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  • NEW YORK, Dec 4 (Reuters)- U.S. crude oil futures rose more than $1 on Wednesday as government data showed an unexpected draw in U.S. stockpiles in the world's largest oil consumer.

  • First decline in crude supplies in 11 weeks     Wednesday, 4 Dec 2013 | 11:32 AM ET

    CNBC's Sharon Epperson reports on the high levels of oil prices and how high Brent crude may go.

  • OPEC unconcerned about oversupply     Wednesday, 4 Dec 2013 | 11:09 AM ET

    Abdalla Salem El-Badri, OPEC secretary general, says that even though some countries, such as Libya and Iran, are re-entering the oil market, the market will be able to "rebalance itself".

  • OPEC will help Iran re-enter market: Oil minister     Wednesday, 4 Dec 2013 | 11:07 AM ET

    Bijan Namdar Zangeneh, Iranian oil minister, explains that in the event of Iranian production coming back on stream, OPEC will be able to maintain capacity and oil prices levels.

  • OPEC expects demand to grow     Wednesday, 4 Dec 2013 | 11:05 AM ET

    Jason Schenker, president and chief economist at Prestige Economics, discusses the decisions taken at Wednesday's OPEC meeting, including a renewal of the production ceiling and what it implies for oil prices in 2014.

  • OPEC keeps production quotas unchanged     Wednesday, 4 Dec 2013 | 10:12 AM ET

    CNBC's Steve Sedgwick reports on details of the OPEC meeting, and if there is a threat to western oil prices.

  • *OPEC leaves output target for first half of 2014 unchanged. LONDON, Dec 4- Brent crude oil slipped below $112 a barrel on Wednesday as OPEC left its output target for the first half of 2014 unchanged, although the U.S. benchmark rose almost $1 to a five-week high.

  • Iran puts out the welcome mat for Big Oil Wednesday, 4 Dec 2013 | 9:08 AM ET
    An oil refinery in the main industrial Gulf port of Bandar-Abbas, Iran.

    Through the hustle and bustle of OPEC's meeting in Vienna on Wednesday, Iranian Oil Minister Bijan Namdar Zangeneh sent out an invite to global oil majors.

  • *OPEC leaves output target for first half of 2014 unchanged. LONDON, Dec 4- Brent crude oil slipped below $112 a barrel on Wednesday as OPEC left its output target for the first half of 2014 unchanged, although the U.S. benchmark rose by almost $1 to a five-week high.

  • VIENNA, Dec 4- What is Saudi Arabia's bottom line for propping up oil prices unilaterally before it leans on the rest of OPEC to help share the burden? But Iraq and Iran, second and third in the OPEC league table, made clear they have no interest in taking part in a collective cut should one be required next year.

  • OPEC agrees to renew oil cap for six months: Delegates Wednesday, 4 Dec 2013 | 10:24 AM ET
    The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen at the headquarters building in Vienna.

    OPEC agreed on Wednesday to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said.

  • VIENNA, Dec 4- OPEC agreed on Wednesday to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said. The 12- member Organisation of the Petroleum Exporting Countries is enjoying oil prices at $112 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel.

  • OPEC oil ministers are widely expected to hold oil output to nearly 30 million barrels daily after Iran announced it will increase its oil output, reports CNBC's Steve Sedgwick.

  • Will Iranian oil reach market mid-2014?     Wednesday, 4 Dec 2013 | 5:09 AM ET

    Bijan Namdar Zangeneh, Iranian oil minister, explains to CNBC that Iran plans to produce four million barrels of oil a day "immediately" after sanctions are lifted.

  • Saudi 'welcomes' shale oil: Oil minister     Wednesday, 4 Dec 2013 | 5:08 AM ET

    Ali Al Naimi, Saudi Arabian oil minister, tells CNBC that shale oil is a "welcome addition" to the world's energy reserve.

  • Bill Farren-Price, CEO of Petroleum Policy Intelligence, explains that it would take "at least a year" for Iranian oil production to come back on stream after the second phase of negotiations are agreed.

  • *Keystone XL pipeline may relieve Cushing supply bottleneck. LONDON, Dec 4- Brent crude oil slipped towards $112 a barrel on Wednesday, while the U.S. benchmark rose more than $1 to a five-week high after news of the scheduled start of a key pipeline expected to relieve a glut at the country's main oil storage hub.

  • Oil in 2014: What to expect     Wednesday, 4 Dec 2013 | 4:00 AM ET

    Richard Mallinson, geopolitical analyst at Energy Aspects, discusses the 2014 outlook for the oil market and expects U.S. supply to grow strongly and Saudi Arabia to make "a big cut."

  • Nigeria minister: Working to fight oil theft Wednesday, 4 Dec 2013 | 3:53 AM ET

    Nigeria is aggressively tackling oil theft in the country, oil minister Diezani Alison-Madueke told CNBC on Wednesday in a TV interview.

  • Daniel Lacalle, senior portfolio manager at Ecofin, and Didier Duret, CIO at ABN AMRO, discuss potential problems in the oil price and Chinese economy.

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