Oil Prices Steady, U.S.-Iran Tensions Remain in Focus

Oil Prices Steady, U.S.-Iran Tensions Remain in Focus

OIL prices were steady on Tuesday, supported by worries over conflict between Iran and the United States but pressured by concerns about a potential decline in demand for crude. Benchmark Brent crude futures were up 3 cents at $64.89 a barrel by...

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Anadarko Approves $20 Billion LNG Export Project in Mozambique

Anadarko Approves $20 Billion LNG Export Project in Mozambique

U.S. energy firm Anadarko Petroleum Corp on Tuesday gave the go-ahead for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa. The announcement, which occurred at...

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U.S. Shale Oil Output to Rise to Record 8.52 Million Barrels Per Day in July: EIA

U.S. Shale Oil Output to Rise to Record 8.52 Million Barrels Per Day in July: EIA

U.S. oil output from seven major shale formations is expected to rise by about 70,000 barrels per day (bpd) in July to a record 8.52 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on...

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Saudi Energy Minister Says Hopes to Balance Oil Market Before Next Year

Saudi Energy Minister Says Hopes to Balance Oil Market Before Next Year

Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year. “We hope that we will balance the market before next year. We are working on it,” Falih told...

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OPEC, Russia Nearing Accord on Long Term Oil Supply Coordination: Nikkei

OPEC, Russia Nearing Accord on Long Term Oil Supply Coordination: Nikkei

OPEC and other producers including Russia are in final talks for an agreement, that may be signed in early July, to cooperate on oil supplies on a long-term basis, Japan’s Nikkei reported, citing Russian energy minister Alexander Novak...

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Trump Considering Sanctions Over Russia’s Nord Stream 2 Natgas Pipeline

Trump Considering Sanctions Over Russia’s Nord Stream 2 Natgas Pipeline

President Donald Trump said on Wednesday he was considering sanctions over Russia’s Nord Stream 2 natural gas pipeline project — which the United States has told European companies to avoid — and warned Germany against being...

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Iraqi Oil Minister Says Global Output Deal Likely to Be Extended: RIA

Iraqi Oil Minister Says Global Output Deal Likely to Be Extended: RIA

Iraqi Oil Minister Thamer Ghadhban said on Friday that OPEC and its allies were most likely to extend their global oil output deal until the end of the year when they hold their policy meeting in coming weeks, RIA news agency reported. The...

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A trade war deal is what the oil market needs to break out of bear market territory, RBC’s Helima Croft says

A trade war deal is what the oil market needs to break out of bear market territory, RBC’s Helima Croft says

RBC Capital Markets’ Helima Croft blames the U.S.-China trade war for oil’s drop into bear market territory. According to the firm’s global head of commodity research, bullish sentiment around crude has been damaged by global growth fears sparked...

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Russia’s Oil Output Falls to 3-Year Low Due to Contamination Crisis

Russia’s Oil Output Falls to 3-Year Low Due to Contamination Crisis

Russia’s average daily oil output has dropped to a three year-low after contaminated crude clogged its main export route. Average oil output was 10.87 million barrels per day (bpd) on June 1-3, down from an average of 11.11 million bpd in...

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Oil Prices Pressured by Economic Slowdown, but Saudi Commitment to Supply Cuts Supports

Oil Prices Pressured by Economic Slowdown, but Saudi Commitment to Supply Cuts Supports

Oil prices were pressured on Tuesday by an economic slowdown that has started to impact fuel consumption, although some support came from a Saudi Arabian statement that consensus was emerging with other producers over extending supply cuts...

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U.S. Drillers Cut Oil Rigs for Sixth Straight Month: Baker Hughes

U.S. Drillers Cut Oil Rigs for Sixth Straight Month: Baker Hughes

U.S. Energy firms this week increased the number of oil rigs operating for the first time in four weeks but cut the rig count for the sixth straight month as most drillers cut spending plans. Companies added three oil rigs in the week to May 31...

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