More Shale, Who Cares? Saudi Arabia Pushes for at Least $70 Oil

More Shale, Who Cares? Saudi Arabia Pushes for at Least $70 Oil

Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded...

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US crude settles at 4-month high after topping $60 for first time since November

US crude settles at 4-month high after topping $60 for first time since November

Oil prices rose on Wednesday, with U.S. crude topping $60 a barrel for the first time in about four months, after government data showed the American stockpiles of crude oil and refined fuels plunged last week. WTI has rallied 32 percent this...

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Oil beats retreat from four-month high on fears for US-China trade progress

Oil beats retreat from four-month high on fears for US-China trade progress

Oil prices fell on Wednesday, retreating from a four-month high, as concerns that trade talks between the United States and China have stalled, stoking fears over the outlook for global economic growth. International Brent crude oil futures were...

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OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

OPEC and other major oil producers on Monday canceled a meeting planned for April, leaving the alliance’s price-boosting production cuts in place until at least June. The group is delaying its decision because it expects the oil market to...

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Sinopec Snags USD340 Million in Drilling Rig Orders From Saudi Aramco

Sinopec Snags USD340 Million in Drilling Rig Orders From Saudi Aramco

Sinopec International Petroleum Service, part of China’s state-backed Sinopec Group, has secured USD340 million in drilling rig orders from Saudi Arabian Oil, or Saudi Aramco. The Middle Eastern gas and oil giant signed two deals for gas...

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U.S. Envoy Says Venezuela Oil Production Dropping Steadily

U.S. Envoy Says Venezuela Oil Production Dropping Steadily

The U.S. special representative for Venezuela said on Friday that Venezuela’s oil exports have been dropping steadily by roughly 50,000 barrels per month and production is likely to dip below a million barrels a day within a “month or...

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Oil demand is beating bearish forecasts and will push prices above $70: Goldman Sachs

Oil demand is beating bearish forecasts and will push prices above $70: Goldman Sachs

The world’s appetite for oil and gasoline is growing faster than many forecasters expected, putting Brent crude on pace to top $70 a barrel, Goldman Sachs says. The investment bank says oil demand grew by 1.55 million barrels per day in...

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Oil Prices Stable Amid Sanctions and OPEC Cuts, but Economic Concerns Drag

Oil Prices Stable Amid Sanctions and OPEC Cuts, but Economic Concerns Drag

Oil prices were steady on Friday amid support from ongoing supply cuts led by OPEC and U.S. sanctions on Venezuela and Iran, but weighed down by concerns that an economic slowdown will soon start denting growth in fuel demand. International...

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US sees room to be more aggressive on sanctions and take Iran oil exports to zero

US sees room to be more aggressive on sanctions and take Iran oil exports to zero

A high-ranking State Department official said a well-supplied world oil market helps the U.S. maintain, or even tighten, sanctions on both Iran and Venezuela without causing an oil price spike. However, Brian Hook, the State Department...

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Oil Firms as Saudis Trim Exports, U.S. Output Forecast Reduced

Oil Firms as Saudis Trim Exports, U.S. Output Forecast Reduced

OIL prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for U.S crude output. International Brent crude oil futures were at $66.93 a barrel at 0039 GMT, up 26 cents, or 0.4 percent, from their last...

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Shell inks contracts for two blocks offshore Colombia

Shell inks contracts for two blocks offshore Colombia

Colombia’s regulator Agencia Nacional de Hidrocarburos (ANH) and Shell have signed exploration and production contracts for two blocks offshore Colombia. Officials from Shell and the country’s regulator on Monday, March 11 signed the exploration...

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