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International Organizations OPEC

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  • LONDON, Aug 24- Saudi Arabia's strategy for rebalancing the oil market through a period of lower prices shows few signs of working so far- with rival producers claiming they will raise output even as prices slide to new lows. Within OPEC, other producers, principally Iraq and Iran, are determined to continue raising their output even as prices slump.

  • *Iran says OPEC meeting could help stabilise prices. It's all about China, " Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt, told Reuters Global Oil Forum. Brent oil was trading down $1.20, or 2.6 percent, at $44.26 a barrel at 0750 GMT, after hitting an intraday low of $44.00, its weakest since March 2009.

  • Brent oil lost 44 cents at $45.02 a barrel as of 0125 GMT after hitting its intraday low of $45.00 earlier the day. Iran's Oil Minister Bijan Zanganeh said on Sunday that holding an emergency OPEC meeting may be "effective" in stabilising the oil price, Iran's oil ministry news agency Shana reported. There was a similar call by Algeria earlier this month, which other...

  • SEOUL, Aug 24- U.S. crude futures edged down to around $40 a barrel on Monday, close to a 6-1/ 2- year low as investors continue to worry about weak demand as China's economy slows amid a global supply surplus. *Iran's Oil Minister, Bijan Zanganeh, said on Sunday that holding an emergency OPEC meeting may be "effective" in stabilizing the oil price, Iran's oil ministry news...

  • DUBAI, Aug 23- Iran's Oil Minister, Bijan Zanganeh, said on Sunday that holding an emergency OPEC meeting may be "effective" in stabilizing the oil price, Iran's oil ministry news agency Shana reported. Algeria said earlier this month that the Organization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other...

  • DUBAI, Aug 23- Iran's Oil Minister, Bijan Zanganeh, said on Sunday that holding an OPEC emergency meeting may be "effective" to stop the oil price slump, Iran's oil ministry news agency Shana reported. "Iran endorses an emergency OPEC meeting and would not disagree with it," he told reporters in Tehran, according to Shana. While OPEC rules say a simple majority of the 12...

  • Commodities next week: China data hits oil Friday, 21 Aug 2015 | 4:00 PM ET
    Commodities next week: China data hits oil

    CNBC's Courtney Reagan discusses the day's activity in the commodities markets and looks ahead at where oil and precious metals are likely headed next week.

  • Barrel of US crude drops below $40 Friday, 21 Aug 2015 | 1:32 PM ET

    U.S. Oil bounced back a bit to close down 87 cents at $40.45, the lowest close since March 3, 2009. Meanwhile, even with sharply lower prices, Saudi Arabia and other OPEC nations haven't cut production. Meanwhile, OPEC production averaged 31.5 million barrels a day in July, a three-year high.

  • *Calls for emergency OPEC meeting rebuffed. DUBAI/ LONDON, Aug 21- Some of OPEC's Gulf members are concerned about the latest drop in oil prices which had not been expected, OPEC delegates said, but they see little chance of the exporting group diverting from its policy of defending market share. "There is a concern about the health of the Chinese economy, but as...

  • Oil prices continue to slide Friday, 21 Aug 2015 | 6:00 AM ET
    Oil prices continue to slide

    U.S. oil prices are headed for their eighth consecutive down week.

  • *China stock market slumps on weak factory activity. Asian stocks followed Wall Street lower as fears took hold of a China- led slowdown in global growth. In late 1985, oil prices slumped to $10 from around $30 over five months as OPEC raised output to regain market share following an increase in non- OPEC production.

  • Commodities tomorrow: Supply glut continues Thursday, 20 Aug 2015 | 4:00 PM ET
    Commodities tomorrow: Supply glut continues

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

  • Commodities tomorrow: Oil slide continues Wednesday, 19 Aug 2015 | 4:00 PM ET
    Commodities tomorrow: Oil slide continues

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

  • CARACAS, Aug 18- The head of Venezuelan state oil company PDVSA, Eulogio Del Pino, was tapped on Tuesday to run the OPEC country's Oil Ministry. Del Pino, who will remain at the helm of PDVSA, will take over leadership of the ministry from Asdrubal Chavez to allow Chavez to run for parliament in December's key election. Venezuela's oil minister is usually head of the...

  • Commodities tomorrow: Oil up, China still a concern Tuesday, 18 Aug 2015 | 4:00 PM ET
    Commodities tomorrow: Oil up, China still a concern

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

  • Commodities tomorrow: Oil under $42, key level Monday, 17 Aug 2015 | 4:00 PM ET
    Commodities tomorrow: Oil under $42, key level

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

  • Oil prices pulled down by shrinking Japanese economy Sunday, 16 Aug 2015 | 8:17 PM ET

    SINGAPORE, Aug 17- Oil prices fell in early Asian trading on Monday as Japan's economy contracted on the back of falling exports and consumer spending, adding to fears that Asia's biggest economies are starting to slow at the same time. "OPEC is expected to boost crude oil production to 33 million barrels day, the most ever, after international sanctions are...

  • BENGHAZI, Libya/ CAIRO, Aug 15- Libya's oil production is between 350,000 and 380,000 barrels a day, the new chairman of a state oil firm based in eastern Libya said on Saturday. Production is less than a quarter of what the OPEC producer used to pump before an uprising toppled Muammar Gaddafi in 2011.. The move is largely symbolic as oil production and the marketing...

  • Why oil is ignoring 'glimpses of bullishness' Thursday, 13 Aug 2015 | 7:34 PM ET
    Why oil is ignoring 'glimpses of bullishness'

    Despite the recent IEA report signalling strong demand growth, markets remain focused on oversupply woes thereby underpinning the bearish sentiment in prices, says Matt Smith, director of Commodity Research at ClipperData.

  • Commodities tomorrow: Crude hits 6.5-year low Thursday, 13 Aug 2015 | 4:00 PM ET
    Commodities tomorrow: Crude hits 6.5-year low

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