its October Qatar Land crude OSP at $76.20, down $10.30 from the previous month, the trader said.Copyright Reuters, 2014 ...


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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
WeeklyMay 21, 2015
Reserves $17.75 bln