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  • NEW YORK, Dec 22- Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price. After a weekend of comments from several Gulf OPEC members reiterating their intent not to intervene in oil markets, despite oil prices that have...

  • COLUMN-Oil prices and Saudi diplomacy: Kemp Monday, 22 Dec 2014 | 9:26 AM ET

    LONDON, Dec 22- Saudi Arabia sets oil market policy purely on an economic basis, no less and no more, the kingdom's oil minister reiterated in a broad-ranging interview with the newspaper Al-Hayat. Ali al-Naimi rejected "conspiracy theories" that Saudi Arabia was using oil as a diplomatic weapon against Iran, Russia or any other country, calling such beliefs a...

  • DUBAI, Dec 22- A big oil price slide will hurt Iran's attempts to rescue battered living standards, but economic pain is unlikely to soften its stance in nuclear talks or end aid to allies such as Syria, matters seen by its ruling clerics as strategic priorities. Economic misery due to sanctions and mismanagement has been a reality for years, and while social...

  • DUBAI, Dec 22- Saudi Arabia is prepared to increase its oil output and claim a bigger market share to meet the demands of any new customers, Monday's edition of the Saudi-owned al-Hayat newspaper quoted the kingdom's oil minister as saying. The remark was one of the strongest signals yet that the world's top oil exporter has no intention of cutting output in the...

  • Iraq TV show makes 'terrorists' confront victims Monday, 22 Dec 2014 | 1:25 AM ET

    BAGHDAD— Haider Ali Motar was convicted of terrorism charges about a month ago for helping to carry out a string of Baghdad car bombings on behalf of the Islamic State extremist group. Now, the 21- year old is a reluctant cast member in a popular reality TV show. A cameraman pinned a microphone on Motar's bright yellow prison jumpsuit as he stood alongside a busy...

  • Asian markets gain as oil rebounds Sunday, 21 Dec 2014 | 11:12 PM ET

    South Korea's Kospi added 0.4 percent to 1,936.79 and Hong Kong's Hang Seng rose 1.4 percent to 23,428.73. Stocks in Southeast Asia and Taiwan also rose. ANALYST'S TAKE: "Our markets have opened firmer after the strong rebound in energy prices," said Tony Kwok, a sales trader in Sydney for CMC Markets.

  • SEOUL, Dec 22- U.S. crude futures rose to near $57.50 a barrel in early Asian trades on Monday, extending gains in the previous session helped by profit-taking on short positions, but the rise was capped by Saudi Arabia saying it would not cut output to prop up markets. *Saudi Arabia said on Sunday it would not cut even if non- OPEC nations did so, in one of the toughest...

  • Dec 21- CNOOC Ltd's Nexen unit said on Sunday it was shutting operations at an oilfield and processing facility in Yemen, where the Islamist militant al Qaeda group is operating, due to a security threat. Yemen has been in turmoil since 2011 mass protests forced veteran president Ali Abdullah Saleh to step down, and tensions have increased since Shi'ite Muslim...

  • Gulf stocks climb with Dubai gaining 9.9 percent Sunday, 21 Dec 2014 | 12:04 PM ET

    DUBAI, United Arab Emirates— Gulf stocks have opened the week with a climb that saw Dubai's main index gaining 9.9 percent. Qatar's stock market also saw big gains of 7.6 percent, while Abu Dhabi's index rose almost 3.5 percent. The upswing comes after a volatile week that saw Dubai and Abu Dhabi's indexes close at their lowest points of the year— only to surge again...

  • ABU DHABI, Dec 21- Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non- OPEC nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years. "If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut."

  • Saudi oil chief: No conspiracy behind oil prices Sunday, 21 Dec 2014 | 5:57 AM ET

    Non- OPEC member Russia and other nations like Iraq, Iran and Venezuela need prices substantially above present levels to meet budget goals and want to drive prices up. An OPEC meeting last month failed to agree on production cuts, mainly because of Saudi opposition to curb its own exports. OPEC controls about 40 percent of the world oil market and Saudi Arabia is...

  • ABU DHABI, Dec 21- The United Arab Emirates oil minister urged all of the world's producers on Sunday not to raise their oil output next year, saying this would quickly stabilise prices. "We invite everyone to do what OPEC did and take a step to balance the market through not offering additional products in 2015, and if everyone abides by OPEC decision, the market...

  • At a meeting in November, OPEC kept its target output of 30 million barrels per day unchanged, leaving the market to balance itself without the group's intervention. That stance was seen as a shift from a longstanding policy in which OPEC powerhouse Saudi Arabia acts as a swing supplier. Speaking in Abu Dhabi, the capital of the United Arab Emirates, he said: "The talk...

  • ABU DHABI, Dec 21- Iraq Oil Minister Adel Abdel Mahdi said on Sunday Iraq's total oil production would reach four million barrels per day after Baghdad reached an agreement on exports with Kurdish regional authorities. Mahdi made the remarks in a speech at a conference in Abu Dhabi. Iraq's government reached a temporary agreement with Kurdish regional...

  • DUBAI, Dec 21- Saudi Arabia's oil minister said on Sunday non-cooperation by producers outside of the Organisation of the Petroleum Exporting Countries and the actions of speculators had led to the oil price fall, but he was confident the market would improve. In a speech in Abu Dhabi, the minister, Ali al-Naimi, denied politics played a role in the kingdom's oil...

  • DUBAI, Dec 21- Saudi Arabia's oil minister said on Sunday non-cooperation by producers outside of the Organisation of the Petroleum Exporting Countries and the actions of speculators had led to the oil price fall, but he was confident the market would improve.

  • ABU DHABI- IRAQ OIL MINISTER SAYS SEES NO NEED FOR EMERGENCY OPEC MEETING.

  • ABU DHABI, Dec 21- One of the biggest reasons for the slide of oil prices is the "irresponsible" supply from producers outside OPEC, the United Arab Emirates oil minister said in a speech on Sunday. One of the big reasons is the irresponsible production of some producers from outside OPEC. " Mazroui also said the recent decision of OPEC not to cut its production was...

  • *Dubai stock market downturn evokes 2008 crash. *Stronger global economy due to cheap oil could help Dubai. So oil's current slide is being watched closely in Dubai.

  • Egypt receives 10 Apache helicopters from U.S. - sources Saturday, 20 Dec 2014 | 12:39 PM ET

    CAIRO, Dec 20- Egypt received 10 Apache helicopters from the United States in the past week, security sources said on Saturday, a sign of easing tensions between the long-time allies confronting Islamist extremism across the region. Egypt is fighting an Islamist insurgency targeting mostly security personnel and based mainly in the lawless Sinai Peninsula...