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Middle East & Africa


Oil markets face uncertain future as OPEC targets competitors ABU DHABI: The determination of powerful Gulf OPEC members to stifle competition from new oil producers has left the global energy market reeling and sparked unprecedented uncertainty, officials and experts say.Gathered in Abu Dhabi for a key conference, senior energy officials from Arab Gulf nations insisted they will not cut production despite the freefall in oil prices.A supply glut, lower demand and the stronger US dollar have all contributed to pushing down oil prices, which have dropped nearly 50 percent since June to around $60 a barrel.Experts say there is little doubt that OPEC is looking to drive new producers with higher costs -- in particular North American shale ventures -- out of the market.And how long the effort will continue is anyone's guess."We have to wait and see if tight (shale) oil can continue" after the sharp fall in oil prices, Saudi Oil Minister Ali al-Naimi, whose country pumps ...

Qatar oil minister says market experiencing ‘temporary correction’ ABU DHABI: The oil market is experiencing a "temporary correction" and fundamentals should dictate a fair price for oil, Qatar's oil minister Mohammed al-Sada said in a speech on Sunday."We believe in the role of market fundamentals in dictating prices," he told a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.Sada also said the main reason for oil's plunge in recent months was slow growth of the global ...
Iraq's SOMO sees average December oil exports from Basra topping 2.6mn bpd ABU DHABI: The head of Iraq's state oil marketing body, SOMO, said on Sunday that he expected average December oil exports from Basra to top 2.6 million barrels per day.Falah al-Amiri was speaking to Reuters on the sidelines of a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.Exports from Basra, Iraq's main oil-exporting hub, often fluctuate widely because of weather or technical problems. In early November they were ...
Iraq oil min says total production to reach 4mn bpd ABU DHABI: Iraq Oil Minister Adel Abdel Mahdi said on Sunday Iraq's total oil production would reach four million barrels per day (bpd) after Baghdad reached an agreement on exports with Kurdish regional authorities. Mahdi made the remarks in a speech at a conference in Abu Dhabi. Iraq's government reached a temporary agreement with Kurdish regional authorities on Dec. 2 to end a dispute over oil exports and budget payments to the semi-autonomous Kurdish region.Copyright ...
Saudi crude oil exports rise to almost 6.9mn bpd in Oct DUBAI: Top oil exporter Saudi Arabia shipped more crude oil in October than a month earlier while volumes used by domestic refineries remained high allowing more oil products exports, official data showed on Thursday.The OPEC member exported 6.897 million barrels per day of crude in October, up from 6.722 million in September, data published by the Joint Organisations Data Initiative (JODI) showed.Production was slightly lower in October at 9.69 million bpd from 9.704 million, the ...
UAE markets soar on stronger oil; Dubai up 7.7pc DUBAI: Stock markets in the United Arab Emirates soared in early trade on Thursday after the price of oil rebounded late on Wednesday.Dubai's equities benchmark surged 7.7 percent as all traded stocks rose. Heavyweight developer Emaar Properties rocketed 12.4 percent and dominated trading volume.Shares in construction firm Drake and Scull surged 12.0 percent after it said its board would consider buying back up to 10 percent of the company's shares at a meeting on Dec. ...
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 ...


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln