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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 in their budgets, which may be revised.The spokeswoman gave no further details but said Finance Minister Ngozi Okonjo-Iweala was working on a statement. No time was given for when the statement would be issued.Nigeria depends on oil for around 75-80 percent of government revenues and its finances have been hammered by a steep drop in oil prices since June.Its oil money is distributed between three tiers of government -- local, state and federal, with the ...

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 ...
South Africa's petrol price to drop by 5.2pc on December 5 JOHANNESBURG: The retail price of 95-grade petrol in South Africa will drop by 69 cents or 5.2 percent a litre from next Wednesday, while wholesale diesel will decrease by 4.6 percent, local radio said on Friday. Petrol will cost 12.47 rand ($1.13) a litre while the wholesale diesel price will be 11.31 rand in the main Gauteng inland region. Copyright Reuters, 2014 ...
Qatar oil minister says sees OPEC harmony, no crisis VIENNA: Qatar Oil Minister Mohammed al-Sada said on Thursday that he sees harmony among OPEC members and does not see a crisis.Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in ViennaCopyright Reuters, 2014 ...
Saudi's Naimi says oil market will stabilise eventually VIENNA: Saudi Arabian Oil Minister Ali al-Naimi told reporters on Wednesday that he believed the oil market "will stabilise itself eventually".Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna.Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut.Copyright Reuters, 2014 ...
Saudi Aramco says cyclicality of oil markets won't affect long-term strategy DUBAI: The cyclicality of oil markets won't take Saudi Aramco's long-term corporate strategy off track, its Chief Executive Khalid al-Falih told a chemical industry conference in Dubai on Monday.Copyright Reuters, 2014 ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln