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  • Saudi oil minister holds talks with U.S. energy deputy Tuesday, 13 Jan 2015 | 1:21 PM ET

    Venezuela's President Nicolas Maduro is in Algeria on a diplomatic push to persuade reluctant fellow members of OPEC to prop up a sinking market by cutting output. Saudi Arabia, OPEC's dominant member state and the world's biggest oil exporter, has repeatedly said the group will not cut production. On Tuesday, United Arab Emirates Energy Minister Suhail bin...

  • LONDON, Jan 13- Crude oil prices hit their lowest in almost six years on Tuesday in a market readying for further falls, as a big OPEC producer stood by the group's decision not to cut output to tackle a supply glut. Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly U.S. shale oil, and weaker-than-expected...

  • ABU DHABI, Jan 13- OPEC will not cut its oil output to support prices but expects higher-cost producers to do so, the United Arab Emirates energy minister insisted on Tuesday as oil plunged near six-year lows. By not reducing output, "we are telling the market and other producers that they need to be rational and like OPEC, they need to look at growth in the...

  • SINGAPORE, Jan 13- Oil prices continued their rout on Tuesday with Brent crude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market. February Brent crude fell almost 5 percent to a low of $45.23 a barrel by 0730 GMT, the lowest since March 2009.

  • *Venezuelan president visits Saudi Arabia, Qatar. DUBAI/ DOHA, Jan 12- A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group's Gulf members to do so for now, delegates said on Monday. Venezuelan President Nicolas Maduro on Sunday met Saudi Arabia's Crown Prince Salman in Riyadh before heading to Qatar and...

  • ANKARA, Jan 12- Turkey could become a high-income nation within five years, provided the government boosts productivity and embraces much needed structural reforms to improve the rule of law, the World Bank's country director said on Monday. The World Bank's Martin Raiser told Reuters he was hopeful that Turkey can push per capita gross national income above...

  • *Venezuelan president visits Saudi Arabia, Qatar. *Iran backs coordinated front with Venezuela on oil price. DUBAI/ DOHA, Jan 12- A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group's Gulf members to do so for now, delegates said on Monday.

  • MOSCOW, Jan 12- The European Union will consider lifting sanctions on Russia over the Ukraine crisis only if there is "real progress" in implementing a four-month-old ceasefire deal, Latvia's foreign minister said on Monday. Kiev and Moscow blame each other for the failure to implement the Minsk agreement in a conflict in which more than 4,700 people have been...

  • *Germany pushes for compulsory genetic modification labelling. BERLIN, Jan 12- Disagreements about food safety and farming are not likely to stand in the way of a free-trade agreement between the European Union and the United States, Germany's farm minister told Reuters on Monday. The two sides are grappling with how to integrate Europe's food production and...

  • SINGAPORE, Jan 12- Even as Saudi Arabia and its Gulf OPEC allies appear united in their refusal to cut output to boost global oil prices, they are becoming locked in an increasingly fierce battle to secure market share in Asia. The United Arab Emirates last week joined Kuwait and Iraq in pricing crude they sell to Asia below that of OPEC's top producer Saudi Arabia.

  • RIYADH, Jan 11- Venezuelan President Nicolas Maduro met Saudi Arabia's Crown Prince Salman in Riyadh on Sunday as part of a diplomatic tour of OPEC members to discuss falling oil prices, which have hit its economy hard. Despite growing concern from Venezuela and other OPEC members such as Iran, OPEC delegates have said as recently as last week that the group's...

  • Iran vows to help Venezuela to stem oil price fall Saturday, 10 Jan 2015 | 1:09 PM ET

    President Nicholas Maduro is on a tour of fellow OPEC countries to lobby for higher oil prices, which hit new lows last week below $50 per barrel, nearly half of what they were back in June 2014. The plunge in crude prices has pummelled the public finances of Iran and Venezuela, whose economies rely heavily on oil exports. Earlier on Saturday, Iranian President...

  • *OPEC sticks to decision of no output cut- sources. *China annual consumer inflation remains near 5- year low. Brent crude had climbed 25 cents to $51.21 a barrel by 0439 GMT.

  • Oil heads for 7th weekly loss as supply glut drags Thursday, 8 Jan 2015 | 9:41 PM ET

    *OPEC sticks to decision of no output cut- sources. *China annual consumer inflation remains near 5- year low. Brent crude had climbed 21 cents to $51.17 a barrel by 0203 GMT.

  • *Ukraine facing $15 billion funding gap, economists say. RIGA/ BERLIN, Jan 8- The European Union proposed on Thursday offering an additional 1.8 billion euros to help save Ukraine from bankruptcy as Kiev assured Germany it had credible plans to modernise. "Europe stands united behind Ukraine," Commission President Jean-Claude Juncker told a news conference in...

  • OPEC decided against limiting production at its last meeting on Nov 27, despite misgivings from non-Gulf members, after Saudi Oil Minister Ali al-Naimi said the group needed to defend market share against U.S. shale oil and other competing sources. OPEC has forecast an increasing surplus in 2015, citing rising supplies outside the group and lackluster...

  • EU proposes up to 1.8 bln euro in new loans to Ukraine Thursday, 8 Jan 2015 | 8:07 AM ET

    BRUSSELS, Jan 8- The European Union promised more help for Ukraine's near-bankrupt economy on Thursday, proposing up to 1.8 billion euros in medium-term loans to be granted this year and in early 2016, the EU executive said. The proposal by the European Commission must be approved by EU governments and the European Parliament. "Europe stands united behind...

  • World Bank sees slower track for global trade engine Wednesday, 7 Jan 2015 | 4:00 PM ET

    WASHINGTON, Jan 7- Global trade should expand more slowly over the next decade than it did in the 30 years before the financial crisis, the World Bank said on Wednesday, citing forecasts for slower economic growth and longer-term shifts in trade patterns. But trade growth levels have fallen to about half that for the past two years, and should only rise to about 5...

  • *Berlin believes Greek exit would set dangerous precedent. BERLIN/ LONDON, Jan 7- Germany's Angela Merkel played down the chances of a Greek exit from the euro zone on Wednesday, but made clear she expected Athens to stick to the terms of its international bailouts after this month's election. The chancellor addressed the issue for the first time since a German...

  • CARACAS, Jan 7- President Nicolas Maduro said on Wednesday he had secured a total of more than $20 billion in investment from major creditor China for economic, social, and oil-related projects. It was unclear if part of the announced investments include new loans for the cash-strapped OPEC member, or if the investments were part of an existing oil-for-loans...