oil market
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Saudi Arabia raises May crude oil OSPs to Asian, Med buyers
Saudi Arabia has raised the official selling price (OSP) for its flagship Arab Light crude oil for customers in Asia and the Mediterranean in May, an Aramco statement showed on Friday.
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Edible Oil Market in Distress
EghtesadOnline: In a letter to the Agriculture Ministry, the Vegetable Oil Industries Association has warned against “serious crisis” facing the market as a result of a looming shortage.
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Retaking Iran’s Int’l Oil Market Share a Priority
EghtesadOnline: Strengthening Iran's position in OPEC and retaking its share in the global oil market is among the Oil Ministry’s priorities, new oil minister, Javad Owji, said on Thursday, the…
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ICCIMA Official: Cordial Ties to Neighbors Key to Restoring Lost Oil Market Share
EghtesadOnline: The era of high demand for oil and petroleum products will not be as before, most experts and analysts say. Nonetheless, Iran still has the opportunity to restore its lost market…
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OPEC’s Barkindo: Rising Infections May Delay Oil Market Recovery
EghtesadOnline: OPEC’s secretary general said an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would “stay the course”…
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Worried About Declining Oil Demand, OPEC Pledges Action
EghtesadOnline: OPEC and allied producers have pledged action to support the oil market as concerns mounted that a second wave of the Covid-19 pandemic will hobble demand and an earlier plan…
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Zanganeh Says OPEC+ Needs Further Production Cuts
EghtesadOnline: OPEC and its allies need to cut crude output by 500,000 barrels per day to clear the oil market's oversupply from the coronavirus outbreak, Iran’s Oil Minister said upon his arrival…
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Biggest Change in Oil Market 6 Months Away
EghtesadOnline: Tens of thousands of ships sailing the world’s oceans burn more than 3 million barrels of sludge-like high-sulfur fuel every single day. But, starting next year, the shipping…
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IEA Sees Oil Market Oversupply in 2019
EghtesadOnline: Surging US oil output will outpace sluggish global demand and lead to a large stocks buildup around the world in the next nine months, the International Energy Agency said on…
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Zanganeh: Political Agendas Exploiting Oil Market
EghtesadOnline: The global oil market is “unstable and fragile”.
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OPEC Warns Tensions Hurting Oil Market
EghtesadOnline: OPEC said that international trade tensions are hurting demand for oil, slashing its estimates for consumption earlier in the year and predicting further challenges ahead.
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Zanganeh: US Hostilities Against Iran Destabilizing Int’l Oil Market
EghtesadOnline: Oil Minister Bijan Namdar Zanganeh said Monday US sanctions on Iran and Venezuela plus the renewed military conflict in Libya are contributing to instability in the international…
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Goldman Sachs: OPEC, Allies Will Achieve Their Goal by April
EghtesadOnline: OPEC and its allies will probably achieve their goal of draining oversupply from the oil market and boosting prices by next month, says Jeff Currie, global head of commodities…
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Oil Market Forecasters Bearish on 2019
EghtesadOnline: The three most closely watched oil market forecasters are all bracing for a significant upsurge in non-OPEC supply growth in 2019 but differ on the extent that global oil supply…
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Iran Parliament's Think Tank Forecasts Lower Crude Prices
EghtesadOnline: Forecasting the future of the oil market is crucial, especially for countries where oil export is the lifeblood of the economy and budgets are constructed, deconstructed and reconstruc…
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Novak: Uncertainty Clouding OPEC Decisions
EghtesadOnline: OPEC coalition decisions on further global oil market cooperation will be taken next week amid uncertainty over many factors impacting the industry, including Iranian crude export…
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Russia Not Betraying Iran's Oil Market Trust
EghtesadOnline: Russia is committed to its domestic oil producers and it is a mistake to think that Moscow's current policy toward the oil market is a betrayal of Tehran's trust.
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OPEC sees strong oil market, possible need for more output
EghtesadOnline: Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.
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Oil Shrugs Off Trump Tweet to Rise for a Second Straight Week
EghtesadOnline: Oil rose for a second straight week as OPEC’s commitment to rebalance the market and geopolitical risks to global supplies overshadowed U.S. President Donald Trump’s tweet on…
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Goldman Says Oil to Surpass $80 With Market Likely Balanced
EghtesadOnline: Goldman Sachs Group Inc. hiked its short-term crude oil price forecast by as much as 33 percent, saying the market is now likely balanced.
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Iran warns of fallout as Trump hints at oil embargo
EghtesadOnline: Iran’s Minister of Petroleum Bijan Zangeneh says a possible boycott of the Islamic Republic’s crude oil as sought by US President Donald Trump would affect the market.
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OPEC Head Says Oil Cuts ‘Only Viable Option’ to Stabilize Market
EghtesadOnline: The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said.
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Iran Seeks More Euro for Crude Exports to S. Korea
EghtesadOnline: Unenthusiastic about trading oil in the US dollar and South Korea's won, Iran wants more euro payments for the crude oil it sells to South Korea, Oil Minister Bijan Namdar Zanganeh…
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Oil Extends Gains as OPEC Says All Options Open on Re-Balancing
EghtesadOnline: Oil extended gains as OPEC and its allies reiterated that all options are open to re-balance the market.
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OPEC Discusses Extending Oil Cuts by More Than Three Months
EghtesadOnline: OPEC and its allies are discussing extending by more than three months the oil production cuts that expire in March 2018, potentially prolonging them well into the second half…
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Oil prices rise on signs of tightening market
EghtesadOnline: Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States.
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Brent Oil Rises to 12-Week High as Physical Market Seen Tighter
EghtesadOnline: Brent rose to the highest since late May on signs supplies are tightening and a broader market rally sparked by Steve Bannon’s departure from the White House.
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Crude Market Shows Enduring Strength Beyond Seasonal Peak
EghtesadOnline: The market for physical barrels of crude from places as far apart as Oman and Colombia is strengthening beyond the traditional seasonal peak in demand, a positive indicator for…
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Saudi, Iraq Oil Ministers Agree to Stronger Oil-Cuts Commitment
EghtesadOnline: OPEC’s two biggest producers agreed to strengthen their commitment to production cuts and maintain balance in world crude markets, Saudi Energy Minister Khalid Al-Falih said after…
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Oil Skeptics Pull Out as Market Dispels Gloom to Flirt With $50
EghtesadOnline: As pessimism over oil dissipates and investors flirt with $50 a barrel again, short-sellers are getting out of the way.