Opec
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Petroleum minister hails OPEC Meeting
EghtesadOnline: Petroleum Minister Bijan Zangeneh said that the recent OPEC Meeting in Vienna was smooth compared to those held over the past three years and there was consensus among the members.
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Oversold: Oil traders punish OPEC for promising too much
EghtesadOnline: As OPEC's latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt,…
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Cheer Up, OPEC: Oil Price Slump May Yet Prove to Be ‘Knee Jerk’
EghtesadOnline: Saudi Arabia’s Energy Minister Khalid Al-Falih said he had no interest in the “knee jerk” reactions of the oil market when crude prices collapsed on Thursday as he sought to explain…
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OPEC Insiders Reel After Key Minister Is Fired During Their Meeting
EghtesadOnline: As OPEC ministers gathered in Vienna Thursday to agree a nine-month extension of their oil-supply pact, the man credited with bringing about the landmark deal learned from a news…
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Trump's Bid to Sell U.S. Reserve Oil Could Undermine OPEC Cuts
EghtesadOnline: President Donald Trump has proposed selling off more than half of the U.S. emergency oil stockpile, potentially putting more crude on the global market and undermining OPEC’s…
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Iran's Maxed-Out Crude Output Eases OPEC Push to Extend Cuts
EghtesadOnline: Iran’s oil industry bounced back from sanctions last year, cranking up output to recover market share from other OPEC producers. Now that its surge has topped out, Iran supports…
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OPEC Committee Recommends Nine-Month Oil Cuts Extension
EghtesadOnline: OPEC and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts.
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‘Iran not expecting OPEC call to cut output’
EghtesadOnline: Iran’s Petroleum Minister Bijan Zanganeh says he does not expect the Organization of the Petroleum Exporting Countries (OPEC) to call on the Islamic Republic to reduce its oil…
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Oil prices stable as market expects extended production cut
EghtesadOnline: Oil prices were stable on Wednesday, supported by confidence that an OPEC-led output cut aimed at tightening supply would be extended to all of 2017 and the first quarter of next…
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OPEC Fails to Clear Global Oil Glut, But Gets More Money Anyway
EghtesadOnline: At first glance, OPEC’s cuts haven’t worked -- global oil inventories remain well above normal levels. But the policy’s made a difference where it really counts: juicing the coffers…
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OPEC on Verge of 9-Month Cuts Extension After Iraq Backing
EghtesadOnline: OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement.
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Iran Complying With Crude Supply Cut Deal
EghtesadOnline: Iran cut back crude oil production last month in a move that reflects its adherence to a global supply cut deal and OPEC's efforts to shore up prices and restore balance to the…
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Oil gives up earlier gains as rising US output, China concerns weigh
EghtesadOnline: Oil prices gave up earlier gains on Tuesday, as concerns over slowing demand and a relentless rise in U.S. crude output undermined the impact of hopes that OPEC-led production…
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Oil prices rise on expectation of output cut extension
EghtesadOnline: Oil prices rose on Monday as Saudi Arabia's energy minister said an OPEC-led production cut scheduled to end in June would likely be extended to cover all of 2017, although a…
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Iran Will Go Along With Whatever OPEC Decides on Crude Cutbacks
EghtesadOnline: Iran will go along with whatever decision OPEC makes at its meeting later this month on whether to extend oil production cuts beyond June, Oil Minister Bijan Namdar Zanganeh said.
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OPEC Runs Out of Options as Bid to Boost Oil Price Fizzles
EghtesadOnline: OPEC’s plan to boost oil prices by cutting production has fizzled, yet it has little choice but to stick with it.
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Oil Rout Damps Stock Gains as Bonds, Dollar Slip
EghtesadOnline: Crude plunged to a six-month low, erasing gains sparked by OPEC’s November output agreement, as concerns over a supply glut mounted. Earnings kept U.S. stocks afloat, while Treasuries…
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OPEC Deepens Oil Production Cuts as Laggards Improve Compliance
EghtesadOnline: The Organization of Petroleum Exporting Countries deepened production cuts in April with laggards improving compliance with its historic deal to limit output.
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Oil rebounds on U.S. stocks drawdown, declining OPEC compliance weighs
EghtesadOnline: Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record…
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Iran Oil Minister Backs Extension of Crude Supply Cuts
EghtesadOnline: Tehran will support a decision to extend an OPEC-led agreement to cut crude oil supplies and lift sagging prices if other members of the Organization of Petroleum Exporting Countries…
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Oil prices inch down on high stocks, weak China factories survey
EghtesadOnline: Oil prices edged lower on Monday, undermined by a weak manufacturers survey out of China, and despite talk that OPEC-led crude oil output cuts could be extended when oil producers…
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Asian imports of Iranian oil rise 27%
EghtesadOnline: Imports of Iranian crude by its four main buyers in Asia rose nearly 27 percent in March from a year earlier as the country took advantage of its exemption from a production cut…
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Saudi Arabia Seen Losing Market Share to Iran, Iraq on Oil Cuts
EghtesadOnline: Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the…
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OPEC Ministers to Meet Russia Amid Push to Extend Cuts
EghtesadOnline: The energy ministers of OPEC members Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts amid a developing consensus that they…
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Oil falls on bulging U.S. crude inventories, record global supplies
EghtesadOnline: Oil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC's ability…
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Oil Veteran Says OPEC Needs Year to Pull Off Elusive Mission
EghtesadOnline: OPEC needs a year more to accomplish what’s at the moment proving to be mission impossible, according to a veteran oil analyst.
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Russia's Oil Cuts Won't Be So Easy If OPEC Deal Is Extended
EghtesadOnline: For Russian oil companies, the historic agreement to boost prices by cutting output in conjunction with the Organization of Petroleum Exporting Countries was an easy win. Extending…
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Iranian Crude Oil at $53 Per Barrel
EghtesadOnline: Iran's crude oil traded above $53 a barrel in the week to April 14, reflecting the global confidence in a pact between OPEC and non-OPEC producers to slash supplies to boost flagging…
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Oil recovers lost ground, but market remains under pressure
EghtesadOnline: Oil prices recovered ground on Monday following last week's big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless…
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Oil Prices Slide
EghtesadOnline: Oil prices edged lower on Friday, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market.