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  • CARACAS, Oct 15- Oil prices will rebound after hitting a "floor," President Nicolas Maduro said on Wednesday, insisting the current rout in crude markets will not harm Venezuela's economy or social spending plans. "The price of oil will hit its floor, and it will rise again," Maduro said after being asked at a news conference how the OPEC nation plans to deal with falling...

  • NEW YORK, Oct 15- Saudi Arabia effectively started a global oil price war this month aimed at quickly denting U.S. oil output. At stake is not just the fate of a U.S. drilling frenzy that has transformed the North American energy picture and powered the U.S. economy, but the shape of the global market as OPEC leader Saudi Arabia hopes to take share from U.S. producers.

  • "The current market situation doesn't suit anyone, neither consumers nor producers," Eulogio Del Pino told an oil conference on Venezuela's Margarita Island. Venezuela is calling for an emergency meeting of the Organization of the Petroleum Exporting Countries- prior to its next scheduled Nov. 27 gathering- to halt the slide in oil prices to their lowest level...

  • *OPEC shows no sign of cutting output to defend oil prices. LONDON, Oct 15- Brent crude bounced off a four-year low on Wednesday to above $85 a barrel, a level that was still down 25 percent since June, as a drop in the value of the dollar attracted some cautious buying in the oil market. U.S. crude gained 40 cents a barrel to $82.24, rebounding by more than $2 after hitting a...

  • *OPEC shows no sign of cutting output to defend oil prices. LONDON, Oct 15- Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. Brent for November delivery touched a fresh post-2010 low of $83.37, down $1.67, before recovering to around $84.80 by...

  • COLUMN-Oil market proves mightier than OPEC: Kemp Wednesday, 15 Oct 2014 | 8:21 AM ET

    "If the shale revolution can be sustained in the United States, and successfully exported to other countries, some combination of OPEC production cuts or lower oil prices to encourage demand and forestall more investment, will be inevitable by 2015-16," I wrote last year. "The massive rise in prices means Saudi Arabia will face intense competition from shale," I...

  • MADRID, Oct 15- Spanish companies which got tax breaks when they bought indirect stakes in firms overseas will have to repay the money, the European Commission said on Wednesday, adding the benefits breached European Union rules on state aid. Spanish bank Santander, energy company Iberdrola and telecoms group Telefonica would be among those affected by the...

  • UPDATE 5-Oil falls to $84, near 4-year low, on oversupply Wednesday, 15 Oct 2014 | 7:55 AM ET

    *OPEC shows no sign of cutting output to defend oil prices. LONDON, Oct 15- Brent crude fell to a fresh 47- month low on Wednesday before recovering to around $84 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. "There's broad acceptance by the market that Saudi Arabia is willing to let prices go lower.

  • *OPEC shows no sign of cutting output to defend oil prices. LONDON, Oct 15- Brent crude fell to a fresh 47- month low on Wednesday, dipping below $84 a barrel as faltering global growth curbed demand for fuel at a time of heavy oversupply. "There's broad acceptance by the market that Saudi Arabia is willing to let prices go lower.

  • *OPEC shows no sign of cutting output to defend oil prices. SINGAPORE, Oct 15- Brent crude edged higher on Wednesday, holding above $85 a barrel after its biggest daily fall in three years in the previous session, a drop of nearly $4 that pushed prices to the lowest since late 2010 in an oversupplied market. Comments from core OPEC members, including Saudi Arabia,...

  • NEW YORK, Oct 15- Saudi Arabia effectively started a global oil price war this month aimed at quickly denting U.S. oil output. At stake is not just the fate of a U.S. drilling frenzy that has transformed the North American energy picture and powered the U.S. economy, but the shape of the global market as OPEC leader Saudi Arabia hopes to claw share from U.S. producers.

  • Brent recovers above $85 after biggest fall in three years Wednesday, 15 Oct 2014 | 12:55 AM ET

    *OPEC shows no sign of cutting output to defend oil prices. SINGAPORE, Oct 15- Brent edged higher above $85 a barrel on Wednesday, recovering from its biggest daily fall in three years, a drop that pushed prices to the lowest since late 2010 as traders scrambled to keep up with the downward momentum. Comments from core OPEC members, including Saudi Arabia, Kuwait and...

  • SEOUL, Oct 15- U.S. crude futures steadied above $82 a barrel on Wednesay in early Asian trade, recovering some ground after diving $4 a barrel in the previous session as investors fretted about ample U.S. shale and OPEC output despite signs of easing demand. *Iran, in a change of tack, is saying it can live with lower oil prices, moving closer to the views of Saudi Arabia...

  • Estimate for demand for OPEC crude cut by 200,000 bpd. The abrupt acceleration of an over 26 percent slide in prices since June was triggered by three news items that epitomized the market's turn: a downgrade in global oil consumption forecasts; projections for another big boost in shale oil; and reluctance by OPEC members to cut output. Brent crude for November...

  • Estimate for demand for OPEC crude cut by 200,000 bpd. Adding to the bearish tone on Tuesday, a source familiar with oil policy in Iran, normally one of the first in OPEC to call for production cuts, followed Kuwait in saying there was no need to rein in supplies. Brent crude for November, which expires on Thursday, fell $2.65 a barrel to $86.24 after briefly dipping...

  • ROME, Oct 14- China and the European Union have found a way to end a long-running dispute over Chinese exports of telecoms equipment, resolving one of the most divisive issues between the major trade partners, the EU's top trade official said on Tuesday. Both sides would also agree to monitor the market share of Chinese telecoms companies in Europe and European...

  • *Estimate for demand for OPEC crude cut by 200,000 bpd. Adding to the bearish tone on Tuesday, a source familiar with oil policy in Iran, normally one of the first in OPEC to call for production cuts, followed Kuwait in saying there was no need to rein in supplies. The International Energy Agency, which advises industrialized countries on energy policy, cut its...

  • GENEVA/ WASHINGTON, Oct 14- India broke World Trade Organization rules by blocking imports of U.S. poultry and other farm products because of unsubstantiated bird flu fears, a WTO dispute panel ruled on Tuesday, potentially opening up an estimated $300 million a year export market for the United States. India had claimed its import restrictions, imposed in 2007,...

  • *Estimate for demand for OPEC crude cut by 200,000 bpd. The International Energy Agency said on Tuesday world oil demand growth would be much weaker than previously expected and raised questions about OPEC's willingness to rein in supplies, suggesting oil prices may drop further. Brent crude fell $2.72 a barrel to $86.17, its weakest point since December 2010,...

  • GENEVA/ WASHINGTON, Oct 14- India broke World Trade Organization rules by blocking imports of U.S. poultry and other agricultural products because of unsubstantiated bird flu fears, a WTO dispute panel ruled on Tuesday. India had claimed its import restrictions were justified by international rules on animal health, but the panel agreed with the United States...