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OPEC

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  • Saudi Arabia rewrites its oil game with refining might Friday, 22 May 2015 | 10:25 AM ET

    *Refining and trading could shift Kingdom's OPEC calculus. LONDON, May 22- Saudi Arabia's rapid transition into one of the world's largest oil refiners adds an extra dimension to the oil exporter's role as the driver of OPEC policy. When it attends OPEC's next meeting in two weeks, it does so with major new state-of-the-art oil refineries that can profit from...

  • COLUMN-How do you lose 100 million barrels of oil? Kemp Wednesday, 20 May 2015 | 11:52 AM ET

    LONDON, May 20- Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices. Stockpiles should have increased by between 200 million and 350 million barrels, according to the International Energy Agency, OPEC and the U.S. Energy...

  • *Middle East crude flows to China down over 10 pct since January. BEIJING/ SINGAPORE, May 20- Saudi Arabia and its main Middle East OPEC partners are turning down Chinese requests for extra oil as they hold back fuel for their own refineries just as demand from the world's biggest crude importer hits new records. Reuters pricing and trade flow data show a 40 percent...

  • UPDATE 4-Oil prices slip on dollar rally, ample supply Tuesday, 19 May 2015 | 4:42 AM ET

    LONDON, May 19- Brent crude oil fell below $66 a barrel on Tuesday as the dollar strengthened and on evidence of ample supplies of Middle Eastern oil despite wars in northern Iraq, Syria and Yemen. "The oil market is generally oversupplied with high Saudi exports and OPEC is unlikely to cut production," said Tamas Varga, oil analyst at London brokerage PVM Oil...

  • *Front month U.S. crude was up 8 cents at $59.51 a barrel at 0018 GMT, after finishing down 26 cents in the previous session. *Global crude oil prices are not expected to fall in the second half of 2015, Kuwait's OPEC governor said on Monday, and any surplus supply was due to shale producers rather than OPEC. *Crude output by OPEC member Algeria will rise by at least 32,000...

  • Commodities tomorrow: Dollar strong, crude down

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude was down on a stronger dollar.

  • *Kuwait acknowledges oversupply, but blames non- OPEC sources. NEW YORK, May 18- Oil slipped on Monday as a rallying dollar and concerns of growing oversupply weighed on the market after Saudi Arabia reported its highest crude exports in nearly a decade. Crude oil futures erased early gains of more than $1 a barrel on worries of turmoil in the Middle East after a...

  • *Kuwait acknowledges oversupply, but blames non- OPEC sources. NEW YORK, May 18- Oil slipped on Monday as a rallying dollar weighed on the commodities complex amid a bearish price outlook by influential Wall Street firm Goldman Sachs and risks of growing oversupply. Crude oil prices erased early gains of more than $1 a barrel on worries of turmoil in the Middle East...

  • *Issues sell recommendations on BP and Statoil. May 18- Goldman Sachs has cut its long-term crude oil price forecasts and recommended investors sell shares in two major oil companies, saying that improved U.S. shale efficiency and higher production from OPEC will more than cover future demand. The U.S. investment bank's equities team, in a note published on...

  • *Iran says OPEC output cut unlikely. LONDON, May 18- Oil prices rose on Monday after Islamic State militants said they had seized control of the key city of Ramadi in western Iraq, raising fears of deeper turmoil in the oil-producing country. Analysts nevertheless said oil markets remained oversupplied, and that the glut could worsen if U.S. production picked up...

  • *Prices up despite Iran saying OPEC output cuts unlikely. SINGAPORE, May 18- Oil prices edged up on Monday following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening U.S. production capped gains. Prices were supported by concerns that conflict in Iraq and Yemen could disrupt supplies after...

  • *Prices up despite Iran saying OPEC output cuts unlikely. SINGAPORE, May 18- Oil prices rose on Monday on supply concerns in the Middle East following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening U.S. production capped gains. Prices were supported by concerns that conflict in Iraq and Yemen...

  • *Iran still looking for OPEC "cooperation" on oil prices. Iran, along with Venezuela, has repeatedly called for OPEC to cut output to shore up low prices that have eaten into producers' oil revenues. Javadi's comments signal an admission that the group was unlikely to agree to a reduction, especially after its current strategy has succeeded in curbing non- OPEC...

  • *OPEC unlikely to cut output at June meeting. A recent framework deal on Iran's disputed nuclear programme between Tehran and world powers could see sanctions on Iran eventually lifted if a more permanent pact is finalised by a June deadline. Javadi said the OPEC producer expected to claw back lost market share in Asia.

  • Al-Jaidah said demand for OPEC oil is likely to improve, as prices below $100 will hinder the growth of shale oil. On Friday, U.S. crude settled down 19 cents at $59.69 a barrel, after falling more than $1 during the session. Over the last few years, it has created 10 joint ventures in the United States, Britain, Italy, Singapore, Egypt and elsewhere, though it has not...

  • CARACAS, May 15- Venezuela is pushing for a new agreement between OPEC and non- OPEC nations to stabilize oil prices, President Nicolas Maduro said on Friday, in the most serious indication yet of a renewed drive to boost prices back to $100 per barrel. "We're currently working on a deal that hopefully can materialize in June regarding an announcement between OPEC...

  • *OPEC pumps 2 million bpd more than needed. NEW YORK, May 15- Brent rebounded from Friday's early weakness while U.S. crude held to losses as traders and investors debated whether oil's rally over the past month and a half should continue amid stubbornly high supplies. "A mood change is in the air," Eugen Weinberg, global head of oil and commodities research at...

  • *OPEC pumps 2 million bpd more than needed. *Coming Up: Baker Hughes oil rigs data at 1700 GMT. "A mood change is in the air," Eugen Weinberg, global head of oil and commodities research at Commerzbank in Frankfurt, told the Reuters Global Oil Forum.

  • UPDATE 5-Oil falls below $66 as global glut builds Friday, 15 May 2015 | 9:38 AM ET

    *OPEC pumps 2 million bpd more than needed. *Coming Up: Baker Hughes oil rigs data at 1700 GMT. "A mood change is in the air," Eugen Weinberg, global head of oil and commodities research at Commerzbank in Frankfurt, told the Reuters Global Oil Forum.

  • *OPEC pumping 2 million bpd more than needed. *Coming Up: Baker Hughes oil rigs data at 1700 GMT. "A mood change is in the air," Eugen Weinberg, global head of oil and commodities research at Commerzbank in Frankfurt, told Reuters Global Oil Forum.