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Tag Archives: Saudi Arabia

Brent crude slips to $65 as dollar strengthens

LONDON- Brent crude slipped to around $65 on Monday as the dollar strengthened, but a further sign that U.S. shale output may have started to decline put a floor under prices. The dollar rose 0.3 percent against a basket of currencies <.DXY>, making dollar-traded commodities such as crude oil more expensive for holders of other currencies. “The recent U.S. dollar ...

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Oil hits 2015 high on Yemen worry; U.S. gasoline at Nov peaks

NEW YORK – Crude oil prices jumped 3 percent on Thursday, hitting 2015 highs while U.S. gasoline rose to its highest in nearly five months after Saudi Arabia and its allies maintained a bombing blitz in Yemen that heightened concerns about the security of Middle East oil supplies. Oil buyers also stoked the rally with bets that U.S. crude output ...

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Venezuelan delegation visits Iran, Saudi in OPEC diplomatic push

KHOBAR, Saudi Arabia – Venezuela’s oil minister heads a delegation to meet Saudi Arabian oil officials on Tuesday, coming from talks in Iran, in an OPEC diplomatic tour as its need for higher oil prices gains urgency. Suffering from a slowing economy, soaring inflation and shortages, producer Venezuela is among the members of the Organization of the Petroleum Exporting Countries ...

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Oil prices ease as U.S. stockpiles seen rising

SINGAPORE – Oil prices eased on Tuesday on expectations of another rise in U.S. stockpiles and as Saudi Arabia keeps output near record highs, but prices remained near a 2015-peak reached last week. Crude prices have climbed around 18 percent since the start of April on speculation about falling U.S. output after the domestic oil rig count hit 2010 lows. ...

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Naimi says Saudi oil production near record high in April

SEOUL – Oil Minister Ali al-Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom’s willingness to defend market share at a time when oil markets have staged a fragile recovery. There are worries among some producers that growing output from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries ...

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Brent rises above $64 after Yemen oilfield retreat

LONDON – Oil prices repaired early losses to rally above $64 on Friday due to the conflict in Yemen. Brent crude was within sight of its 2015 high reached on Thursday and has rallied 16 percent in April, supported by Yemen and the prospect that lower prices are starting to curb U.S. shale output. At 1509 GMT, Brent crude for ...

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Iraq oil minister says crude exports to hit record in April

WASHINGTON – Iraq’s oil minister said on Wednesday his country’s oil exports should hit a record of about 3.1 million barrels per day in April as output from the country’s southern fields stays strong and weather conditions improve. “In April if nothing disturbs exportations we will hit 3.1 (million barrels per day) Oil Minister Adel Abdel Mehdi told reporters. Iraq’s ...

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Oil supply buffer could halve as OPEC output rises

LONDON – An oil supply shortage may be the last thing on investors’ minds right now, but the ability of OPEC producers to cope with an unexpected surge in demand is diminishing fast, analysts and forecasters say. For years, the Organization of the Petroleum Exporting Countries has pumped much less than it can – as much as 4 million barrels ...

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Oil above $58 on U.S. shale report, Mideast tension

LONDON – Crude oil rose on Tuesday after a forecast that U.S. shale oil output would record its first monthly decline in more than four years and on tensions in Yemen, where top oil exporter Saudi Arabia is embroiled in a civil war. Brent crude was up 32 cents at $58.25 a barrel by 1339 GMT, while U.S. crude was ...

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