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  • CARACAS, Nov 20- Venezuela would be willing to cut its own oil production if OPEC decides to limit output when it meets on Nov. 27, Foreign Minister Rafael Ramirez said on Thursday. Ramirez, who serves as Venezuela's representative to the group, just returned from a trip to OPEC and non- OPEC countries Mexico, Iran, Algeria, Qatar, and Russia to shore up support.

  • *Speculation of potential OPEC output cut on Nov. 27. NEW YORK, Nov 20- Oil rose on Thursday after three straight days of losses as strong U.S. economic data bolstered crude markets but focus remained on whether OPEC will cut enough output to end a five-month long selloff when it meets next week. On the OPEC front, chances have risen in recent days that the Organization...

  • The rouble was also supported by a firming oil price, with Brent crude gaining to $78.8 per barrel as markets weighed the possibility of OPEC cutting production at a key meeting on Nov. 27. "If OPEC takes a decision to reduce volumes this will have a notable impact on the rouble, but for the time being it will probably trade sideways," Grand Capital analyst Sergei...

  • UPDATE 5-Oil steadies above $78 as market awaits OPEC Thursday, 20 Nov 2014 | 8:42 AM ET

    *OPEC will cut production to 30 mln bpd target- Libyan official. *China flash PMI factory output contracts in Nov- HSBC survey. LONDON, Nov 20- Brent crude oil steadied above $78 a barrel on Thursday as reports that oil producers would agree to cut output next week offset weak economic data from China and Europe.

  • Russia has little to offer in oil price war Thursday, 20 Nov 2014 | 6:53 AM ET

    *Russia needs oil price of $100 to balance budget. MOSCOW, Nov 20- Russia can do little to shore up slumping global prices even if OPEC wants it to. Before next week's meeting of OPEC, Russia has already spoken to group member Venezuela about the need to "coordinate actions in defence" of oil prices and it plans to send a high-ranking delegation to press the message.

  • *OPEC will cut production to 30 m bpd target- Libyan official. LONDON, Nov 20- Brent crude oil fell below $78 a barrel on Thursday, as the demand outlook was hit by weak economic data in China and Europe, outweighing support from possible cuts in oil output at an OPEC meeting next week. "We've had disappointing data from China and Europe, and U.S. crude inventories are high,...

  • *Says will raise matter with Saudi Arabia at OPEC. *OPEC meets Nov. 27 in Vienna. Zanganeh said he will talk with top oil exporter Saudi Arabia about market share when OPEC meets next week, IRNA said on Thursday.

  • *Oil minister says Iran will not reduce its market share. *OPEC meets Nov. 27 in Vienna. DUBAI, Nov 20- Iran's oil minister said he will talk with top oil exporter Saudi Arabia about market share when OPEC meets next week in Vienna, as Tehran plans for the possible end of sanctions and unfettered crude exports.

  • *OPEC will cut production to 30 m bpd target- Libyan official. SINGAPORE, Nov 20- Brent crude held above $78 a barrel on Thursday as the market waited for news on possible cuts in oil output ahead of an OPEC meeting next week. According to Samir Kamal, Libya's OPEC governor and head of planning at the Libyan oil ministry, ministers from the oil producers' cartel will...

  • *OPEC will cut production to 30 m bpd target- Libyan official. SINGAPORE, Nov 20- Brent crude held above $78 a barrel on Thursday as the market waited for news on possible cuts in oil output ahead of next week's OPEC meeting. According to Samir Kamal, Libya's OPEC governor and head of planning at the Libyan oil ministry, ministers from the oil producers' cartel will...

  • Brent sticks above $78 a barrel as market waits for OPEC Wednesday, 19 Nov 2014 | 10:50 PM ET

    *OPEC will cut production to 30 m bpd target- Libyan official. SINGAPORE, Nov 20- Brent crude held above $78 a barrel on Thursday as the market waited for news on possible cuts in oil output ahead of next week's OPEC meeting and a private survey showed China's factory output contracting for the first time in six months. According to Samir Kamal, Libya's OPEC governor...

  • SINGAPORE Nov 20- U.S. crude dropped towards $74 a barrel on Thursday, falling for a fourth straight day on a buildup in U.S. crude inventories and a U.S. *U.S. crude for December delivery fell 8 cents to $74.50 a barrel as of 0106 GMT, down 23 cents on the previous session, not far off last Friday's four-year low. *With oil prices at a four-year low, OPEC will cut oil...

  • CARACAS, Nov 19- Venezuela will increase taxes on luxury goods, alcohol and tobacco to help shore up the government's finances, the top tax official said, as falling oil prices threaten the OPEC member's coffers. Buyers of luxury goods, including cars worth more than $30,000, will pay an excise tax of 15 percent, up from 10 percent, tax chief Jose David Cabello said...

  • Libyan OPEC official indicates output cut on Nov 27. NEW YORK, Nov 19- Oil prices fell for a third straight day on Wednesday, as early gains on talk of a possible OPEC output cut vanished after the Federal Reserve released minutes of last month's policy meeting revealing worries that U.S. inflation could remain below target for "quite some time."

  • *Morgan Stanley analysts expect production cut sooner or later. NEW YORK, Nov 19- Oil prices rose on Wednesday after Libya's representative to OPEC fueled hopes of an output cut, prompting traders to focus on next week's meeting of the producer group and ignore an unexpected surge in U.S. crude inventories. U.S. crude and Brent futures shrugged off the bearish...

  • UPDATE 5-Oil climbs above $79 on speculation OPEC may cut Wednesday, 19 Nov 2014 | 9:26 AM ET

    LONDON, Nov 19- Brent crude oil climbed above $79 a barrel on Wednesday on speculation OPEC may act to stabilize prices that have fallen by almost a third in five months when it meets next week. Some smaller OPEC members want production cuts at the Nov. 27 meeting but Saudi Arabia has so far shown no indication that it will support such a move. Libya's OPEC governor,...

  • LONDON, Nov 19- The dollar hit a seven-year high against the yen on Wednesday ahead of minutes from the U.S. U.S. equity futures pointed to a flat opening on Wall Street while oil prices recovered a touch but stayed near four-year lows on signs of disagreement between OPEC members before a meeting next week. Petr Krpata, currency strategist at ING, said the Fed...

  • UPDATE 4-Oil steadies below $79 as market awaits OPEC Wednesday, 19 Nov 2014 | 6:52 AM ET

    *OPEC appears divided over response to oil price fall. LONDON, Nov 19- Brent crude oil steadied below $79 a barrel on Wednesday as data showed Saudi Arabia increased crude exports in September despite signs of an oversupplied market and producers appeared divided ahead of an OPEC meeting to discuss output. OPEC heavyweight Saudi Arabia has so far shown no...

  • *European shares, hit by miners, follow Asia down. LONDON, Nov 19- Shares fell in Europe and Asia on Wednesday while the dollar rose broadly, hitting a new seven-year high against the yen, as investors focused on the divergent outlooks for the world's major economies. Oil prices stayed near 4- year lows on signs of disagreement between OPEC members before a meeting...

  • On Wednesday oil benchmark Brent was down slightly at around $78.3, softening after a brief rally earlier in the week, with all eyes on an OPEC meeting next week. However, low forex market turnover of $3.6 billion on Tuesday indicated that exporters are not yet selling significant amounts, VTB Capital analyst Maxim Korovin said in a note. Alfa Bank analyst Natalia...