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  • WASHINGTON, Dec 9- The U.S. Congress is preparing to leave town for the holidays without passing reforms to give emerging markets greater say at the International Monetary Fund, a step the Obama administration has warned could undermine Washington's international influence. The changes would double the fund's resources and hand more IMF voting power to...

  • LIMA, Dec 10 (Reuters)- Venezuela's foreign minister Rafael Ramirez said the country is considering backing a call for an emergency OPEC meeting depending upon how oil prices perform in the first quarter of 2015.. OPEC should not leave the price up to the market but should take action, Ramirez said, "That's what we must do, that is our job." It has had bilateral meetings...

  • At the same event, Venezuela's foreign minister and top OPEC emissary Raphael Ramirez provided his country's answer to Naimi's question: OPEC must act, he told Reuters, because "that is our job. Ramirez said Venezuela would evaluate whether to call for an emergency OPEC meeting after seeing how oil prices perform in the first quarter. Last month, Gulf producers...

  • *Traders refocusing on excess supplies after OPEC. LONDON, Dec 10- Physical crude markets are flashing warning signs the 40 percent fall in oil prices could have further to run as cargoes slip to cheaper levels versus the Brent benchmark, mirroring a move this summer that signaled the start of the crash. In West Africa, well over half the January export program for...

  • U.S. Congress will not pass IMF reforms this year Wednesday, 10 Dec 2014 | 11:42 AM ET

    WASHINGTON, Dec 9- Funding for the International Monetary Fund did not make it into U.S. spending legislation this year, another setback for historic reforms aimed at giving emerging markets more say in how the world lender is run. The reforms would double the fund's resources and hand more IMF voting power to countries like the BRICS: Brazil, Russia, India, China...

  • *OPEC trims world oil demand forecast to 28.92 mln bpd. *Brent crude falls below $65/ bbl, lowest since Sept 2009. LONDON, Dec 10- Brent crude oil fell to a new five-year low below $65 a barrel on Wednesday on mounting signs of oversupply and lacklustre demand as global economic growth falters.

  • MOSCOW, Dec 10- The rouble extended losses on Wednesday afternoon as oil prices slid to a new five-year low after the OPEC oil producers' group cut its demand forecast for next year. Global oil benchmark Brent was around 3 percent lower, below $65 a barrel, in late afternoon trading in Moscow. "The general feeling is that the CBR needs to come up with a sizeable package...

  • LONDON, Dec 10- Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom. The report follows OPEC's decision last month not to try and prop up prices by cutting output.

  • Renewed slide in energy stocks sends Europe shares lower Wednesday, 10 Dec 2014 | 10:11 AM ET

    LONDON, Dec 10- European equities turned negative on Wednesday, as a fresh fall in the price of Brent crude oil hit energy stocks. "Crude oil is under punishment today once again on the back of the OPEC news. OPEC has cut its demand forecast for next year and this has unbalanced the demand and supply equation further and traders are not liking the sound of this at all, "...

  • EU considers tightening ban on energy, tourism in Crimea Wednesday, 10 Dec 2014 | 10:05 AM ET

    BRUSSELS, Dec 10- The European Union is considering widening its ban on investment in Crimea to include barring the sale of technology used for oil and gas exploration and stopping EU firms running tourist businesses there, according to a draft document seen by Reuters. The proposals, being worked on by EU officials, would also ban EU citizens from buying or...

  • *OPEC trims world oil demand forecast to 28.92 mln bpd. *WTI falls almost $2 to $61.97/ bbl, lowest since July 2009. U.S. crude was down $1.69 at $62.13, having fallen $1.85 to $61.97 in early New York trading, its lowest since July 2009.

  • DUBAI, Dec 10- Iranian President Hassan Rouhani has blamed unnamed countries of plotting to bring down crude prices and said the recent slump in oil prices was not based solely on economic factors. While some such as Iran and Venezuela have urged an output cut to support prices, the Organization of the Petroleum Exporting Countries decided in a meeting last...

  • UPDATE 2-BP to spend $1 bln on thousands of job cuts Wednesday, 10 Dec 2014 | 8:41 AM ET

    LONDON, Dec 10- BP will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. "Given the recent position taken by OPEC and with oil prices where they are today, we will continue to review this further," BP head of upstream Lamar McKay...

  • LONDON, Dec 10- Global demand for OPEC crude in 2015 will be less than expected and far below its current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom. The report follows OPEC's decision last month not to prop up prices by cutting output. Top exporter Saudi Arabia urged fellow...

  • *OPEC trims world oil demand forecast to 28.92 mln bpd. LONDON, Dec 10- Brent crude oil slipped below $66 a barrel on Wednesday, just above a five-year low, as producers forecast lower demand for their oil next year. Brent futures for January fell to a low of $65.54 a barrel, down $1.30, before recovering slightly to trade around $65.90 by 1215 GMT.

  • LONDON, Dec 10- Global demand for oil from OPEC next year will be less than expected because of weaker growth in consumption and the U.S. shale boom, the group said on Wednesday, pointing to an increasing supply surplus in 2015.. In a monthly report, the Organization of the Petroleum Exporting Countries forecast demand for the group's oil will drop to 28.92 million...

  • *Left-wing of Socialist Party warns they will oppose. PARIS, Dec 10- France's government proposed a reform bill on Wednesday that is crucial for avoiding EU sanctions but risks being watered down by left-wing lawmakers angry with President Francois Hollande's deregulation drive. It is France's attempt to prove to its European Union peers that the euro zone's...

  • Low VAT doesn't always help poor - OECD Wednesday, 10 Dec 2014 | 2:08 AM ET

    PARIS, Dec 10- Lower rates of value added tax do not always benefit the poor, the OECD think tank said on Wednesday in a report urging governments instead to consider means-tested and other direct benefits to boost income equality. The Paris- based Organization for Economic Co-operation and Development found that reduced VAT rates on certain goods and services...

  • ALGIERS, Dec 9- OPEC may still hold an emergency meeting before its June session to discuss how to tackle a surplus in global oil supplies and a drop in prices, Algeria's energy minister said on Tuesday. "We will continue our efforts through dialog with OPEC and non- OPEC producers to remove a surplus estimated at 2 million barrels per day," Youcef Yousfi told state...

  • NEW YORK, Dec 9- Investors aggressively sold equities worldwide on Tuesday, after China's market posted its worst day in five years and oil prices fell to levels not seen since 2009.. Oil prices have been under pressure as the dollar has strengthened and after the Organization of the Petroleum Exporting Countries decided against an output cut.