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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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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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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Exclusive: Kuwait Oil Minister Sees Balanced Oil Market Toward End 2019

Exclusive: Kuwait Oil Minister Sees Balanced Oil Market Toward End 2019

The oil market is expected to be in balance toward the end of 2019, as global inventories fall and demand remains strong, but OPEC’s job is not done yet, Kuwait’s oil minister told Reuters. There are still uncertainties around oil...

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Oil prices hit 5-month highs, Brent settles above $70 on strong US jobs report and Libya conflict

Oil prices hit 5-month highs, Brent settles above $70 on strong US jobs report and Libya conflict

Oil prices rose more than 1 percent on Friday on bullish U.S. employment data that tempered fears about a decline in global crude demand and on expectations that an escalating conflict in Libya could tighten oil supplies. U.S. West Texas...

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Saudi Arabia May Keep May Crude Prices Little Changed

Saudi Arabia May Keep May Crude Prices Little Changed

Top oil exporter Saudi Arabia is expected to keep prices of various grades of crude it sells to Asia little changed in May from the previous month, trade sources said on Tuesday. State-owned Saudi Aramco may cut the official selling price (OSP)...

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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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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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Oil Ticks Over Near 2019 Highs Amid OPEC Cuts, but Economic Slowdown Applies Brakes

Oil Ticks Over Near 2019 Highs Amid OPEC Cuts, but Economic Slowdown Applies Brakes

Oil prices hovered close to 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy. U.S. West Texas Intermediate (WTI)...

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Oil Prices Rise on OPEC Supply Cuts, Venezuela Sanctions

Oil Prices Rise on OPEC Supply Cuts, Venezuela Sanctions

Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports. U.S. West Texas Intermediate (WTI) crude oil futures were at $53.60 per barrel at 0219 GMT, up 50...

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