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Abu Dhabi's Mubadala Petroleum to explore big Morocco offshore area DUBAI: Abu Dhabi's Mubadala Petroleum said on Wednesday that it had agreed with the Moroccan government to evaluate the hydrocarbon potential of a large area off Morocco's Mediterranean coast.The company, a subsidiary of Abu Dhabi state-owned fund Mubadala Development Co, obtained an exclusive licence to carry out a detailed geological survey of the Mediterranee Ouest area, which comprises 3,433 square kilometres (1,325 square miles).Mubadala Petroleum will provide the Moroccan government with the results of the survey on completion, the company said without elaborating on the timetable and the prospects for finding oil or gas.Copyright Reuters, 2015 ...

Oil prices stabilising, will continue to firm up DOHA: Oil prices have started to stabilise around $60 a barrel in past weeks and will continue to firm up, while crude demand will grow stronger, an adviser to Saudi Arabia's oil minister said on Sunday. The comments by Saudi oil adviser Ibrahim al-Muhanna suggested that the top oil exporter sees no need to reverse its policy of allowing the market to correct itself without cutting output, despite the steep price drop since June last ...
Libyan gas output at 200,000 boepd CAIRO: Libyan gas output is at 200,000 barrels of oil equivalent per day, a senior Libyan oil industry source said on Friday.Oil output has risen slightly in the strife-torn country to between 410,000 to 490,000 barrels per day this week. Copyright Reuters, 2015 ...
Oil companies offer to cut 2015 spending in Iraq BAGHDAD: Oil companies have proposed millions of dollars of cuts in development spending in Iraq, a senior oil ministry official said, after Baghdad told them low oil prices and its fight against Islamic State had made payments difficult.In a series of letters sent to companies such as Royal Dutch Shell, BP and Exxon Mobil since January, seen by Reuters, the oil ministry set out the need for change in response to "the rapid drastic decrease ...
Iraqi Oil Tankers offers up to 100,000 tonnes fuel oil for April SINGAPORE: Iraqi Oil Tankers Company has offered up to 100,000 tonnes of fuel oil for loading in April, industry sources said on Tuesday.The company has offered 50,000 to 100,000 tonnes of fuel oil to be loaded on four tankers from Baghdad, Shatt Al-Arab, Al-forat and Dijla in April.The estimated price for the cargoes, which traders said were of the straight-run fuel oil grade, will be around $450 a tonne.The buyer is required to pay for ...
ADNOC offers record volume after Ruwais expansion SINGAPORE: Abu Dhabi National Oil Co (ADNOC) has offered 120,000 to 125,000 tonnes of low-sulphur naphtha for mid-April lifting from Ruwais, its largest offer in a single spot tender as production has increased following its refinery expansion, traders said on Friday.ADNOC, which does not offer spot naphtha regularly, sold mostly spot naphtha in 50,000-tonne cargo size in 2014.The fresh offer was done through a tender closing on March 10, with bids valid until March 12."The ...
Kenya plan needs oil price rebound-Africa Oil NAIROBI: Oil prices would probably need to rise to about $75 to $85 a barrel from around $60 currently for Tullow Oil and Africa Oil to go ahead with their Kenyan project, the chief executive of Africa Oil said.CEO Keith Hill told the Reuters Africa Investment Summit he was confident that crude prices would recover to around those levels long before a final investment decision, due by the end of 2016, is made. "We still ...

 



 
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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