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  • A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016.

    Saudi Arabia, Russia and other countries that heavily rely on oil revenues are getting more desperate, oil expert Daniel Yergin tells CNBC.

  • NEW YORK, Feb 5- Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi...

  • NEW YORK, Feb 5- Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi...

  • NEW YORK, Feb 5- Oil prices were little changed in choppy trading on Friday, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi counterpart Ali al-Naimi in...

  • LONDON, Feb 5- Oil is on track to end the week lower after two consecutive weeks of gains in a volatile Friday session, as bearish fundamentals pressure prices despite bullish indications earlier in the week. International benchmark Brent crude futures were 53 cents lower at $33.93 per barrel at 1454 GMT, and down from an intraday high of $35.14.

  • Qatar's Energy Minister Mohammed al-Sada is the current holder of the rotating OPEC presidency. Del Pino later met Oman's Oil Minister Mohammad bin Hamad al-Rumhy, who "reiterated his support of the actions Venezuela has taken to stabilize the market," according to statements from the Oil Minister and state oil company PDVSA, over which Del Pino presides.

  • RIYADH, Feb 4- A devaluation of Saudi Arabia's currency could cause such political instability that Riyadh has little choice but to stick to its promise to use vast foreign exchange reserves to defend the riyal's 30- year-old peg to the U.S. dollar. It would be catastrophic, "said John Sfakianakis, a Riyadh- based economist. Some diplomats living in Saudi Arabia say...

  • *OPEC's Venezuela lobbies for producer meet to cut output. Crude rebounded from an earlier decline after an Iranian official was quoted as saying Tehran supported a meeting between OPEC and other oil producers- raising hopes they could take action to support prices despite widespread scepticism in the market. "Headlines continue to fly about an OPEC/ non- OPEC...

  • Qatar's Energy Minister Mohammed al-Sada is the current holder of the rotating OPEC presidency. Cash-strapped OPEC member Venezuela has been calling for an emergency meeting of producers to discuss steps to prop up prices, which are close to their lowest since 2003.. On Wednesday, Iranian news agency Shana quoted Del Pino as saying six producing countries,...

  • *OPEC's Venezuela lobbies for producer meet to cut output. LONDON, Feb 4- Oil slipped below $35 a barrel on Thursday after the previous session's 7 percent jump, pressured by oversupply and scepticism that Venezuela's effort to lobby crude producers for output cuts would succeed. Brent crude was down 39 cents at $34.65 a barrel at 1332 GMT.

  • Spain: Jet evacuated in Madrid after hoax threat Thursday, 4 Feb 2016 | 7:36 AM ET

    MADRID— Passengers on a jet set to leave Madrid for Saudi Arabia were evacuated Thursday after the pilot reported an unspecified threat that authorities later determined was a hoax. The Saudi Arabian Airlines jet taxied to a remote part of Madrid's airport Thursday after the threat was reported and all passengers safely disembarked, a spokeswoman for...

  • The MSCI emerging market benchmark was lifted by stellar gains in Asia as well as an oil-fuelled rise in Russia as crude prices jumped above $35 a barrel, adding to a 7 percent rise on Wednesday. Dollar-denominated stocks in Moscow rose as much as 6 percent while bourses in South Africa, Turkey and Poland all firmed around 1.5 percent. In Asia, Chinese mainland...

  • DUBAI, Feb 4- Stock markets in Saudi Arabia and Egypt rose in early trade on Thursday as a second day of rising oil prices helped to revive risk appetite. Saudi Basic Industries, the largest petchem by market value, jumped 3.0 percent. However, strength in Saudi stocks late on Wednesday was accompanied by lower trading volumes, suggesting the index is still in an...

  • A new global oil deal could draw lessons from 1998 Tuesday, 2 Feb 2016 | 1:00 AM ET

    *OPEC rifts and pact with Russia under scrutiny. Now, with oil prices touching their lowest level since 2003, OPEC officials and deal brokers are looking back nearly two decades and asking whether a behind-the-scenes deal to curb oil output between OPEC and non-OPEC Russia could be struck. Some see OPEC rifts as insurmountable and Russia as a wild card that...

  • Even the whiff of an OPEC deal rallies oil Friday, 29 Jan 2016 | 3:17 PM ET

    There's little chance the OPEC cartel and nonmember Russia could reach a deal that would result in lower oil production.

  • How US degrades ISIS assets: Expert Friday, 29 Jan 2016 | 7:34 AM ET
    How US degrades ISIS assets: Expert

    The trucks are the veins of the operations, says Amos Hochstein, U.S. Department of State, discussing the U.S. strategy to target ISIS' energy infrastructure.

  • The rally in crude oil? Shale will cap it, says Citi Friday, 29 Jan 2016 | 2:18 AM ET
    Pump jacks and wells on the Monterey Shale formation in California

    Despite a jump in crude oil prices this week, gains may be capped by quick ramp up in shale production, according to an analyst.

  • Oil finishes higher Thursday, 28 Jan 2016 | 2:32 PM ET
    Oil finishes higher

    Oil market responds to rumors of production cuts. CNBC's Jackie DeAngelis explains.

  • Saudis 'ready to cooperate' on crude output: Report Thursday, 28 Jan 2016 | 12:54 PM ET
    An oil site in the middle of the Rub Al Khali ("the empty quarter") desert, Saudi Arabia.

    But the report denied that Saudi Arabia had proposed a 5 percent production cut to bolster weak crude prices.

  • Gulf airlines squeezed by Iran tensions Thursday, 28 Jan 2016 | 7:29 AM ET

    *Gulf Air has cancelled 16 Iran flights a week. DUBAI, Jan 28- Diplomatic tensions are causing airlines in Saudi Arabia, Iran and Bahrain to lose millions of dollars in revenue at a time when all three countries are grappling with the economic impact of lower oil prices. Lucrative flights that carry pilgrims to Islam's holiest sites in Saudi Arabia are among the...