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  • MOSCOW, Dec 2- Russian gas producer Gazprom's gas exports to the European Union and Turkey declined by a quarter in November, an industry source told Reuters on Tuesday, underlining the difficulties it faces in its key markets. Gazprom has said it plans to export up to 157 bcm of gas this year to the European Union and Turkey, down from 162 bcm in 2013. The source said...

  • Given the significant global oversupply due to the U.S. shale oil boom and decreased demand in China and Europe, this decision marks an historical moment in which OPEC relinquishes its supply-based approach to price manipulation and embraces a market-based approach. As the leader of OPEC, Saudi Arabia is the engineer of this new approach.

  • MOSCOW, Dec 2- Russian gas producer Gazprom's pipeline gas exports to the European Union and Turkey fell to 10.5 billion cubic metres in November, down from 14 bcm in the same month last year, an industry source told Reuters on Tuesday. A spokesman for Gazprom declined to comment. Gazprom has said it plans to export up to 157 bcm of gas this year to the European Union...

  • Oil price collapse roils US junk bond funds Tuesday, 2 Dec 2014 | 1:00 AM ET

    BOSTON, Dec 2- Collapsing energy prices have hit hard U.S. corporate junk bond funds, putting them on track for their worst performance in six years by squeezing the exploration and drilling companies that have been among most active issuers of high-yield debt. Last week's decision by the Organization of the Petroleum Exporting Countries to refrain from...

  • *But EU froze approval process over the crisis in Ukraine. SINGAPORE/ LONDON, Dec 2- Russia's $40 billion South Stream gas pipeline project has fallen victim to plunging energy prices, stalling European demand and the political standoff between the European Union and Moscow over the crisis in Ukraine. Russia on Monday said it had scrapped the project to supply...

  • SINGAPORE, Dec 2- Brent crude slipped to near $72 a barrel on Tuesday, giving up some of the gains seen on Monday when prices rallied for the first time in six sessions. A decision by OPEC to maintain output has also pummelled prices. "Saudi Arabia and OPEC no longer have the mechanism to balance markets from the supply side," said Mark Keenan, head of commodities...

  • SINGAPORE, Dec 2- Brent crude slipped below $72 a barrel on Tuesday, giving up some of the gains seen on Monday when prices rallied for the first time in six sessions and closed up more than 3 percent. Brent crude dipped 64 cents to $71.90 a barrel by 0327 GMT. "Saudi Arabia and OPEC no longer have the mechanism to balance markets from the supply side," said Mark Keenan, head...

  • The ETF has plummeted since the end of September and the most recent sharp drop came on Friday after OPEC, led by Saudi Arabia, agreed to stick to its production quota, even in the face of declining oil prices. With OPEC failing to agree on cutting production, the risk that oil prices are headed lower in the short-term is keeping volatility expectations high, said...

  • *Brent above $72 after falling below $68; U.S. crude above $68. *Oil still down nearly 10 pct since Thursday's OPEC meeting. Benchmark Brent crude oil rose $1.90 to $72.05 a barrel, after earlier reaching $72.43.

  • MADRID, Dec 1- A Spanish High Court judge has asked investment bank Lazard to provide information on a 6 million euro payment to ex-IMF boss Rodrigo Rato when he was head of lender Bankia in 2011, a court order showed on Monday. Rato, who worked for Lazard between stints as head of the International Monetary Fund and Bankia, has been accused of improper management as...

  • NEW YORK, Dec 1- U.S. oil producers have been racing full-speed ahead to drill new shale wells in recent years, even in the face of lower oil prices. The Organization of Petroleum Exporting Countries last week agreed to maintain its production quota of 30 million-barrels-per-day, despite a 30 percent drop in oil prices since June, triggering an additional 10...

  • UPDATE 7-Oil rises after hitting five-year low Monday, 1 Dec 2014 | 9:59 AM ET

    *Oil loses more than 10 pct since Thursday's OPEC meeting. LONDON, Dec 1- Brent crude oil rose on Monday to above $71 a barrel, recovering from a five-year low it hit earlier as investors looked for a price floor after last week's OPEC decision not to cut production. Brent hit a low of $67.53 a barrel, the lowest since October 2009, before rising 85 cents to $71.00 a barrel...

  • UPDATE 6-Oil hits five-year low Monday, 1 Dec 2014 | 9:01 AM ET

    *Oil loses more than 10 pct since Thursday's OPEC meeting. *OPEC maintains stable output to counter U.S. shale oil boom. LONDON, Dec 1- Brent crude oil fell on Monday to a five-year low below $68 before recovering most of the losses as investors looked for a price floor after last week's OPEC decision not to cut production.

  • *Iran badly hurt by tumbling oil prices. *Iran government increases bread price by 30 pct. The currency has been hit by what OPEC member Iran sees as twin setbacks-- a fall in the price of oil, the country's economic mainstay, and the prospect of more months of sanctions curbing its ability to do business with the rest of the world.

  • KHOBAR, Saudi Arabia, Dec 1- Saudi Arabia said on Monday that its oil policy was based on economic principles, as speculation continued to swirl after last week's OPEC meeting of political motives aimed at other producers. Riyadh, along with its Gulf OPEC allies, resisted any OPEC output cut at the group's meeting, to maintain the exporting group market share in a...

  • UPDATE 5-Oil hits five-year low, floor unsure Monday, 1 Dec 2014 | 6:37 AM ET

    *Oil loses more than 10 pct since Thursday's OPEC meeting. *OPEC maintains stable output to counter U.S. shale oil boom. LONDON, Dec 1- Brent crude oil fell on Monday to a five-year low below $68 on Monday before recovering some of the losses as investors looked for a price floor after last week's OPEC decision not to cut production.

  • Oil loses more than 10 pct since Thursday's OPEC meeting. *OPEC maintains stable output to counter U.S. shale oil boom. LONDON, Dec 1- Brent crude oil fell more than $2 a barrel to a five-year low below $68 on Monday as investors looked for a price floor after last week's OPEC decision not to cut production.

  • *U.S. light oil exports to Asia only started 4 months ago. SINGAPORE, Dec 1- An aggressive strategy by Mideast Gulf producers to exploit the lowest oil prices in five years to defend market share is showing signs of bearing fruit as U.S. crude exports to Asia grind to halt. Last week Ali al-Naimi, the oil minister of OPEC kingpin Saudi Arabia, warned his fellow OPEC...

  • *U.S. light oil exports to Asia only started 4 months ago. SINGAPORE, Dec 1- U.S. crude exports to Asia are grinding to a halt just four months after they began, in a sign of how an aggressive strategy by Gulf producers to defend their market share is starting to bear fruit. The move shows how the Organization of the Petroleum Exporting Countries, with its influential...

  • NEW YORK, Dec 1- U.S. oil producers have been racing full-speed ahead to drill new shale wells in recent years, even in the face of lower oil prices. The Organization of Petroleum Exporting Countries last week agreed to maintain its production quota of 30 million-barrels-per-day, despite a 30 percent drop in oil prices since June, triggering an additional 10...