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World Economy International Organizations

  • LONDON, May 2- U.S. crude production is surging, complicating OPECs efforts to rebalance the oil market. U.S. production rose by more than 450,000 barrels per day in the five months ending in February, according to the U.S. Energy Information Administration. Most of the increase so far has come from non-shale producers in the Gulf of Mexico and Alaska.

  • *Adjusted loss of $0.02 v/s cons of $0.01. Crude prices are stabilizing after a two-year rout as an OPEC- led production cut and a rebound in demand slowly drains a global glut. ConocoPhillips's production, excluding Libya, inched up 2 percent to 1.584 million barrels of oil equivalent per day in the latest reported quarter.

  • *OPEC meets May 25, expected to extend output cuts. *BP sees oil in $50- $55 range if OPEC extends cuts. LONDON, May 2- Oil prices steadied on Tuesday as lower production by Russia and major OPEC exporters balanced news of higher output in the United States, Canada and Libya.

  • *Canadian dollar at C $1.3709, or 72.94 U.S. cents. "This is simply a move to try and wipe out stops ahead of the day really getting rolling," said Brad Schruder, director of corporate sales and structuring at BMO Capital Markets. barrel despite news of lower production by Russia and Organization of the Petroleum Exporting Countries.

  • *OPEC meets May 25, expected to extend output cuts. *BP sees oil in $50- $55 range if OPEC extends cuts. LONDON, May 2- Oil prices rose on Tuesday on news of lower production by Russia and OPEC, and expectations that major exporters would extend output cuts into the second half of the year.

  • Khalid Al-Falih, Saudi Arabia's energy and industry minister, centre, departs following the 171st Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Wednesday, Nov. 30, 2016.

    OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday.

  • ConocoPhillips's results also reflected a slow but steady improvement across the industry as crude prices stabilize after a two-year rout, as an OPEC- led production cut and a rebound in demand slowly erode a global glut. ConocoPhillips' production, excluding Libya, inched up 2 percent to 1.584 million barrels of oil equivalent per day in the latest reported...

  • LONDON/ DUBAI, May 2- OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya. But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its...

  • May 2- The following table shows OPEC crude oil output in millions of barrels per day in April and March, according to a Reuters survey published on Tuesday. The April survey indicates output from all 13 OPEC members fell by 80,000 bpd in April from March's revised level. But supply from the 11 OPEC members with production targets under the deal has risen by 20,000...

  • ConocoPhillips's results also reflected a slow but steady improvement across the industry as crude prices stabilize after a two-year rout, as an OPEC- led production cut and a rebound in demand slowly erode a global glut. ConocoPhillips' production, excluding Libya, inched up 2 percent to 1,584 million barrels of oil equivalent per day in the latest reported...

  • *OPEC meets May 25, expected to extend output cuts. *BP sees oil in $50- $55 range if OPEC extends cuts. LONDON, May 2- Oil prices rose on Tuesday on news of lower Russian production and expectations that major OPEC exporters would extend output cuts into the second half of the year.

  • LONDON, May 2- Hedge funds are losing faith that OPEC can accelerate the rebalancing of the oil market even if the group agrees to extend output cuts when it meets later this month. The number of long positions has fallen to the lowest level since before OPEC announced its output agreement on Nov. 30. Fund managers have become less bullish despite increasingly...

  • PARIS, May 2- French presidential candidate Emmanuel Macron said if elected he would push the European Union to raise anti-dumping taxes as part of an initiative to soften the impact of globalisation. "There is a feeling of rage, an incomprehension of the way things work, of a Europe that no longer protects and a globalisation with too many losers," he said on BFM TV.

  • OTTAWA, May 2- Strong commodity prices mean the value of Canadian goods exports will jump 6 percent in 2017 after a drop last year, Canada's export credit agency said on Tuesday, playing down possible disruption to the North American Free Trade Agreement. Canada sends 75 percent of all goods exports to the United States. President Donald Trump carries out a threat...

  • LONDON, May 2- Sterling was given only a temporary lift by stronger-than-expected manufacturing data on Tuesday, with traders focusing more on developments showing the rest of the European Union taking a tough stance on Britain's exit from the bloc. On the first day of trading after a long weekend across Europe, sterling inched down against the euro and traded...

  • *OPEC meets May 25, expected to extend output cuts. *Production recovers in Libya, Canada, United States. LONDON, May 2- Oil prices rose on Tuesday as expectations that major OPEC exporters would extend output cuts into the second half of the year outweighed rising production in the United States, Canada and Libya.

  • ULAANBAATAR, May 2- The International Monetary Fund has postponed a $5.5 billion bailout for Mongolia because of a measure included in the country's 2017 budget that forces foreign firms to bank with domestic institutions, the IMF's country representative said. "The Board discussion was postponed," said Neil Saker, the IMF's Mongolia country representative,...

  • *Output recovers in Libya, Canada, U.S. The Organization of the Petroleum Exporting Countries and several other key producers including Russia have agreed to cut output by 1.8 million barrels per day for the first half of 2017 to try to reduce a global glut. OPEC and other producers meet on May 25 and are widely expected to keep output limits for the rest of the year,...

  • *Global output recovery in Libya, Canada, U.S. TOKYO, May 2- Oil prices edged down on Tuesday, as rising output stoked worries that OPEC- led production cuts may not significantly tighten a bloated market. London Brent crude for July delivery was down 18 cents, or 0.4 percent, at $51.34 by 0631 GMT, after settling down 53 cents on Monday.

  • ULAANBAATAR, May 2- The International Monetary Fund has postponed a $5.5 billion bailout for Mongolia because of a measure included in the 2017 budget that forces foreign firms to bank with domestic institutions, the IMF's country representative said. "The Board discussion was postponed," said Neil Saker, the IMF's Mongolia country representative, in emailed...