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  • *OPEC repeats intention to keep output steady despite glut. LONDON, Dec 15- Brent crude hit a fresh five-year low close to $60 a barrel on Monday after oil producer group OPEC restated its determination not to cut output despite a global fuel glut, but the North Sea benchmark later rallied to trade around $63. Things will be left as is, "OPEC Secretary-General...

  • DUBAI, Dec 14- Kuwait's oil minister said on Sunday that OPEC's decision last month to keep output unchanged was intended to retain market share, even if it meant that it "would negatively affect prices, state news agency KUNA said. "OPEC, which includes Kuwait in its membership, took the decision not to cut production in order to maintain market share, even if not...

  • DUBAI, Dec 14- Oil producers group OPEC can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators. Speaking at a conference in Dubai, Abdullah al-Badri defended November's decision by the Organization of the Petroleum...

  • DUBAI, Dec 14- The head of OPEC said on Sunday the group had no target price for oil, signalling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets. The comments were Badri's first since OPEC, or the Organization of the Petroleum Exporting Countries, left its output levels...

  • OPEC's Badri: Oil is overshooting fundamentals Sunday, 14 Dec 2014 | 5:14 AM ET
    OPEC Secretary General Abdullah al-Badri listens to a question at the Oil & Money conference in central London, October 29, 2014.

    The head of OPEC said on Sunday the group had no target price for oil, and urged Gulf states to continue investing in exploration and production.

  • DUBAI, Dec 14- The head of OPEC said on Sunday the group had no target price for oil, and urged Gulf states to continue investing in exploration and production, saying the United States would continue to rely on Middle East crude for many years. OPEC sought a price level that was suitable and satisfactory both for consumers and producers, he said, without specifying a...

  • Badri, in his first public comments since an OPEC meeting last month, said the group had no target price for crude. Speaking at an event in Dubai, he also said he believed the United States would continue to depend on Middle East oil for many years. OPEC last month decided to leave output ceiling unchanged.

  • DUBAI, Dec 14- The secretary-general of the Organization of the Petroleum Exporting Countries said on Sunday the price of oil had fallen further than market fundamentals would have dictated. Speaking at an event in Dubai, Abdullah al-Badri added that the November meeting which ruled out a cut in production by members of the group was not aimed at anyone...

  • LODZ, Poland, Dec 14- The European Union has given Poland more than 100 million euros to build at least three "ghost" airports in places where there are not enough passengers to keep them in business. Poland is not the only country in Europe to have built airports that struggle to attract flights. Poland received 615.7 million euros in EU support for airports between...

  • BENGHAZI, Libya, Dec 13- Libya's recognized government has appointed a second official to head state-run National Oil Corp, it said on Saturday as it vies with a rival government for control of the vital oil sector. The OPEC producer has had two governments and parliaments since August when a group called Libya Dawn seized Tripoli after a month-long battle with a...

  • DUBAI, Dec 12- Crude oil supplies from Saudi Arabia inched up in November from a month earlier, an industry source said on Friday, signalling no change in the kingdom's supply, despite a global oil glut and a steep fall in prices. OPEC heavyweight Saudi Arabia pumped 9.610 million barrels of oil per day in November, some 80,000 bpd less than its production in October,...

  • *China- South Korea in deadlock over LCD panels. GENEVA, Dec 12- Talks on cutting trade tariffs on hundreds of information technology products collapsed on Friday, delaying and potentially scuppering a deal estimated to be worth $1 trillion to global trade. Several participants blamed their failure on a deadlock between China and South Korea over liquid...

  • *China- South Korea deadlock over LCD panels. GENEVA, Dec 12- Talks on cutting trade tariffs on hundreds of information technology goods failed to reach agreement on Friday, diplomats at the World Trade Organization said. However, it was unclear how further talks would overcome the obstacle of China and South Korea's deadlock over liquid crystal display screens,...

  • WTO TALKS FAIL TO CLINCH DEAL ON TRILLION DOLLAR TARIFF CUTS ON INFORMATION TECHNOLOGY GOODS- DIPLOMATS.

  • WASHINGTON, Dec 12- The head of the International Monetary Fund said on Friday the global lender was ready to discuss ways to move forward without the United States on reforms that would give emerging markets greater IMF voting power. The agreed changes would double the Fund's resources and hand more IMF voting power to countries such as Brazil, Russia, India,...

  • UPDATE 11-Oil tumbles towards $62 on supply glut Friday, 12 Dec 2014 | 10:09 AM ET

    LONDON, Dec 12- Oil fell to fresh lows not seen since July 2009 on Friday with Brent crude slipping towards $62 a barrel on concerns over a global supply glut and weak demand. The International Energy Agency said oil prices would likely come under further pressure, cutting its outlook for demand growth in 2015 and predicting that non- OPEC output gains would...

  • LONDON, Dec 12- Oil prices will likely come under further downward pressure, the International Energy Agency said on Friday as it cut its outlook for demand growth in 2015 and predicted that healthy non- OPEC supply gains were poised to aggravate a global oil glut. The selloff gained pace after OPEC decided last month to keep its output target unchanged to fight...

  • BEIJING, Dec 12- China expressed regret on Friday at the failure of U.S. Congress to pass reforms to give emerging markets greater say at the International Monetary Fund. The changes would double the fund's resources and hand more IMF voting power to countries such as Brazil, Russia, India, China and South Africa, also known as BRICS. China also launched a proposed...

  • LONDON, Dec 12- Brent crude oil slipped on Friday to $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook. The market has reacted strongly to the OPEC forecast cut, and it is focusing only on the negative, "said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.

  • GENEVA, Dec 11- A trillion dollar deal at the World Trade Organisation to reduce tariffs in the vast information technology sector will stand or fall in the next 24 hours, trade diplomats said on Thursday. But late on Thursday one trade official involved with the talks said a deal would be very unlikely because of a stand-off between South Korea and China, which was...