opec

Oil Slips on Worries Mideast Rift Could Undermine OPEC Cuts

By Christopher Johnson LONDON, June 6 – Oil prices fell further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by OPEC to tighten the market. Benchmark Brent crude oil was 15 cents a barrel lower at $49.32 by 0755

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Oil Slips as More U.S. Drilling Outweighs OPEC-led Cuts

By Libby George LONDON, May 29 – Oil prices slipped on Monday as further increases in U.S. drilling activity undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of

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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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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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