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Russia is raising oil output as OPEC+ cuts ease: source

MOSCOW (Reuters) – Russian oil and gas condensate output increased to 9.8 million barrels per day (bpd) on Aug. 1-2 from 9.37 million bpd in July as the country eases production curbs under an OPEC+ deal, a source familiar with data said on Monday. The Energy ... More »

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Saudi King Salman, 84, admitted to hospital

RIYADH (Reuters) – Saudi Arabia’s 84-year-old ruler, King Salman bin Abdulaziz, has been admitted to hospital in the capital Riyadh, suffering from inflammation of the gall bladder, state news agency SPA said on Monday. The king, who has ruled the world’s larg... More »

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Analyst View: After U.S. oil futures crash, what next?

(Reuters) – A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse. U.S. West Texas ... More »

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Oil climbs after OPEC+ agree record output cut

SINGAPORE (Reuters) – Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand. After four day... More »

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Goldman Sachs still sees crude prices falling after OPEC+ deal

(Reuters) – Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a “historic yet insufficient” deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout. The Organization of... More »

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Oil agreement could support stocks, providing a floor

(Reuters) – An agreement by oil-producing nations on Sunday to cut output by a record amount may sustain a recent bounce in stocks, although stay-at-home restrictions and closures tied to the coronavirus pandemic still weigh on the global economy. OPEC and all... More »

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Take Five: Life in the time of corona

LONDON (Reuters) – 1/LOOKING TO CHINA The world’s biggest economy won’t be open for business by Easter, as U.S. President Donald Trump had hoped, but the second biggest economy may come close. How China fares offers a guide to other countries when their corona... More »

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OPEC+ debates biggest ever cut as virus destroys oil demand

DUBAI/LONDON/MOSCOW (Reuters) – OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the ... More »

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Take Five: In sickness and in health

(Reuters) – 1/CHINA ON SICK LEAVE A leap in coronavirus cases in Hubei gave markets pause, for all of 24 hours. Then attention shifted back to the global case-count and the rally resumed. But while investors are focused on containment, the world’s second-bigge... More »

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Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

DUBAI/LONDON (Reuters) – OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with... More »

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Iran says sacking of Bolton won’t lead to talks with U.S.

DUBAI (Reuters) – The resignation of White House National Security Adviser John Bolton, a hawk on Iran, will not lead to talks between Washington and Tehran, Iran said on Wednesday. President Hassan Rouhani urged the United States to end its policy of “maximum... More »

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OPEC set to extend oil supply cut as Iran endorses pact

VIENNA (Reuters) – OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global ... More »

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Oil rises on supply cuts, but weak economy holds market back

SINGAPORE (Reuters) – Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington’s withdrawal of a tariff threat against Mexico removed a cloud over the global economy. However, ... More »

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Saudi Arabia says two Saudi oil tankers attacked near UAE waters

DUBAI/LONDON (Reuters) – Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a “sabotage attack” off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies. The UA... More »

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Oil prices slump after Trump’s tariff threats against China

SINGAPORE (Reuters) – Oil prices tumbled on Monday after U.S. President Donald Trump said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world’s two biggest economies. U.S. West Texas Intermediate (W... More »

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U.S. prepares to end Iran oil waivers, triggering price spike

WASHINGTON/SINGAPORE (Reuters) – The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their ... More »

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Oil prices slip amid worries of severe economic slowdown

SINGAPORE (Reuters) – Oil prices slipped on Monday, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela. Brent crude oil futures were at $66.73 per barrel at 07... More »

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Oil slips on economic slowdown, but OPEC-led cuts still support

SINGAPORE (Reuters) – Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela. Brent crude... More »

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Saudi Arabia to cut crude oil exports in April: Saudi official

DUBAI (Reuters) – Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output “well below” 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support ... More »

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Oil prices rise on trade deal hopes, OPEC supply cuts

SINGAPORE (Reuters) – Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth. International Brent futures were at... More »

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Oil rises by over 1 percent on U.S., China trade talk optimism

SINGAPORE (Reuters) – Oil prices rose by around 1 percent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy. U.S. West Texas Interme... More »

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Oil slips in line with bearish equities

LONDON (Reuters) – Oil fell on Monday, in line with further declines in global stock markets, erasing the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January. Brent crude oil futures fell $1.02 on... More »

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Oil surges 3 percent on trade truce, expected supply cuts

NEW YORK (Reuters) – Oil prices jumped by more than 3 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute and Canada’s Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.... More »

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Gas-focused Qatar to exit OPEC in swipe at Saudi influence

