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  • *Iran output increase complicates outlook. ST PETERSBURG, Russia/ DUBAI, Jan 28- Russia said on Thursday that OPEC's largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and prop up sinking prices. Russian Energy Minister Alexander Novak said Saudi...

  • MOSCOW— Russians who took out mortgages denominated in a foreign currency are protesting at their banks to demand that the loans be restructured. Groups of a few dozen mortgage holders held protests Thursday at several banks in Moscow and St. Petersburg. President Vladimir Putin's spokesman, Dmitry Peskov, said the Kremlin was following the situation, but...

  • *Iran main challenge in OPEC for any deal- sources. LONDON/ DUBAI, Jan 28- Iran, boosting oil exports after the lifting of sanctions, is talking of a need to recoup its market share, making the OPEC member a challenge to any deal among producers to fix a supply glut, OPEC sources said on Thursday. Iran wants to recover its position as OPEC's second-largest producer behind...

  • The meeting raised the possibility of rare joint action with OPEC, of which Russia is not a member, because of a global oil glut but Kremlin spokesman Dmitry Peskov has said there is "nothing to talk about in a tangible sense" for now. The final decision will lie with Putin but Sechin's input is likely to be crucial as Russia considers acting in tandem with OPEC for the...

  • UPDATE 2-Iran says low oil prices will not last long Thursday, 28 Jan 2016 | 7:07 AM ET

    The pressure on oil-producing nations means balance will be restored in the short term, "Rouhani, whose country is the third-largest producer in OPEC, said at the French Institute of International Relations. Oil futures surged on Wednesday after non- OPEC member Russia indicated there was a possibility of cooperation with the Organization of the Petroleum...

  • Early signs of oil bottoming: Tom Petrie Thursday, 28 Jan 2016 | 6:53 AM ET
    Early signs of oil bottoming: Tom Petrie

    Tom Petrie, Petrie Partners chairman, weighs in on the possibility of a Russia/Saudi relationship and shares his expectation for crude prices.

  • Oil producer Azerbaijan in talks for international aid Thursday, 28 Jan 2016 | 6:29 AM ET

    BAKU, Azerbaijan— Representatives from the International Monetary Fund and World Bank arrived in Azerbaijan on Thursday to discuss financial support for the oil producing country's ailing economy. "The World Bank and the IMF are in active dialogue with the government of Azerbaijan, discussing both immediate and longer-term measures in response to the...

  • MOSCOW— The Kremlin says there are no concrete plans to cut oil output in coordination with major producers Saudi Arabia and OPEC. Spokesman Dmitry Peskov told reporters on Thursday that Russia is "actively discussing the instability of oil markets," with Saudi Arabia and OPEC, but, as of yet, there are no conclusions from the talks. Russian Energy Minister...

  • Russia's oil boss: We'll talk to OPEC on output Wednesday, 27 Jan 2016 | 10:27 PM ET
    An oil pump jack in Russia

    Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts, Russia's pipeline head said.

  • *Russia refused cooperation with OPEC in past. MOSCOW, Jan 27- Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday, remarks that helped spur a sharp rise in world prices. Oil futures surged more than 5 percent after the comments by...

  • MOSCOW, Jan 27- Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday, remarks that spurred a sharp rise in prices. Oil futures surged 5 percent after the comments by Nikolai Tokarev, head of oil pipeline monopoly Transneft, which...

  • Dr. Doom: Outlook is 'so depressing' need more beer Wednesday, 27 Jan 2016 | 12:14 PM ET
    Marc Faber

    'Dr. Doom' Marc Faber said the economic outlook is 'so depressing' that a swimming pool full of beer may be the only answer.

  • Apple's outlook is even worse than expected: Niles Wednesday, 27 Jan 2016 | 11:54 AM ET
    Apple store

    Tim Cook said Apple is experiencing "extreme conditions unlike anything we have experienced" in many markets.

  • MOSCOW, Jan 27- Russian development bank Vnesheconombank said on Wednesday it planned to sell two mid-sized banks it owns, Svyaz Bank and Globex Bank, in a move that would probably boost its capital. VEB said in a statement it planned to sell Svyaz Bank and Globex Bank to the state's Deposit Insurance Agency at a market rate set by an independent assessor.

  • Russia plans no joint action with OPEC - sources Wednesday, 27 Jan 2016 | 10:57 AM ET

    MOSCOW, Jan 27- Russia's government is not discussing cooperation with OPEC, two senior Russian officials told Reuters, after a co-owner of the country's No. 2 oil producer Lukoil said Moscow and the exporter group should join forces to battle low oil prices. The comments from Lukoil co-owner Leonid Fedun contradicted a long-standing stance by Russian...

  • Tough Russian budget rhetoric masks laxer reality Wednesday, 27 Jan 2016 | 9:45 AM ET

    MOSCOW, Jan 27- A Russian plan to cut 10 percent from this year's budget is at best misleading. But large areas of the budget are excluded from the cuts and Russia has a poor record of meeting its own targets. Despite this, Russia is still squeezing expenditure as global prices of its main revenue earner, oil, remain well below levels needed to balance the budget.

  • *Venezuela oil minister to visit OPEC, non- OPEC countries. LONDON/ DUBAI, Jan 27- OPEC is renewing efforts among members and producers from outside the group for a deal to fix an oil glut and boost prices, but it is too early to say whether the attempt will work, OPEC sources said on Wednesday. And Venezuelan President Nicolas Maduro announced on Tuesday that the...

  • *Ukraine sitting on "powder keg" of more attacks. Jan 27- Hackers were able to attack four sections of Ukraine's power grid with malware late last year because of basic security lapses and they could take down other industrial facilities at any time, a consultant to government investigators said. Three power cuts reported in separate areas of western and central...

  • BAGHDAD, Jan 27- Iraq is ready to take part in an extraordinary OPEC meeting and even reduce its fast growing output if all OPEC and non- OPEC members agree- a deal which at this stage seems elusive, the country's finance minister said. Venezuela has also called for a meeting of OPEC and non- OPEC nations in February. "Iraq is a founding member of OPEC, so we will definitely...

  • CARACAS, Jan 26- Venezuela's oil minister will tour OPEC and non- OPEC countries in a bid to drum up support for joint action to stem the tumble in crude prices, President Nicolas Maduro announced on Tuesday night. "I've given the order to minister Eulogio del Pino for him to immediately start a tour of OPEC and non- OPEC countries," the leftist leader said in a televised...