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International Organizations OPEC

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  • SINGAPORE, Aug 4- Oil prices edged up in early Asian trading on Tuesday following a 5 percent fall in the previous session, as high global production and a weakening economic outlook, especially in Asia, prompted analysts to warn of further falls. Oil output by the Organization of the Petroleum Exporting Countries reached the highest monthly level in recent...

  • NEW YORK, Aug 3- Oil futures prices sank to a six-month low on Monday, weighed by oversupply and weaker demand expectations, while equity markets in Asia and on Wall Street fell as factory data from China and the United States disappointed. Brent slumped to its lowest since late January on worries about oversupply as OPEC pumped at record levels in July, adding to...

  • *OPEC oil output hits new high in July- Reuters survey. The lack of a plan by OPEC to accommodate the return of more Iranian oil further fuelled supply worries. "Excess crude oil in the market will continue to rise all the way into early 2017, even if demand increases at a slightly lower rate... and non- OPEC supply growth comes to a standstill," Natixis analyst Abhishek...

  • LONDON, Aug 3- The biggest losers from the current price war between OPEC and the shale producers seem set to be producers outside the Middle East and North America caught in the cross-fire. Expensive production from the North Sea, Canada's oil sands, offshore megaprojects, weaker African and Latin American members of OPEC, and frontier exploration areas around...

  • *OPEC oil output hits new high in July- Reuters survey. The lack of a plan by OPEC to accommodate the return of more Iranian oil further fueled supply worries. "The market seems to again focus on the supply situation... one of the difficulties is that Iran may be coming back and there is no obvious sign that OPEC will make room for them," Ric Spooner, chief market analyst at...

  • What's weighing on oil? Monday, 3 Aug 2015 | 4:40 AM ET
    What's weighing on oil?

    Miswin Mahesh, oil analyst at Barclays, explains why the oil price will be a "catalyst" to tighten market balances in 2016.

  • *OPEC oil output hits new high in July- Reuters survey. SINGAPORE, Aug 3- Oil extended losses to multi-month lows on Monday on worries of oversupply as OPEC pumped at record levels in July, while weak China data stoked concerns about slower growth at the world's second largest oil consumer. "The market seems to again focus on the supply situation... one of the...

  • Oil hit multi-month lows on record OPEC output Sunday, 2 Aug 2015 | 10:41 PM ET

    *OPEC oil output hits new high in July. Saudi Arabia and other key members of OPEC show no sign of wavering in their focus on defending market share instead of prices, as the group's oil output hit the highest monthly level in recent history in July, a Reuters survey showed. "The market seems to again focus on the supply situation... one of the difficulties is that Iran may...

  • *Oil hit by bearish Reuters July survey on OPEC oil. *5 rigs added this week to U.S. oil rig count- Baker Hughes. NEW YORK, July 31- U.S. crude posted its biggest monthly drop since the 2008 financial crisis on Friday after a string of losses in July triggered by China's stock market slump and signs that top Middle East producers were pumping crude at record levels.

  • Iran sees oil output up 1 mln bpd after curbs end Sunday, 2 Aug 2015 | 1:52 AM ET

    DUBAI, Aug 2- Iran expects to raise oil output by 500,000 barrels per day as soon as sanctions are lifted and by a million bpd within months, Oil Minister Bijan Zanganeh said in remarks broadcast on Sunday. According to a Reuters suvey of OPEC production, Iran produced 2.85 million bpd in July. A Reuters analyst said in July that Iran could increase its oil production...

  • "We are going to be swimming in even more oil with the way OPEC is pumping," he added. OPEC, the Organization of the Petroleum Exporting Countries, groups Saudi Arabia and some of the biggest oil producers within and outside the Middle East. U.S. government data early this month showed OPEC production at a surplus of 1.77 million bpd, and forecast it to grow to 2.1...

  • *Oil hit by bearish Reuters July survey on OPEC oil. *5 rigs added this week to U.S. oil rig count- Baker Hughes. NEW YORK, July 31- Oil prices fell on Friday, with U.S. crude looking set to post the largest monthly drop since the 2008 financial crisis after signs that top producers in the Middle East were continuing to pump at record levels despite a growing global gut.

  • *Oil weighed by bearish Reuters July survey on OPEC oil. NEW YORK, July 31- Oil prices fell on Friday, with U.S. crude set to post the largest monthly drop since the 2008 financial crisis, after signs that top producers in the Middle East were continuing to pump at record levels despite a growing global gut. July's losses came on the back of a stock market tumble in top...

  • Oil prices could be as low as $50 by 2020: Goldman Friday, 31 Jul 2015 | 10:25 AM ET

    The oil price could be stuck firmly around $50 by 2020, a Goldman Sachs analyst told CNBC, raising new fears about companies who've already cut costs.

  • *OPEC oil production up 140,000 bpd in July- Reuters survey. LONDON, July 31- Oil prices steadied on Friday as a sharp fall in the dollar balanced evidence of growing oversupply, with core OPEC producers pumping near record levels. Brent crude oil was down 25 cents at $53.06 a barrel by 1350 GMT.

  • *OPEC output up more than 1.7 mln bpd since policy shift. LONDON, July 31- OPEC oil output reached the highest monthly level in recent history in July, a Reuters survey found on Friday, as Saudi Arabia and other key members show no sign of wavering in their focus on defending market share instead of prices. OPEC supply has risen in July to 32.01 million barrels per day...

  • July 31- The following table shows OPEC crude oil output in millions of barrels per day in July and June, based on a Reuters survey. OPEC at a meeting on June 5 agreed to retain the target for the second half of 2015. Totals are rounded. There are no individual quotas disclosed for the OPEC member countries.

  • LONDON, July 31- Oil prices fell on Friday as concern over global oversupply intensified after oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. "All commodities are down," said Abhishek Deshpande, oil analyst at Natixis. Benchmark North Sea Brent crude headed for its fifth consecutive weekly fall after...

  • LONDON, July 31- OPEC policymakers seem confident in a sustained recovery of oil prices from this year's lows as demand improves, but the derivatives market is geared for an alternative scenario: a fall below $50 a barrel by the end of the year. But it is also when the Organization of Petroleum Exporting Countries holds its twice-yearly meeting.

  • *Oil prices fell after OPEC indicated there would be no output cuts despite a huge global oversupply, while copper was lower on lingering worries about demand in top consumer China. *Exxon Mobil, Royal Caribbean and Chevron are scheduled to report before the opening bell. *Data expected on Friday includes the University of Michigan's final July reading on the...