DOHA (Reuters) – Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show unity in tackling an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s bi... More »

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Equities fund Brenham Capital to shut as energy stocks plunge

NEW YORK (Reuters) – Brenham Capital Management LP, an energy equities fund manager with about $800 million in assets under management, will shut after two years of losses, its founder said in a letter to investors on Friday. The Dallas-based fund will be liqu... More »

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Iran vows to sell as much oil as it can in face of U.S. sanctions

LONDON (Reuters) – Iran’s vice president acknowledged on Tuesday that U.S. sanctions would hurt the economy, but promised to “sell as much oil as we can” and protect banking. Eshaq Jahangiri said Washington was trying to stop Iran’s petrochemical, steel and co... More »

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Do not blame OPEC, oil producer group says of Trump criticism

CALGARY, Alberta (Reuters) – The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame. “OPEC alone cannot be blamed for all the problems ... More »

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Rouhani says Iran will not give in to pressure from Trump

LONDON (Reuters) – President Hassan Rouhani promised Iranians the government would be able to handle the economic pressure of new U.S. sanctions, a day after traders massed outside parliament to protest against a sharp fall in the value of the national currenc... More »

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Saudi Arabia seen cutting May crude prices to Asia: survey

SINGAPORE (Reuters) – Top oil exporter Saudi Arabia is expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude, trade sources said on Monday. The official selling price (OSP) for fl... More »

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For timing of Aramco IPO, watch forward oil price curve

FILE PHOTO: A view shows Saudi Aramco’s Wasit Gas Plant, Saudi Arabia December 8, 2014. Saudi Aramco/Handout/File Photo via REUTERS LONDON (Reuters) – It’s the burning question in the oil industry: when will Saudi Arabia pull the trigger on the Aramco stock ma... More »

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Saudi Arabia says cinemas will be allowed from early 2018

DUBAI (Reuters) – Saudi Arabia said on Monday that public cinemas would be allowed in the conservative kingdom and the first cinemas were likely to open early next year. “As the industry regulator, the General Commission for Audiovisual Media has started the p... More »

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OPEC extends oil output cut by nine months to fight glut

OPEC President, Saudi Arabia’s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.... More »

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Venezuela says considering options to repay debts

Venezuela’s Oil Minister Nelson Martinez talks to journalists after a meeting in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and lo... More »

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Saudi Arabia, Russia agree oil output cuts until March 2018

Saudi Arabia’s Energy Minister Khalid al-Falih (L) and Russia’s Energy Minister Alexander Novak attend a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song Saudi Arabia and Russia, the world’s two top oil producers, agreed on Monday to extend oil ... More »

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Kuwait says expects extension of OPEC, non-OPEC oil deal

The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger Kuwait’s oil minister Essam al-Marzouq said on Thursday he expected a global pact to cut oil supplies to be extended beyond June, su... More »

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U.S. shale plots production growth despite OPEC`s warning

FILE PHOTO – Pump jacks drill for oil in the Monterey Shale, California, U.S. on April 29, 2013. REUTERS/Lucy Nicholson/File Photo U.S. shale oil producers are plotting ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgen... More »

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Goldman says global crude stocks likely to keep falling

An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014. REUTERS/Todd Korol Goldman Sachs expects global crude oil inventories to keep falling due to production cuts and strong growth in demand, although stocks are likely to rise in the Unit... More »

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Trading giant Glencore extends major Libyan oil deal: sources

FILE PHOTO: Pipelines are seen at the industrial zone at the oil port of Ras Lanuf, Libya January 11, 2017. REUTERS/Esam Omran Al-Fetori/File Photo Swiss-based commodities giant Glencore has extended a deal with Libya’s state oil firm to be the sole marketer o... More »

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Ministers laud strong start to OPEC, non-OPEC oil output cuts

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader OPEC and non-OPEC countries have made a strong start to loweri... More »

Venezuela says OPEC, non-OPEC oil stabilizing deal `close`

Venezuela’s President Nicolas Maduro (C) attends the 17th Non-Aligned Summit in Porlamar, Venezuela September 18, 2016. Miraflores Palace/Handout via REUTERS Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were “close” to re... More »

Saudi-Iran tensions scupper deal to freeze oil output

DOHA A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices. The development will revive oil industry fears that ... More »

Putin summons top Russian oilmen on Tuesday: sources

MOSCOW President Vladimir Putin has called for a meeting with top managers of Russia’s leading oil producers on Tuesday, which is is expected to be dominated by low oil prices and taxation, industry sources said on Monday. The Vedomosti business daily cited a ... More »