Opec News
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Oil prices were looking up at the start of 2017, with crude hitting a high of $58 a barrel in January after dropping to $27 in 2016. But oil prices have started to flounder again, and the big oil companies are preparing to do some more belt-tightening.
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Continued worries over a global oversupply have knocked about 10 percent off U.S. crude futures this year, even though a deal had been reached with OPEC to curb production. But that hasn't stopped U.S. shale firms from pumping even more oil.
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Production rose again in the Permian Basin in May this year. And while not a surprise, some investors are pulling away from the boom, fearful that shale will become a victim of its own success.
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Washington -
The White House budget will be delivered to Congress on Tuesday, and as part of President Trump's plans to help balance the federal budget is a proposal to open the coastal plain (Area 1002) of Alaska’s Arctic National Wildlife Refuge to oil drilling.
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Vienna -
After a bruising recent fight, now ended, in which Saudi Arabia pumped more and more oil to drive shale producers out of business, US oil shale bankers came to Vienna this week and top OPEC oil officials are planning a trip to Texas.
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By AFP
Vienna -
Oil producers within and outside OPEC are expected Thursday to extend a deal cutting output aimed at lifting the price of crude, but US rivals could spoil the party.
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Washington -
The Trump plan to sell off half of the US strategic oil reserve was a surprise move and goes counter to OPEC's attempts to limit supply and boost prices.
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When OPEC announced its first oil production cut in eight years in January, oil traders around the world began emptying their storage tanks of millions of barrels of crude, flooding the market. But, the expected end to the world oil glut is not happening.
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Oil prices are still sluggish, actually losing ground this week because of continuing concerns over slowing demand and the rise in U.S. oil output. Investors have just about lost faith in OPEC's ability to re-balance the market.
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By AFP
Paris -
Supply and demand in the oil market are close to matching up, the IEA said Thursday, as landmark OPEC-led production cuts are mitigated by rising US supply and slipping worldwide demand growth.
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By AFP
Paris -
OPEC said Tuesday oil producers have kept their promise to cut output in accordance with a landmark deal designed to lift petroleum prices.
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According to independent economists, oil production and exports under the Trump administration are forecast to hit fresh records. It helps that a rollback on environmental regulations has been put in place, including a halt to methane emissions reviews.
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By AFP
Moscow -
Russian Energy Minister Alexander Novak, responding to a decision by OPEC Wednesday to reduce crude output to lift prices, said Russia was ready to cut its own oil production by 300,000 barrels a day next year.
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By AFP
Moscow -
Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani on Monday expressed support for OPEC's plans to limit the cartel's output ahead of a crucial meeting this week.
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By AFP
Alger -
Venezuelan Oil Minister Eulogio del Pino said Monday he was "optimistic" that an OPEC meeting this week in Vienna will reach agreement on oil production cuts to boost prices.
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By AFP
Budapest -
Iraq has to up its crude output because dwindling oil prices and the fight against Islamic State have left "a huge hole" in the economy, Foreign Minister Ibrahim al-Jaafari said Tuesday, as the OPEC cartel scrambles to agree a production cut deal.
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By AFP
Alger -
Saudi Arabia's oil minister said it was "imperative" that OPEC nations finalise an agreement over a cut in oil production aimed at boosting crude prices, Algerian media said Sunday.
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By AFP
Vienna -
OPEC officials held talks with Russia and other non-cartel members Saturday in Vienna to debate how to implement a plan aimed at cutting oil output to reduce a global supply glut and bolster prices.
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By AFP
Istanbul -
Russia on Tuesday said its oil majors were ready to back moves by the government to curb oil production in coordination with OPEC to push up pressured oil prices.
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By AFP
Istanbul -
President Vladimir Putin on Monday said that non-OPEC member Russia was ready to join measures to limit oil production, saying that this was the only way to balance the market after a prolonged period of low prices.
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By AFP
Vienna -
Saudi Arabia expressed confidence Thursday that oil prices will keep recovering, cementing expectations that a divided OPEC will decide to keep crude gushing at its meeting in Vienna."Everybody is very satisfied with the market.
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In 2016, global gas prices are expected to remain low, despite the fact that consumption is expected to increase. What does this mean for the global economy and your wallet?
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It might also signal that workers are willing to demand higher wages before accepting a new job. Meanwhile, October was the third-strongest month for hires since the recession ended in 2009.
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Cheap oil has already affected global markets and economies in countless ways, from disrupting Venezuelan politics to sinking the Russian ruble and introducing the world to “low-flation.”
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Tripoli -
Libya is a prominent member of the Organization of Petroleum Exporting Countries(OPEC). At present, Libya has two competing governments. The internationally recognized government is in Tobruk and the other in Tripoli, the capital.
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By AFP
Vienna -
OPEC's decision against cutting oil production, despite a global glut in supplies, triggered a five-dollar collapse in crude prices and prompted a fall in early trading on Asian markets Friday.
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By AFP
Vienna -
Rosneft has trimmed its oil output partly in response to sliding crude prices, the Russian oil giant said Tuesday, as an under-pressure OPEC mulled taking similar action.
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By AFP
Vienna -
The OPEC oil cartel raised on Wednesday its world oil demand forecast for 2014 on the back of an increase in US consumption in late 2013 and a "gradual" global economic upswing.The Organization of Petroleum Exporting Countries now expects world demand ...
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U.S. oil and natural gas production surged past Saudi Arabia in 2013, making the United States the world’s largest oil-producing state.
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Tehran -
Iran has sent a warning to its Gulf neighbors that they will be held responsible for any attempt to substitute Iranian oil and to cover the shortfall resulting from sanctions against Iranian oil.
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