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International Organizations OPEC

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  • *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.

  • UPDATE 5-Oil rises after UK North Sea oilfield outage Thursday, 16 Jul 2015 | 6:56 AM ET

    *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, restricting flows to the North Sea's main oil stream that underpins the global benchmark Brent crude.

  • UPDATE 4-Oil prices rise as stock draw balances supply Thursday, 16 Jul 2015 | 5:35 AM ET

    *OPEC production around 2.5 mln bpd higher than demand. LONDON, July 16- Oil prices rose on Thursday after data showed U.S. crude inventories dropped and refinery demand was robust despite ample supply in the global oil market. Brent crude for August was up 75 cents at $57.80 a barrel by 0925 GMT.

  • *OPEC production around 2.5 mln bpd higher than demand. LONDON, July 16- Oil prices steadied on Thursday after data showed U.S. crude inventories dropped and refinery demand was robust, although the global market remained extremely well supplied. U.S. crude inventories fell by 4.3 million barrels last week, according to the Energy Information Administration, as...

  • Front-month U.S. crude futures were trading at $51.71 per barrel at 0115 GMT, up 30 cents from their last settlement. Iran, a member of the Organization of the Petroleum Exporting Countries has some of the world's biggest oil reserves. "Although Iran has around 20 million barrels of oil in storage, some of it is needed for operational reasons domestically and is...

  • Commodities tomorrow: Inventory down, dollar up Wednesday, 15 Jul 2015 | 4:00 PM ET
    Commodities tomorrow: Inventory down, dollar up

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

  • Commodities tomorrow: Dollar down, oil up Tuesday, 14 Jul 2015 | 4:00 PM ET
    Commodities tomorrow: Dollar down, oil up

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

  • CARACAS, July 14- Venezuela must refinance its foreign debt to improve government cash flow in the face of recession and soaring inflation, opposition leader Henrique Capriles said on Tuesday, but added a default would have "terrible consequences" for the country. The OPEC nation is struggling with the shrinking economy and chronic shortages of basic goods...

  • Commodities tomorrow: Traders eye Iran Monday, 13 Jul 2015 | 4:00 PM ET
    Commodities tomorrow: Traders eye Iran

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

  • UPDATE 1-OPEC sees more balanced oil market in 2016 Monday, 13 Jul 2015 | 7:20 AM ET

    *OPEC sees world oil demand growth to increase in 2016. LONDON, July 13- The global oil market should be more balanced next year as China and the developing world increase oil consumption while supply of shale oil from North America and other regions grows more slowly, OPEC said on Monday. World oil demand growth should outpace any increase in oil supply from non-...