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Global oil producers have set ‘floor’ of $60 a barrel, IEA says

Global oil producers have set ‘floor’ of $60 a barrel, IEA says

Co-ordinated action among global producers to enact supply cuts has helped to put a “floor” under crude prices around $60 a barrel, the International Energy Agency said on Thursday. “The agreement aims to achieve relative stability and to bring...

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Bank of America sees oil gains in 2019, but that forecast is far from universal

Bank of America sees oil gains in 2019, but that forecast is far from universal

Despite dramatic slides in the oil market, some forecasters remain positive on prices and demand going into 2019. A year ahead outlook report from Bank of America Merrill Lynch expects Brent crude to regain its recent losses in 2019 and settle at...

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OPEC and allies agree to cut oil production by 1.2 million barrels per day

OPEC and allies agree to cut oil production by 1.2 million barrels per day

Major oil producers have reached a deal to cut oil production and boost the market, following two days of grueling negotiations and despite opposition from U.S. President Donald Trump. OPEC clinched the deal with allied oil-producing nations...

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Opec and Russia set to defy Trump with oil output cut

Opec and Russia set to defy Trump with oil output cut

Saudi Arabia and Russia are on the verge of agreeing on a deal to cut oil production, defying calls from US President Donald Trump to leave the taps open to keep prices low. The Opec oil cartel and allies led by Russia said in Vienna on Wednesday...

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OPEC works on deal to cut output, still needs Russia on board

OPEC works on deal to cut output, still needs Russia on board

OPEC and its allies are working toward a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a major cut was so far the main stumbling block. OPEC meets on Thursday in...

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Saudi Arabia wants united front on oil output; Russia and Nigeria hold out

Saudi Arabia wants united front on oil output; Russia and Nigeria hold out

Saudi Arabia will not cut oil output on its own to stabilize the market, Energy Minister Khalid al-Falih said on Wednesday as Nigeria and Russia said it is too early to signal whether they would join any production curbs. Oil producer group OPEC...

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Goldman Sachs contradicts Trump: $50 oil is bad for the US, commodity chief warns

Goldman Sachs contradicts Trump: $50 oil is bad for the US, commodity chief warns

The rapid plunge in oil prices to $50 a barrel is bad for the United States and threatens to create problems in the credit market, warns Jeff Currie, head of commodities research at Goldman Sachs. Currie’s opinion is at odds with the view...

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Goldman expects commodities to rebound next year, says oil and gold prices are ‘extremely attractive’

Goldman expects commodities to rebound next year, says oil and gold prices are ‘extremely attractive’

Goldman Sachs said Monday commodities could surge around 17 percent over the coming months, with a fast-approaching G-20 meeting cited as a potential launchpad for raw materials. A dramatic sell-off in commodities comes at a time when traders are...

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South Korea buyers heading to Iran for talks on resuming oil imports: sources

South Korea buyers heading to Iran for talks on resuming oil imports: sources

A South Korean delegation including oil buyers is expected to head to Iran next week to discuss resuming Iranian oil imports after a three-month halt, three sources with knowledge of the matter said. South Korea is one of eight countries that...

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Iraq to Boost China Oil Sales by 60% as OPEC Giant Eyes Asia

Iraq to Boost China Oil Sales by 60% as OPEC Giant Eyes Asia

Iraq aims to supply China with about 60 percent more crude next year, as OPEC’s second-biggest supplier double downs on its main market in Asia, according to the head of the state-run Oil Marketing Co. Iraq is ready to ship about 1.45 million...

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U.S. allows eight importers to keep buying Iran oil for now

U.S. allows eight importers to keep buying Iran oil for now

The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it re-imposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities. U.S. Secretary of State Mike...

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