Business

Oil Jumps Over 10 Pct as OPEC Finalizes Output Cut Deal

By Jessica Resnick-Ault NEW YORK, Nov 30  – Oil prices soared more than 10 percent on Wednesday to the highest in a month as some of the world’s largest producers agreed to curb production for the first time since 2008 in a bid to support prices. Crude prices were also on track to have risen

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OPEC Agrees First Output Cut Since 2008, Details Unclear

By Ahmad Ghaddar, Alex Lawler and Rania El Gamal VIENNA, Nov 30  – OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept “a big hit” on production and agree to arch-rival Iran freezing output at pre-sanctions levels. Brent crude futures

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Oil Jumps 8 Percent on Prospects for Big OPEC Output Cut

By Karolin Schaps and Amanda Cooper LONDON, Nov 30  – Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world’s largest oil producers gathered in Vienna to try to agree a production cut that could be bigger than expected. Brent crude futures for delivery in January were

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Saudi Signals Compromise For Iran as OPEC Debates Output Cut

By Ahmad Ghaddar, Alex Lawler and Rania El Gamal VIENNA, Nov 30 – Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was close to clinching a deal to limit oil output, adding Riyadh was prepared to accept “a big hit” on its own production and agree to arch-rival Iran freezing output at pre-sanctions levels.

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OPEC Begins Debate On Oil Cuts Amid Deep Disagreement

By Rania El Gamal and Alex Lawler VIENNA, Nov 30 – OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action. Ministers from the Organization of the Petroleum Exporting

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Saudi Arabia Carries on Drilling Despite Oil Slump

By John Kemp LONDON, Nov 29 – Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number of rigs drilling for oil and gas around the world has fallen from a peak of

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Tunisia Seeks Investors for $30 Bln Worth of Projects

TUNIS, Nov 29 – Western and regional partners are expected to offer pledges of support for Tunisia’s struggling economy at a two-day international investment conference that starts on Tuesday. Representatives from some 40 countries will be offered the chance to participate in some $30 billion worth of projects as Tunisia tries to reverse a decline

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Dollar Steadies With Bonds, Oil Anxious About OPEC

By Wayne Cole SYDNEY, Nov 29 – The U.S. dollar took a breather on Tuesday as global bonds steadied from their recent rout, while equities flatlined as political risk resurfaced in Europe ahead of a referendum in Italy this weekend. Oil prices remained jittery in the countdown to Wednesday’s OPEC meeting but industrial commodities continued

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