oil

Cost of Pump-at-Will Oil Policy Spurred Saudi OPEC U-Turn

By Rania El Gamal and Dmitry Zhdannikov DUBAI/LONDON, Dec 15  – Saudi Arabia has long said it could produce as much as 12 million barrels per day (bpd) of oil if needed, but that pump-at-will claim – which would require huge capital spending to access spare capacity – has never been tested. Sources say the

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The Oil Guru

In an interview with Newsweek Middle East, international oil expert and World Bank Consultant Dr. Mamdouh Salameh expected crude prices to reach $60 per barrel by this year’s end or as early as next year, before rising to $70/barrel in 2017. According to Salameh, Saudi Arabia’s past policy of flooding the oil market with supply

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OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

By Vladimir Soldatkin, Rania El Gamal and Alex Lawler VIENNA, Dec 10  – OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the

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Saudis Order Oil Cuts to U.S., Europe Before non-OPEC Talks

By Rania El Gamal, Alex Lawler and Vladimir Soldatkin VIENNA, Dec 9 – Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January, as Russia said it was confident non-OPEC producers would fully join OPEC’s output limits on Saturday in the first such move since 2001. Saudi Arabia told

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Washington to Check if Russia-Qatar Oil Deal Violates Sanctions

MOSCOW, Dec 9 – The U.S. government is to check if sanctions where violated when Russia this week struck a deal to sell a stake in oil producer Rosneft to a consortium of Qatar’s sovereign fund and commodities trader Glencore , the White House said. “The experts at the Department of Treasury that are responsible

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Eastern Libyan Forces Foil Rival Faction’s Advance on Oil Ports

By Ayman al-Warfalli BENGHAZI, Libya, Dec 7  – Eastern Libyan forces said they thwarted an attempted advance on some of Libya’s major oil ports on Wednesday, hitting a rival faction with air strikes and capturing some of its commanders. The violence raised the prospect of a fresh struggle for control of the oil ports and

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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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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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Iran, Iraq at Loggerheads With Saudis Ahead of OPEC Meeting

By Ahmad Ghaddar and Vladimir Soldatkin VIENNA, Nov 29 – Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a deal to limit output and boost the price of crude when it meets on Wednesday. OPEC sources told

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