oil

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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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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Shell CEO Expects no Valuation Hit From Climate Accord

AMSTERDAM, Nov 26 – Royal Dutch Shell expects to pump out all the fossil fuel reserves listed on its balance sheet, its chief executive said, dismissing concerns that production limits in the wake of the Paris climate accord could hit the energy giant’s valuation. In an interview with Dutch newspaper Het Financieele Dagblad, Ben van

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OPEC Experts Resume Talks on Oil Output Cut, Delegates Upbeat

VIENNA/DUBAI, Nov 22 – OPEC experts discussing how to implement a plan to cut oil output are likely to reach agreement later on Tuesday, a Nigerian delegate said, a possible sign of progress in finalizing the group’s first supply-limiting deal since 2008. The High-Level Committee – a technical body comprised mainly of OPEC governors and

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Oil May Rise to $55 if All Producers Cooperate – Iran

DUBAI, Nov 19  – Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. “We are receiving positive signals that increase the likelihood of agreement at the meeting … and I’m optimistic

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Saudi Energy Minister Urges OPEC to Cut Oil Output to 32.5 Mln Bpd

By Reem Shamseddine, Tom Finn and Rania El Gamal RIYADH/DOHA, Nov 17  – The energy minister for top OPEC exporter Saudi Arabia said on Thursday he was optimistic about OPEC’s deal to limit oil output and mentioned the lower end of a previously agreed production target, helping spur a rally in the price of crude.

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