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  • *OPEC should "monitor the market carefully"- Iran. LONDON, Nov 26- Brent crude oil dropped towards $77 per barrel on Wednesday after comments by Iran's oil minister added weight to the view OPEC was unlikely to push for a major change in output. Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in Vienna.

  • UPDATE 6-Oil drops towards $77 as market doubts OPEC cut Wednesday, 26 Nov 2014 | 9:36 AM ET

    *OPEC should "monitor the market carefully"- Iran. LONDON, Nov 26- Brent crude oil dropped towards $77 per barrel on Wednesday after Iran signalled OPEC was unlikely to push for a major change in oil output despite a collapse in prices. Iranian Oil Minister Bijan Zangeneh said that OPEC members should "monitor the market carefully", a comment traders understood to...

  • MOSCOW, Nov 26- The rouble fell for a second day on Wednesday on fading hopes that OPEC will agree to cut oil output and as foreign-currency sales dried up after exporters finished paying a major tax to the state budget. "A reduction in expectations that OPEC will cut production has been added to this," Deev said. Russia is not an OPEC member.

  • UPDATE 1-Russia says will keep oil output steady in 2015 Wednesday, 26 Nov 2014 | 6:48 AM ET

    Russia, which is not an OPEC member, has watched nervously as oil prices have fallen 30 percent since June and analysts say Moscow had hoped to convince other members and non-members to support a production cut at an OPEC meeting on Thursday. After talks between Saudi Arabia, fellow OPEC member Venezuela and oil power Mexico ended without an agreement on Tuesday,...

  • TRIPOLI, Nov 26- Libya's rival government wants to send its oil minister to the OPEC summit in Vienna this week and will refuse to comply with any production decisions if it is denied access, the minister said. Libya has two cabinets and parliaments vying for legitimacy since a rival group took control of Tripoli in August, installing its own prime minister and...

  • *China secretive on reserves, but target may be 90 days. BEIJING/ SINGAPORE, Nov 26- China is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world's top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market. Based on data compiled by industry and...

  • UPDATE 4-Oil steadies below $79 as market doubts OPEC cut Wednesday, 26 Nov 2014 | 5:16 AM ET

    *OPEC needs to show unity in face of oversupply- Iran. LONDON, Nov 26- Brent crude oil steadied below $79 a barrel on Wednesday after Saudi Arabia signalled it was unlikely to push for a major change in OPEC oil output despite a collapse in prices. Oil prices have dropped by a third since June and some OPEC members have called for the cartel to reduce production sharply...

  • TRIPOLI, Nov 26- Libya's rival government wants to send its oil minister to the OPEC summit in Vienna this week and will refuse to comply with any production decisions if it is denied access, the minister said. Libya has two cabinets and parliaments vying for legitimacy since a rival group took control of Tripoli in August, installing its own prime minister and...

  • MOSCOW, Nov 26- Russia sees an average oil price of around $80- 90 per barrel in the medium- and possibly in the long-term, Finance Minister Anton Siluanov said on Wednesday, underlining growing pressure on the Russian budget. Russia needs an oil price of $100 per barrel to balance its 2015-2017 budget and has watched nervously as Brent has lost around 30 percent...

  • *China secretive on reserves, but target may be 90 days. BEIJING/ SINGAPORE, Nov 26- China is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world's top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market. Based on data compiled by industry and...

  • UPDATE 3-Oil slips towards $78 as market doubts OPEC cut Wednesday, 26 Nov 2014 | 4:08 AM ET

    *OPEC needs to show unity in face of oversupply- Iran. LONDON, Nov 26- Brent crude oil fell towards $78 a barrel on Wednesday after Saudi Arabia's oil minister said the oil market "will stabilise itself eventually", ahead of a key OPEC meeting to discuss production in response to falling oil prices. Oil prices have dropped roughly 30 percent since June and predictions...

  • VIENNA, Nov 26- Iranian Oil Minister Bijan Zangeneh said on Wednesday some OPEC members, but not Iran itself, believed it was time to defend market share in the face of growing supplies from non- OPEC nations. Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in Vienna. Impromptu talks between Saudi Arabia, fellow OPEC...

  • MOSCOW, Nov 26- The Russian rouble fell for a second day on Wednesday, as oil prices slipped before a meeting of the OPEC oil producers' club to discuss weak prices. Russia is not a member of OPEC. Russia sees an average oil price of around $80- 90 per barrel in the medium- and possibly in the long-term, Finance Minister Anton Siluanov said on Wednesday.

  • Iran oil min says non-OPEC should join any output cut Wednesday, 26 Nov 2014 | 3:34 AM ET

    VIENNA, Nov 26- Iranian Oil Minister Bijan Zangeneh said on Wednesday OPEC needs to show unity in the face of growing oversupply in oil markets and added that non- OPEC members also should participate in any output cuts. Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in Vienna. Impromptu talks between Saudi Arabia,...

  • *Prices fell in early trading as Asia's biggest economies weaken. Ali al-Naimi's comment that he believed oil "will stabilise itself eventually" supported crude against pressure from signs of weakness in Asia's top four economies. Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on...

  • Saudi's Naimi says oil market will stabilise eventually Wednesday, 26 Nov 2014 | 2:46 AM ET

    VIENNA, Nov 26- Saudi Arabian Oil Minister Ali al-Naimi told reporters on Wednesday that he believed the oil market "will stabilise itself eventually". Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in Vienna. Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded...

  • SINGAPORE, Nov 26- Brent crude steadied around $78.40 a barrel on Wednesday ahead of talks by producer group OPEC, but prices fell earlier in the session as Asia's top four economies showed signs of weakness. Traders said talks of a potential output cut ahead of the meeting of the Organization of Petroleum Exporting Countries were helping prices, but added that...

  • *But hopes for OPEC production cut support prices. SINGAPORE, Nov 26- Oil prices dropped early on Wednesday as Asia's top economies showed signs of weakness, but hopes for output cuts by producer club OPEC curbed losses. In South Korea, a top state-run research institute warned the Bank of Korea against underestimating the danger of Asia's fourth-largest...

  • NEW YORK, Nov 25- Oil tumbled 2 percent to near four-year lows on Tuesday in another volatile session as a meeting of Saudi Arabia and three other nations ahead of an OPEC summit ended with no deal to curb crude output. Saudi Oil Minister Ali al-Naimi held talks with officials from Venezuela, Russia and Mexico in Vienna before Thursday's summit of the Organization...

  • *Oil falls after talks with non- OPEC producers yield no cuts. Oil prices fell more than $1 a barrel to near four-year lows after a meeting between OPEC members Saudi Arabia and Venezuela with non- OPEC producers Russia and Mexico resulted in no deal to curb output to counter a 30 percent slump in prices since June. OPEC meets in Vienna on Thursday.