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OPEC

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  • *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.

  • SEOUL, May 15- South Korea's imports of Iranian crude fell 6.5 percent in April from a year ago, with its oil shipments from the OPEC country in the first four months of 2015 dropping nearly 14 percent year-on-year to meet international sanction requirements. South Korea and other Asian buyers can import crude form the Islamic nation at sanctions-reduced rates...

  • Commodities tomorrow: Oil takes a break   Thursday, 14 May 2015 | 4:00 PM ET
    Commodities tomorrow: Oil takes a break

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude was slightly down on the day, settling under $60. Nevertheless, traders think prices are likely to go higher, as demand increases, and the dollar weakens.

  • Harold Hamm: OPEC pressure opened world markets   Thursday, 14 May 2015 | 7:36 AM ET
    Harold Hamm: OPEC pressure opened world markets

    Continental Resources CEO Harold Hamm, discusses how OPEC pressure may provide U.S. oil producer with additional opportunities. Also Hamm shares his thoughts on opening U.S. oil to exports.

  • Commodities tomorrow: Expect a drop in shale output   Wednesday, 13 May 2015 | 4:00 PM ET
    Commodities tomorrow: Expect a drop in shale output

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude had a volatile day, as the EIA reported a slightly higher build than expected.

  • UPDATE 4-Oil extends gains after U.S. fuel stocks drop Wednesday, 13 May 2015 | 7:08 AM ET

    *Oil glut builds as OPEC members pump near record levels. *IEA cuts demand estimate for OPEC crude. LONDON, May 13- Brent crude oil rose above $67 a barrel towards five-month highs on Wednesday after U.S. crude stockpiles fell for a second straight week, suggesting that the world's biggest oil market is rebalancing.

  • *Oil glut builds as OPEC members pump near record levels. *IEA cuts demand estimate for OPEC crude. LONDON, May 13- Brent crude oil rose above $67 a barrel towards five-month highs on Wednesday after U.S. crude stockpiles fell for a second straight week, suggesting that the world's biggest oil market is rebalancing.

  • MOSCOW, May 13- Russia is consulting with OPEC before a meeting of the oil producers' group in June and the current oil price is within range of Moscow's earlier forecasts, a Russian energy ministry official said on Wednesday. The statement by Kirill Molodtsov, deputy energy minister, suggests Moscow is less worried about the oil price after it rebounded to over...