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Business Algeria

  • NEW YORK, Sept 22- Oil prices rallied again on Thursday, boosted for a second day by U.S. government data that showed a surprising crude inventory drop, then crude futures pared gains as traders worried that OPEC was not nearing an agreement to reduce a global glut. Crude futures gave back some gains after Reuters reported that two days of talks in Vienna among...

  • OPEC and non- OPEC producers are expected to revive a production freeze deal for the first time in eight years when they meet in Algiers on Sept. 26-28 after a similar initiative collapsed in Doha in April because Iran refused to restrict its supplies. Iraq, along with Saudi Arabia, Iran and Russia has increased output to historic highs over the past year to fight...

  • DUBAI/ LONDON, Sept 22- As far as OPEC decision-making is concerned, Algeria, which plays host to oil ministers next week, has always been the land of surprises. The stars could align for OPEC again next week when its ministers return to Algiers and look ready to curb output for the first time in eight years, according to OPEC officials and sources.

  • LONDON, Sept 22- Oil rose 2 percent on Thursday, heading for its largest weekly gain in a month, after a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures rose 95 cents to $47.78 a barrel by 1345 GMT, up 4.3 percent so far this week and set for the...

  • LONDON, Sept 22- Oil rose for a second day on Thursday as a weaker dollar and a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures rose 44 cents to $47.27 a barrel by 1100 GMT, or a 3.2 percent gain so far this week, while U.S oil futures were up 47...

  • OPEC could finally be ready for a deal

    RBC Capital says next week's meeting in Algeria could produce an agreement to freeze production.

  • LONDON, Sept 22- Oil rose for a second day on Thursday as a weaker dollar and a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures rose 38 cents to $47.21 a barrel by 0917 GMT, or a 3.2 percent gain so far this week, while U.S oil futures were up 41...

  • NOVO-OGARYOVO, Russia, Sept 21- President Vladimir Putin officially launched production at a new oil field on Wednesday, a day after Russia's output touched a record high even as Moscow prepared to join talks aimed at supporting prices. OPEC and non-member producers including Russia will meet next week to discuss a potential deal to stabilize the market by at...

  • FUJAIRAH, UAE, Sept 21- An oil meeting next week in Algiers due to be attended by OPEC countries is aimed at holding consultations rather than making decisions, the energy minister of the United Arab Emirates said on Wednesday. Non- OPEC producer Russia is also attending the forum. Saudi Arabia, the leading oil producer inside OPEC, and Russia, the biggest producer...

  • SINGAPORE, Sept 21- Oil prices climbed on Wednesday, supported by a reported draw in U.S. crude inventories and by firm import data from Japan. West Texas Intermediate crude futures were up 1.8 percent, or 81 cents, at $44.86 a barrel at 0403 GMT. Traders said that the main WTI price driver had been American Petroleum Institute data showing a 7.5 million barrel draw to...

  • SINGAPORE, Sept 21- Oil prices climbed on Wednesday, supported by a reported draw in U.S. crude inventories and by firm import data from Japan. West Texas Intermediate crude futures were up 1.8 percent, or 77 cents, at $44.82 a barrel at 0251 GMT. Traders said that Brent was being supported by firm import data from Japan.

  • CARACAS, Sept 20- A deal between OPEC and non- OPEC producer countries would push up oil prices by $10 to $15 per barrel, Venezuela's Oil Minister Eulogio Del Pino said on Tuesday, as the South American country pushes for an agreement to stabilize markets. OPEC and non-member producers including Russia are discussing a deal by at least freezing output, although key...

  • MOSCOW, Sept 20- Russia's northernmost onshore oilfield will start production on Wednesday, the Kremlin said on Tuesday, just days before a major oil producers' meeting. Gazprom Neft's web site put the reserves of the field and the adjacent Zapadno-Messoyakha at over 470 million tonnes of oil and 180 billion cubic metres of gas, enabling Russia, the world's top...

  • *Potential output freeze could last one year- OPEC sec-gen. LONDON, Sept 20- Oil prices fell to the lowest in nearly six weeks on Tuesday as concerns over a potential rise in U.S. crude stocks, adding to swelling oversupply, outweighed OPEC comments that a possible production freeze agreement could last longer than expected. Global benchmark Brent crude oil...

  • MOSCOW/ LONDON, Sept 20- A possible deal to support oil prices by the world's leading producer countries may last for one year, the secretary-general of OPEC said on Tuesday, longer than other officials have indicated. OPEC and non-member producers including Russia are discussing a deal to stabilise the market by at least freezing output, although key details...

  • MOSCOW/ LONDON, Sept 20- A possible deal to support oil prices by the world's leading producer countries may last for one year, the secretary-general of OPEC said on Tuesday, longer than other officials have indicated. OPEC and non-member producers including Russia are discussing a deal to stabilize the market by at least freezing output, although key details...

  • LONDON, Sept 20- Oil prices edged lower on Tuesday ahead of an expected build in U.S. crude oil stocks and on Venezuelan comments that the oil market remains oversupplied by 10 percent. The American Petroleum Institute is scheduled to release its weekly crude stocks data at 2030 GMT on Tuesday. Brent crude oil futures were trading at $45.45 per barrel at 1128 GMT,...

  • LONDON, Sept 20- Oil prices edged lower on Tuesday ahead of an expected build in U.S. crude oil stocks and on Venezuelan comments that the oil market remains oversupplied by 10 percent. The American Petroleum Institute is scheduled to release its weekly crude stocks data at 2030 GMT on Tuesday. International benchmark Brent crude oil futures were trading at...

  • ALGIERS, Sept 20- OPEC members could decide to hold an extraordinary meeting to discuss oil prices immediately after an informal gathering in Algiers next week, Algerian Energy Minister Noureddine Bouterfa said on Tuesday. Bouterfa told local radio he was optimistic that participants would reach a consensus on how to stabilise the oil markets at the Algiers...

  • LONDON, Sept 20- European shares steadied on Tuesday after strong gains in the previous session, with a rally in chemical stocks offsetting weaker energy shares that fell on the back of lower oil prices. The STOXX Europe 600 Oil and Gas index dropped 0.8 percent, the worst sector performer, as oil prices fell after Venezuela said that global supplies needed to fall...