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International Organizations OPEC

  • Brent futures were down 5 cents at $55.75 a barrel at 0245 GMT, while U.S. "Sustained gains above $55 a barrel, and a hoped for rally to $60 a barrel, both proving incredibly tough nuts to crack," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. "At the crux of the matter is that 90 percent OPEC compliance is being balanced by ever...

  • TOKYO, Feb 20- Oil prices rose on Monday, but gains were minimal as investors gauged whether an increase in U.S. drilling and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. Brent futures were up 1 cent at $55.82 a barrel at 0050 GMT, while U.S. The Organization of the Petroleum Exporting Countries and other...

  • We don't believe in rapid escalation in oil prices: Saudi Arabia

    Adel al-Jubeir, foreign minister of Saudi Arabia, talks about his country's oil policy and diversifying the Saudi economy.

  • BAGHDAD— Iraq says new exploration has revealed an additional 10 billion barrels of oil, bringing its total proven reserves to 153 billion barrels. He says Iraq will ask the Organization of the Petroleum Exporting Countries to adopt the new figure. Iraq will remain the fourth largest OPEC member, after Venezuela, Saudi Arabia and Iran.

  • Globally, the Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed to cut output almost 1.8 million barrels per day during the first half of 2017.. Estimates suggest compliance by OPEC is around 90 percent, and Reuters reported on Thursday that OPEC could extend the pact or apply deeper cuts from July if global crude...

  • U.S. energy companies added oil rigs for a fifth straight week, Baker Hughes said, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Estimates suggest compliance by OPEC is around 90 percent, and Reuters reported on Thursday that OPEC could extend...

  • A Shell Oil facility in Carson, California

    Oil was pressured by growing global stocks, but hope that an output cut by producers might balance the market helped to cap losses.

  • U.S. energy companies added oil rigs for a fifth straight week, Baker Hughes said, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Estimates suggest compliance by OPEC is around 90 percent, and Reuters reported on Thursday that OPEC could extend...

  • Feb 17- U.S. energy companies added oil rigs for a fifth straight week, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. RIG-OL-USA- BHI> During the same week a year ago, there were 413 active oil rigs. Baker Hughes oil rig count plunged from a record...

  • *Demand growth falters in China, India. Estimates suggest compliance by OPEC is around 90 percent, and Reuters reported on Thursday that OPEC could extend the pact or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level. "It's encouraging that it may not be a six-month deal but one of the issues is if you look at OPEC and other...

  • *Demand growth falters in China, India. Both appeared on track for losses on the week, though prices had moved higher earlier in the session in response to news that producer group OPEC could extend an output cut aimed at reining in a global supply overhang. The Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed to cut...

  • GUAYAQUIL, Ecuador, Feb 17- Ecuador's lead opposition candidate is offering a sharp break with ten years of leftist rule in the Andean country, vowing to remove Wikileaks founder Julian Assange from the nation's London embassy, speak out against Venezuela's socialist government, and likely renegotiate debts with China. With analysts expecting the OPEC...

  • *Demand growth falters in China, India. Both appeared on track for losses on the week, though prices had moved higher earlier in the session in response to news that producer group OPEC could extend an output cut aimed at reining in a global supply overhang. The Organization of the Petroleum Exporting Countries and other producers, including Russia, plan to cut...

  • *Oil from Nigeria, Libya and Kazakhstan gives a boost. LONDON, Feb 17- A global deal to cut oil production has had the unintended consequence of aiding Europe's older refineries by bolstering supplies of light crude while curbing shipments of the heavier grades favored by more advanced plants in other continents. "European refiners are well positioned versus...

  • A floorhand operates a Chevron oil drilling rig near Taft, California.

    Oil is likely to remain in the low $50s for the rest of the year.

  • BAGHDAD, Feb 17- Iraq plans to acquire a "large fleet" of oil tankers to transport the OPEC nation's crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday. The nation's tanker fleet was largely destroyed during the U.S.-led offensive to dislodge Iraq from Kuwait in 1991, according to the state-run Iraqi Oil Tankers Company's website.

  • *Demand growth falters in China, India. Both appeared on track for losses on the week, though prices had moved higher earlier in the session in response to news that producer group OPEC could extend an output cut aimed at reining in a global supply overhang. The Organization of the Petroleum Exporting Countries and other producers, including Russia, plan to cut...

  • *Demand growth stuttering in China, India. SINGAPORE, Feb 17- Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. The Organization of the Petroleum Exporting Countries and other producers including Russia plan to cut output by almost 1.8 million barrels per day...

  • *Says Dubai crude supply tightened following OPEC output cuts. SEOUL, Feb 17- SK Energy has bought Russian Urals crude for the first time in 10 years, a spokeswoman for the parent company of South Korea's top refiner said on Friday. "Dubai crude supply is tight in Asia after the OPEC cut deal, making other crude outside the region more economical," she said, adding that...

  • *Asia ex- Japan set to post fourth straight week of gains. SINGAPORE, Feb 17- Asian stock markets took a breather on Friday from their recent surge as investors booked profits, while the dollar inched up after Thursday's slide and optimism over possible renewed supply cuts by OPEC lifted oil prices. Financial spreadbetter CMC Markets expects Britain's FTSE 100 to...