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Oil steady after fall ahead of OPEC/non-OPEC meeting

July 23, 2017 TOKYO (Reuters) – Oil prices were little changed on Monday following a steep fall in the previous session amid growing expectations that the joint OPEC and non-OPEC ministerial meeting later in the day would address rising production from Nigeria and Libya, two OPEC members exempted from the cuts. Six OPEC and non-OPEC ministers will meet on Monday in St Petersburg to discuss the market outlook and compliance with output cuts. They may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks…

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Business Exclusive Saudis Libya OPEC Saudi Arabia 

Exclusive: Saudis to cut August oil exports to lowest level this year – source

July 12, 2017 By Rania El Gamal DUBAI (Reuters) – Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said. “There is strong demand for our crude but we are sticking to our OPEC commitments,” the source, who is familiar with the kingdom’s oil policy, said on Wednesday. “In order to meet its OPEC quota and meet its domestic…

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Economy industry Libya month OPEC Top News 

OPEC figures show June oil output rise led by exempt nations: sources

July 12, 2017 By Rania El Gamal and Alex Lawler (Reuters) – OPEC oil output has risen in June by more than 300,000 barrels per day, (bpd) according to figures the exporter group uses to monitor its supply, as a recovery in two nations exempt from a supply cut deal countered high compliance by many others. The Organization of the Petroleum Exporting Countries agreed to cut output by about 1.2 million bpd from Jan. 1 to reduce a glut and support prices . Russia and 10 other non-OPEC states agreed…

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Business energy month OPEC report 

Oil could hit $60 before year-end: Barron’s, citing Citi analyst

July 9, 2017 (Reuters) – Accelerating world oil demand and reduced supply from the Organization of the Petroleum Exporting Countries (OPEC) could push crude prices up to $60 a barrel before the end of the year, according to a report from Barron’s. The report cites research from Citigroup senior energy analyst Eric Lee, who previously called for a bear market in oil when the price was above $100. The decline in recent weeks to a low of just over $44 for Brent crude , the international benchmark, has made Lee…

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ANZ Business Nigeria OPEC U.S. 

Brent crude stabilizes near $50 a barrel

July 4, 2017 By Ahmad Ghaddar LONDON (Reuters) – Brent oil prices gained slightly on Tuesday, stabilizing near $50 a barrel on tentative signs that a persistent rise in U.S. crude production may be slowing. The international benchmark gained 15 cents to $49.83 per barrel by 1409 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading up 18 cents at $47.25 a barrel. Brent futures have risen for nine days in a row, the longest stretch of gains since July 2009. Both contracts traded lower earlier in the session…

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ANZ Business Nigeria OPEC U.S. 

Oil eases on U.S. holiday after eight days of gains

July 4, 2017 By Ahmad Ghaddar LONDON (Reuters) – Oil prices fell on Tuesday, as investors booked profits on an eight-day rally that was triggered by tentative signs that a persistent rise in U.S. crude production may be slowing. Brent crude futures fell by 15 cents to $49.53 per barrel by 1138 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading down 12 cents at $46.95 a barrel. The falls came after both benchmarks recovered around 12 percent from their recent lows on June 21. Many traders closed positions…

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Business Libya news OPEC U.S. 

Oil prices edge up on first drop in U.S. drilling in months

July 3, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices edged up on Monday, supported by the first fall in U.S. drilling activity in months, although rising output from OPEC despite a pledge to cut supplies capped gains. Brent crude futures added 6 cents or 0.1 percent to $48.83 per barrel by 0137 GMT (9.37 p.m. ET), after jumping 5 percent last week for the first gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.3 percent, to $46.19 per barrel after a…

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Business Libya Nigeria OPEC Russia 

Despite weak oil prices, OPEC still pockets more dollars

June 28, 2017 By Alex Lawler LONDON (Reuters) – With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this year than last and the prospect of higher revenues is likely to motivate OPEC to stick with output cuts or even deepen them. OPEC’s first output…

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Economy increase John Kemp Nigeria OPEC Top News 

Oil up for fourth day on short-covering, supply glut caps gains

June 27, 2017 By Naveen Thukral SINGAPORE (Reuters) – Crude oil futures rose for a fourth consecutive session on Tuesday as investors covered short positions, though worries over a festering supply glut kept a lid on prices. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.3 percent, at $43.50 per barrel by 0323 GMT. Brent crude futures gained 14 cents, or 0.3 percent, to $45.97 per barrel. The market is up slightly so far this week after dropping for the past five weeks. “The market has…

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ANZ Economy GMT OPEC Saudi Arabia Top News 

Oil edges up, but still set for worst first-half performance in 20 years

June 23, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil edged up on Friday, recovering some of the steep falls earlier in the week, but crude is still set for the worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.39 per barrel at 0501 GMT, up 17 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.4 percent, at $42.91 per barrel. Oil prices have fallen about 20 percent this year despite…

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