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OPEC

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  • HOUSTON, July 27- Petroleos de Venezuela has asked oil suppliers to submit offers to sell the South American country up to 70,000 barrels per day of ultralight sweet crudes through contracts of one to five years, potential bidders told Reuters. Even though the OPEC- member nation has the world's largest oil reserves, it does not produce enough light, sweet crude.

  • *OPEC members say price drop will be short-term. Crude oil stocks in the United States rose by 2.5 million barrels last week to above the five-year seasonal average, according to data from the Energy Information Administration, trumping expectations for a drop of 2.3 millions. September crude futures were 3 cents lower at $49.16 by 1020 GMT, having fallen by...

  • UPDATE 3-Oil steady; US crude below $50 as stocks rise Thursday, 23 Jul 2015 | 4:45 AM ET

    *OPEC members say price drop short term. Crude oil stocks in the United States rose 2.5 million barrels last week to above the five-year seasonal average, according to data from the Energy Information Administration, trumping expectations for a 2.3 million-barrel drop. September crude futures were 18 cents higher by 0827 GMT on Thursday at $49.37, after having...

  • *OPEC members say price drop short term. "Demand is reasonably buoyant in the United States, but there's just so much supply," said Ben Le Brun, market analyst at OptionsXpress in Sydney. U.S. crude for September delivery was 11 cents higher at $49.30 by 0300 GMT, after dropping $1.67 on Wednesday to settle below $50 for the first time since April.

  • *OPEC members say expect price fall to be short-lived. NEW YORK, July 22- Oil prices fell and U.S. crude settled below $50 a barrel on Wednesday after government data showed crude inventories in the United States rose last week and as a stronger dollar and weaker global equities applied pressure. "The crude oil inventory rise was driven by a strong rebound in crude...

  • *OPEC members say expect price fall to be short-lived. "The crude oil inventory rise was driven by a strong rebound in crude oil imports, which neared 8 million barrels per day," said John Kilduff, partner at Again Capital LLC in New York. Imports from several other OPEC- member countries also rose.

  • *OPEC members say expect price fall to be short-lived. It was trading at $50, down 86 cents, at 1450 GMT. "The crude oil inventory rise was driven by a strong rebound in crude oil imports, which neared 8 million barrels per day," said John Kilduff, partner at Again Capital LLC in New York.

  • *OPEC members say expect price fall to be short-lived. U.S. crude dipped below $50 a barrel, trading as low as $49.75, the lowest since April 6 and down $1.11 on the day. "The U.S. crude oil stocks build reported by the API last night is weighing on prices," said Tamas Varga, analyst at London brokerage PVM Oil Associates.

  • World Bank raises oil forecast—but don’t get hopeful Wednesday, 22 Jul 2015 | 9:45 AM ET
    An oil well in the Permian Basin is shown in Garden City, Texas, Feb. 5, 2015.

    The World Bank has upped its oil price forecast for 2015, but the marginal rebound in the price of Brent crude won't pull energy prices up.

  • *OPEC holds next meeting in December. LONDON/ DUBAI, July 22- A drop in oil prices this month is likely to be short-term and will not deflect OPEC from its policy of keeping output high to defend market share, delegates from Gulf OPEC members and other nations said. OPEC, in a major policy shift, decided in November against cutting its production target of 30 million...

  • UAE to scrap subsidized price controls on fuel Wednesday, 22 Jul 2015 | 5:49 AM ET

    DUBAI, United Arab Emirates— Drivers in the car-loving Emirati cities of Dubai and Abu Dhabi can no longer count on below-market rates at the pump after the OPEC nation unveiled plans Wednesday to scrap existing fuel price controls, starting next month. The surprise move announced by the Ministry of Energy comes as the oil-rich United Arab Emirates, the...

  • Commodities tomorrow: Crude's downside potential Tuesday, 21 Jul 2015 | 4:00 PM ET
    Commodities tomorrow: Crude's downside potential

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.

  • That oil glut is turning into a glut at the pump Tuesday, 21 Jul 2015 | 12:09 PM ET
    A customer prepares to fuel her vehicle at a Road Ranger gas station in Princeton, Illinois.

    With U.S. refineries running at record levels, the global oil glut is turning into a fuel glut.

  • Commodities tomorrow: Crude cracks $50 Monday, 20 Jul 2015 | 4:00 PM ET
    Commodities tomorrow: Crude cracks $50

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.

  • LONDON, July 20- Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity. Crude prices have fallen for three weeks in a row on expectations of increased oil sales from Iran following a deal to ease sanctions against the OPEC producer. Brent crude for September was down 35 cents at...

  • Both international and U.S. crude futures posted their third consecutive weekly losses last week on expectations of increased exports from Iran following a deal to ease sanctions against the OPEC producer. Brent September crude was 12 cents lower at $56.98 a barrel by 0316 GMT. Should WTI get back to a level seen last month around $60 a barrel, "U.S. producers will...

  • *OPEC secretary-general to visit Moscow. *Russia, Saudi Arabia had agreed that oil output cut unnecessary. MOSCOW, July 17- Russia and OPEC Secretary-General Abdullah al-Badri will discuss oil markets and the Iran situation in Moscow on July 30 amid sliding oil prices, Russian Energy Minister Alexander Novak said.

  • SINGAPORE, July 16- Saudi Arabia, the world's top crude oil exporter, has turned itself into a major refined-fuels power, offering customers millions of barrels of diesel and potentially triggering a price war with Asian competitors as its exports feed into a glut. Saudi Arabia, a leading member in the Organization of Petroleum Exporting Countries, had pledged...

  • Commodities tomorrow: Dollar drives oil down Thursday, 16 Jul 2015 | 4:00 PM ET
    Commodities tomorrow: Dollar drives oil down

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.

  • *UK's biggest oilfield shut by power outage- traders. *OPEC output 2.5 mln barrels per day higher than demand. LONDON, July 16- Oil prices rose on Thursday after a power outage closed the UK's largest oilfield and following data showing a fall in crude inventories and strong demand from refineries in the United States.