oil market
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OPEC Boss Warns of Oil-Market Instability If No Deal on Output
EghtesadOnline: OPEC’s chief warned of prolonged instability in the oil market if the producer group and other major crude suppliers fail to act jointly to limit output and curb a global glut.
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OPEC Chief Says Russia on Board With Deal to Limit Output
EghtesadOnline: Russia, the world’s biggest energy producer, is “on board” with an OPEC agreement to limit crude oil production to help re-balance the market, according to OPEC Secretary General…
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OPEC Says Road Map to Implement Algiers Oil Deal Is Taking Shape
EghtesadOnline: The path to implementing OPEC’s Algiers agreement to cut production is taking shape and the outcome of a meeting of oil producers in Vienna Friday and Saturday could have a significant…
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OPEC May Need Help to End the Global Glut of Oil
EghtesadOnline: Even if OPEC defies a skeptical market by implementing output cuts in full, it still won’t drain the ocean of surplus oil already pumped from the ground.
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Oil prices set for weekly drop on doubts OPEC can coordinate output cut
EghtesadOnline: Oil prices were steady on Friday, but on track for a weekly loss of more than 2 percent on uncertainty over whether OPEC would be able to coordinate a production cut big enough…
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OPEC Is at ‘Hardest’ Stage in Its History, Chief Barkindo Says
EghtesadOnline: OPEC Secretary-General Mohammed Barkindo said the 14-nation group is facing its toughest challenge as members debate oil-production cuts needed to balance the market.
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Oil price declines weigh on European markets
EghtesadOnline: European shares fell on Wednesday maintaining a gloomy trend set in Asia and the United States, and with concerns about a global glut of oil looming over the market.
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Iran's ready to join oil freeze plan
EghtesadOnline: A senior Iranian oil official here on Monday voiced Tehran readiness to join the Organization of Petroleum Exporting Countries (OPEC) oil freeze plan to help stabilize prices…
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Russian, Persian Gulf Arab Oil Ministers Meet as OPEC Cut Looms
EghtesadOnline: Russia’s energy minister met with counterparts from Saudi Arabia and other Persian Gulf Arab oil-producers to discuss steps to stabilize crude markets amid OPEC’s drive to win…
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Oil prices drop as Iraq says doesn't want to join OPEC cut
EghtesadOnline: Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as U.S. drillers stepped…
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Venezuela's Maduro says oil producers close to output cap deal
EghtesadOnline: Venezuelan President Nicolas Maduro was quoted on Saturday as saying that OPEC and non-OPEC nations were "very close" to an agreement on oil production curbs, Azerbaijan's state…
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Oil Holds Above $50 in New York as Market Waits for Output Deal
EghtesadOnline: Crude settled above $50 a barrel as investors assessed the likelihood of a deal to reduce supply after Russia’s energy minister said the country’s oil output may rise to a record…
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Oil Market Glut Grows Bigger as Saudi Arabia Says Worst Is Over
EghtesadOnline: Listen to Saudi Arabia and hear the oil market is rebalancing. Look at the screen, and Brent is indeed holding above $50 a barrel. But dig deeper into the world of physical oil,…
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Oil Extends Decline as U.S. Producers Boost Drilling Amid Glut
EghtesadOnline: Oil extended declines after U.S. producers increased drilling as the market contends with an overhang of crude inventories at the highest seasonal level in at least three decades.
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Rosneft Beat Four Suitors to Buy Refinery in Surging Oil Market
EghtesadOnline: For the billionaire Ruia brothers, who sold their stake in India’s second-largest refinery to Rosneft PJSC and a group led by Trafigura for about $13 billion, the biggest surprise…
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Russia’s Mega India Oil Deal Takes Turf War to Mideast Backyard
EghtesadOnline: A $13 billion deal involving Russia in India threatens to weaken the grip of Middle East crude suppliers in the world’s fastest growing oil market.
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What OPEC’s Oil U-Turn Missed: Peak Demand Keeps Getting Closer
EghtesadOnline: OPEC’s decision last month to reverse its policy of unfettered production and cut oil output to boost prices may be at odds with the industry’s most important long-term trend:…
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Oil From $50 Billion Kashagan Field Starts Flowing to Export
EghtesadOnline: Kashagan, a vast oil field in the Caspian Sea, sent its first crude for export after about 16 years in development and more than $50 billion of investments.
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BofA Sees Record Mideast Deals Driven by Oil Crash, Reforms
EghtesadOnline: As the price of oil stays stubbornly low, investors in the Middle East are turning to deals. Mergers and acquisitions activity in the Persian Gulf region is set to accelerate…
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Venezuela Sees Oil Agreement Cutting 1.2 Million Barrels a Day
EghtesadOnline: An agreement among OPEC and non-OPEC states to limit oil production could slash global supply by 1.2 million barrels a day and add as much as $15 to prices, said Venezuelan Oil…
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OPEC’s decisions have good impact on market
EghtesadOnline: Iran’s Oil Minister Bijan Zanganeh has said that the OPEC’s recent decisions have laid good impact on the international oil market.
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Zanganeh: OPEC members expected to welcome Iran comeback to oil market
EghtesadOnline: Minister of Petroleum Bijan Zanganeh said on Wednesday that members of the Organization of the Petroleum Exporting Countries are expected to welcome comeback of Iran to oil market…
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Zangeneh calls for revival of quota system in OPEC
EghtesadOnline: Minister of Petroleum Bijan Zangeneh on Tuesday called for revival of the quota system of the Organization of Petroleum Exporting Countries, saying that there is no alternative…
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Iran Doesn’t Want Oil Deal in Algiers, Won’t Freeze Output
EghtesadOnline: Iran is not willing to freeze its oil output at current levels and doesn’t intend to forge an agreement with other major crude producers at talks in Algiers this week, the nation’s…
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Saudi Oil Minister Signals He’s Open to Iran Compromise at OPEC
EghtesadOnline: Saudi Arabia gave the strongest indication yet it’s ready to compromise with regional rival Iran, potentially paving the way for the first limit on oil production in two years,…
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OPEC set for no deal as Iran rejects Saudi oil output offer
EghtesadOnline: Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find…
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Zangeneh: Algeria meeting to be consultative
EghtesadOnline: Minister of Petroleum Bijan Zangeneh said on Monday that current situation of oil market is detrimental to both producers and consumers in medium and long term and that the Algerian…
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OPEC May Finally Be Willing to Curb Oil Glut, Just Not Yet
EghtesadOnline: After two years of pumping without limits, OPEC may finally be ready to do something to shrink the global glut. Just not quite yet.
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Iran Now Has the Edge in the Fight Over Oil Prices With Saudi Arabia
eGHTESADoNLINE: suddenly the tables have been turned on Saudi Arabia. The biggest oil exporter has swapped its traditional role as price dove with regional foe Iran, for years OPEC price hawk.…
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Oil Halts Advance as Speculation Over OPEC Deal Whipsaws Market
EghtesadOnline: Oil halted gains after two days of price swings as investors weigh the chance of OPEC reaching an output deal to stabilize markets when the group meets Wednesday in Algiers.