oil prices

GCC: Rethinking Alliances

The shifting sands of the GCC’s geostrategic environment By Adel Abdel Ghafar Two decades of an almost uninterrupted rise in hydrocarbon prices allowed the states of the Gulf Cooperation Council (GCC) to invest in infrastructure, education and health, as well as provide generous subsidies for their people. Fueled by high energy prices, ambitious rulers not

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OPEC, Key Producers to Discuss 6-month Oil Deal

By Rania El Gamal and Olesya Astakhova ISTANBUL, Oct 12 – OPEC will hold talks with non-member oil producers on Wednesday in a bid to hammer out details of a global agreement to cap production for at least six months as Russia lent its support for the plan. Ministers from OPEC members embarked on a

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Oil Eases off Four-Month High as Speculators Doubt Deal to Cut Output

By Karolin Schaps LONDON, Oct 11- Oil eased off four-month highs on Monday as doubts over oil producers reaching a meaningful output cut deal brought some speculators to unwind bullish bets. Global benchmark Brent crude futures were down 23 cents at $51.70 a barrel at 0848 GMT, more than 2 percent lower than the four-month

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Iranian President tells Venezuela Essential to Raise Oil Prices

DUBAI, Oct 4 – Iran’s President Hassan Rouhani told his Venezuelan counterpart Nicolás Maduro in a phone call that it was essential for oil producing countries to take a decision to raise the price of oil and stabilise the market, Iranian state news agency IRNA said. Iran and Venezuela are both members of the Organization

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East Libyan Oil Firm AGOCO’s Output Rises to 320,000 BPD

BENGAHZI, Libya, Oct 3 – Libya’s Arabian Gulf Oil Company (AGOCO) said on Monday that its production had risen to 320,000 barrels per day (bpd), up from about 290,000 bpd late last week, helping to push the country’s production above 500,000 bpd. The increase followed a rise in production at the Sarir field to around

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Japan, Israel Upgrade Relations as Arab Oil Influence Wanes

By Tova Cohen TEL AVIV, Sept 5 – Japanese executives say they are increasingly drawn to investments in Israel as the price of oil falls and, with it, the influence Arab oil suppliers have on Japan’s decision-making. Over the past two years, Japan and Israel have strengthened business ties, signing a series of economic agreements

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Gulf OPEC Members Seek Joint Action on Oil Output

By Rania El Gamal and Shadia Nasralla VIENNA, June 1 – Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets on Thursday, a senior OPEC source said, but Iran signalled the country was not ready for any such pact. “The Gulf

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Oil Discoveries Sink to Lowest Since 1952: Morgan Stanley

By Ron Bousso LONDON, May 23 – Oil discoveries in 2015 fell to their lowest since 1952 as energy companies slashed exploration budgets in the wake of the oil price fall, creating a gap for meeting future demand, analysts at Morgan Stanley said on Monday. The oil and gas industry discovered 2.8 billion barrels of

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Iran’s May Oil Exports Set to Surge Nearly 60 Pct from a Year Ago

By Aaron Sheldrick and Osamu Tsukimori TOKYO, May 18 – Iran’s oil exports are set to surge in May, climbing nearly 60 percent from a year ago, with European shipments recovering to about half of pre-sanction levels, according to a source with knowledge of the country’s crude lifting plans. This shows Tehran is regaining market

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IEA Chief Says Oil Price Bottoming Depends on Global Growth

By Osamu Tsukimori KITAKYUSHU, Japan, May 1  – International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. Oil prices hit 2016 highs on Friday with Brent crude reaching $48.50 a barrel on optimism that

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