oil market
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Crude Oil Could Plunge to as Low as $30 a Barrel
EghtesadOnline: Crude prices could plunge toward $30 a barrel -- a rout of about 40 percent from current levels -- unless OPEC extends production cuts that are propping up the market, ABN Amro…
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Saudi Arabia Breaks Records on Oil Exports and Output for Year
EghtesadOnline: Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.
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Oil prices flatline as U.S. drilling counters OPEC output cuts
EghtesadOnline: Oil prices held steady on Monday as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring…
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OPEC Wins Plaudits for Oil Recovery, Yet Economy Lends a Hand
EghtesadOnline: OPEC may be getting all the credit for reviving the oil market, but it had a little help. While the Organization of Petroleum Exporting Countries did spur a 28 percent recovery…
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Iran takes market share from OPEC rivals
EghtesadOnline: Iran’s crude oil and condensate exports rose three percent month-on-month in January as it continued to regain market share, widening its appeal among refiners around the globe…
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Oil overhang points to need for extended OPEC output cuts
EghtesadOnline: An OPEC-led production cut may well be accelerating a drawdown in global oil stocks that began last year, but implementing the reduction for just six months means the producer…
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Oil prices firm, but kept in range by mixed price signals
EghtesadOnline: Oil firmed on Tuesday after falls the previous session, with markets torn between mixed price indicators that have kept crude range-bound for much of the year.
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OPEC Convinces Investors That Its Oil Output Cuts Are Real
EghtesadOnline: OPEC appears to have persuaded investors that it’s making good on promised production cuts.
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Oil eases on rising U.S. inventory, market looks to EIA data
EghtesadOnline: Oil edged lower on Wednesday as expectations of an increase in U.S. inventories weighed on the market, offsetting bullish momentum from output cuts announced by OPEC and other…
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Oil Rises Near $53 as Iraq Says Close to Full OPEC Cut Pledge
EghtesadOnline: Oil advanced to trade near $53 a barrel as Iraq said it’s close to implementing its share of pledged output curbs agreed with OPEC to trim bloated global inventories and stabilize…
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OPEC Helps Cheap U.S. Oil Find Its Way to Group’s Top Buyers
EghtesadOnline: Add Southern Green Canyon and Mars Blend to the growing list of American crude that’s challenging OPEC’s dominance in the world’s biggest oil market.
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Oil firms after producer meeting, but high U.S. output weighs
EghtesadOnline: Oil edged up on Monday on statements over the weekend from OPEC and other producers that they have been successfully implementing output cuts, but gains were limited by a surge…
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OPEC and Friends Agree on Way to Monitor Oil Cut to End Glut
EghtesadOnline: OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than…
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OPEC, Russia Meet for First Check on Oil-Cuts Progress
EghtesadOnline: Representatives of OPEC and several other major oil producers are arriving in Vienna for their first meeting to monitor compliance with an agreement to cut output.
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Trump’s Vow to Break From OPEC Oil Imports Echoes Old Refrain
EghtesadOnline: U.S. President Donald Trump’s pledge to make America independent from OPEC isn’t a new refrain in Washington.
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Dana Gas Says 1 Billion Barrels of Oil in Way of Ending Glut
EghtesadOnline: Almost 1 billion barrels of oil held in inventories must be used up before global supply and demand are closer to balance, Dana Gas PJSJ Chief Executive Officer Patrick Allman-Ward…
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Oil, Snow and Saudi Billions: Secret Davos Gets Down to Business
EghtesadOnline: Nothing sharpens the mind of Davos delegates more than the prospect of striking big deals -- and after a day of debating globalization and its discontents it was time to go for…
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Oil Demand at Risk as China Reins In Buyers That Bought Less
EghtesadOnline: Demand from some of the most coveted oil buyers may slow this year because they didn’t purchase all that they could in 2016.
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Oil Gains as U.S. Supplies Decline at U.S. Hub, Rise Elsewhere
EghtesadOnline: Oil rose in New York after a government report showed that crude stockpiles at the biggest U.S. storage hub dropped the most since October.
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Saudi Oil Shipments Soared Ahead of OPEC Production Cut
EghtesadOnline: Saudi Arabia’s crude exports surged to a 13 1/2-year high in November, just before it led global producers in restricting supplies to curb the worst glut in decades.
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Iran Resolute in Quest for Bigger Oil Market Share
EghtesadOnline: Tehran is keen on raising crude oil output and expand its footprint in the global market despite being part of a pact that took effect this month to cut oil supplies, said Saeed…
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Oil rises on weaker dollar, U.S. production outlook caps gains
EghtesadOnline: Oil prices rose on Wednesday with a weaker dollar underpinning the market, although gains were limited by expectations that U.S. producers would boost output.
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OPEC sees market stability in 2017, Venezuela aims for $70 price
EghtesadOnline: OPEC Secretary-General Mohammed Barkindo forecast on Monday that stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would…
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Oil prices mixed on Saudi commitment to cut output, investor scepticism
EghtesadOnline: Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by scepticism in financial markets that…
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As OPEC Acts on New Year’s Resolution, U.S. Shale Pumps Away
EghtesadOnline: U.S. shale is getting in the way of a New Year’s resolution by OPEC to cut production and boost the market.
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Oil prices will be much more volatile in 2017: IEA
EghtesadOnline: Global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented,…
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Iran capitalizes on OPEC oil cut to sell millions of barrels - sources
EghtesadOnline: Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalizing on an OPEC output cut deal from which it is exempted to regain market share…
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Oil slips $1 on concerns U.S. production is rising
EghtesadOnline: Oil fell by $1 a barrel on Monday as signs of growing U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies…
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Saudis Said to Duel Rivals by Curbing Heavy Oil Over Light Crude
EghtesadOnline: Saudi Arabia is staying in the battle for market share by continuing to pump the type of oil that’s similar to rival U.S. and African supply, while fulfilling its promise to cut…
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'Contango' is in OPEC's crosshairs, Goldman Sachs says.
There's an Early Sign OPEC's Push to 'Fast-Forward' the Normalization of the Oil Market May Be Working
EghtesadOnline: When it comes to OPEC production cuts, "We tend to cheat," said former Saudi Arabia Oil Minister Ali al-Naimi after the group reached an agreement to curb output late last year.