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OPEC News

News on OPEC (Organization of the Petroleum Exporting Countries) continually updated from thousands of sources around the net.

3 hrs ago | World Oil

Industry at a Glance

Rising world tensions brought on by the conflicts in the Ukraine and Iraq did little to change crude oil prices in July and August. Markets were calmed when it appeared the Islamist group ISIS would not capture Iraqi oilfields, as had been feared.

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Related Topix: Metal, