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Tag Archives: Opec

Qatar is Leaving OPEC From 2019

The small, gas-rich state of Qatar said Monday that it will leave the oil cartel on January 1 after nearly 60 years of membership. The country’s state oil company, Qatar Petroleum, made the announcement in a series of tweets. “The withdrawal decision reflects Qatar’s desire to focus its efforts on …

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Oil Prices fall on Doubts Over OPEC Production Cut

Oil Prices fall on Doubts Over OPEC Production Cut

Oil prices fell around 2 percent on Tuesday on signs leading oil exporters were struggling to agree a deal to cut production to reduce global oversupply. The Organization of the Petroleum Exporting Countries will meet in Vienna on Wednesday aiming to implement an agreement outlined in September to cut output …

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The Biggest Winners and Losers From OPEC’s Oil Deal

The Biggest Winners and Losers From OPEC's Oil Deal

Good news for oil producers is bad news at the pump. The Organization of Petroleum Exporting Countries’ agreement to cut production ends two years of Saudi Arabia’s pump-at-will policies, which had sunk oil prices to the joy of drivers in the Western world and the consternation of central bankers seeking to stave …

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OPEC Head Meets Iran oil Minister in Tehran

Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Sanusi Barkindo met with Iran’s Oil Minister Bijan Namdar Zanganeh, SHANA reported Sept. 6. Barkindo earlier left Qatar to Tehran to discuss oil freeze issue. Qatar’s Prime Minister Sheikh Abdullah Bin Nasser met in Doha with Barkindo Sept. 5 …

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Finance Minister Signs 27 million EUR Credit Agreement with EBRD

Finance Minister Signs 27 million EUR Credit Agreement with EBRD

On May 11-12 Georgian Finance Minister Nodar Khaduri is attending the annual meeting and business forum of the European Bank for Reconstruction and Development (EBRD) in London. On May 11, the Georgian Finance Minister will take part in unveiling the meeting of EBRD board of directors and a plenary session. …

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The World Market Price of Oil Slightly Dropped

The World Market Price of Oil Slightly Dropped

Oil fell around 3 percent Today after Iran dashed hopes of a coordinated production freeze any time soon, returning bearish sentiment to the market over a supply glut that has sent prices crashing. Global benchmark Brent crude futures LCOc1 fell back below $40 a barrel, trading at $39.20 at 1157 GMT, …

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Union of Oil Product Importers: Crude Oil Prices Keep Decreasing

oil

According to the January 15 report, the price of Brent crude oil at the London Stock Exchange (LSE) (ICE Futures Europe) marked 33.99 USD per barrel, while the price of Light Sweet oil at the New York Mercantile Exchange (NYMEX) constituted 29.76 USD per barrel. The current low prices are …

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Major Oil Producers Agree to Freeze Oil Output Level

Major Oil Producers Agree to Freeze Oil Output Level

Energy ministers of Russia and a number of OPEC countries have agreed to freeze the production of oil after the negotiations in Qatar’s capital Doha, Qatar’s Energy Minister Mohammad bin Saleh al-Sada said, RIA Novosti reported on February 16. Oil output will be stabilized at the level of January11, Saudi …

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Breaking News: Crude Oil Falls Below $35 Per Barrel

Opec OIl

Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply. Futures fell 1.8 percent to $34.99 a barrel in New York, the lowest since Feb. 19, 2009. …

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Russian Energy Minister Novak due in Iran by late October

Russian Energy Minister Alexander Novak will visit Iran on Oct. 21 – the day of a meeting between Russian and other oil producers with officials from OPEC in Vienna, a ministry spokeswoman said on Friday rouiters reported . Attemping to increase bilateral trade to $10 billion a year from $2 …

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Oil Prices Fall on Unexpected Rise in U.S. Crude Stocks

Oil prices fell on Wednesday after an unexpected rise in U.S. crude stocks, adding to a picture of global oversupply that has dragged down values over the past year. Industry data released on Tuesday by the American Petroleum Institute (API) showed crude inventories at the Cushing, Oklahoma hub rose 2.3 …

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OPEC: The illusion of victory

Christopher Dembik, Analyst at Saxo Bank – On the heels of Saudi Arabia, several countries have decided to increase their production to gain market share; – The decline in US production is an optical illusion; – The rise of Iraqi production will accentuate the excess supply in the coming years. …

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