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  • Libya not producing enough oil for own needs, NOC says Monday, 22 Dec 2014 | 10:11 AM ET

    TRIPOLI, Dec 22- Libya's oil output cannot even cover its own needs, the National Oil Corp said on Monday, as the country struggles with fighting and protests that have hampered production since the 2011 ouster of leader Muammar Gaddafi. OPEC member Libya produced about 1.65 million barrels of crude oil a day the year before Gaddafi's ouster, consuming about...

  • LONDON, Dec 22- Oil fell towards $60 a barrel on Monday, reversing gains after Saudi Arabia indicated it could increase its output. Saudi Arabia convinced its fellow OPEC members that it is not in the group's interest to cut oil output however far prices may fall, the kingdom's oil minister Ali al-Naimi said in an interview with the Middle East Economic Survey.

  • OPEC head hopes for price revival by 2nd half  Monday, 22 Dec 2014 | 6:03 AM ET

    OPEC's Secretary General Abdullah Al-Badri says he hopes to see a recovery in the price of crude by the end of the second half of next year, with CNBC's Joe Kernen.

  • Dec 22- Crude oil prices are likely to bottom out in the first half of 2015, until a possible slowdown in U.S. shale production counters a supply glut exacerbated by OPEC's decision not to cut output, a Reuters monthly survey showed. The Organization of the Petroleum Exporting Countries' agreement last month to stand pat on output meant the onus for any supply...

  • OPEC will not cut production  Monday, 22 Dec 2014 | 4:30 AM ET

    Neil Atkinson, head of analysis at Lloyd's List Intelligence, compares the price of oil to "a bungee jump", referring to its volatility in price, saying that the problem is no knowing how many more "bounces" there are in oil until the price is stabilised.

  • Oil markets building in risk premium: Pro  Sunday, 21 Dec 2014 | 10:35 PM ET

    Jonathan Barratt, Chief Investment Officer at Ayers Alliance Securities, expects a risk premium to be built into fuel prices soon and explains why cheaper oil is a double-edged sword for consumers.

  • 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...

  • Why this is not the end of oil's plunge  Sunday, 21 Dec 2014 | 6:42 PM ET

    Mike Harrowell, Director of Resources Research at BBY, says oil prices could fall to $15-20 a barrel unless Saudi Arabia cuts output to restore market balance.

  • UAE's plea may not 'mean much': Platts  Sunday, 21 Dec 2014 | 5:31 PM ET

    The United Arab Emirates on Sunday urged oil producers not to raise their output for 2015. John Kingston, Global Director of News, Platts, discusses whether that could solve oversupply woes in oil markets.

  • ABU DHABI, Dec 21- OPEC Secretary-General Abdullah al-Badri told Reuters on Sunday he hoped to see a recovery in the price of oil by the end of the second half of 2015.. "We hope the price would rebound by the end of the second half of 2015," he said. "We can't see the market now, we have to wait until the end of the second half of 2015 to see how the market react to these low...

  • OPEC SEC-GEN BADRI: WE HOPE OIL PRICE WILL REBOUND BY END OF SECOND HALF OF 2015.

  • 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."

  • ABU DHABI, Dec 21- Saudi Arabian Oil Minister Ali al-Naimi said on Sunday the kingdom would not reduce production to prop up petroleum markets even if non- OPEC nations cut output. "If they want to cut production they are welcome, we are not going to cut, certainly Saudi Arabia is not going to cut," he said. He added he was "100 percent not pleased" with oil prices.

  • SAUDI'S NAIMI SAYS SAUDI ARABIA WILL NOT CUT OIL PRODUCTION EVEN IF NON-OPEC PRODUCERS 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...

  • 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.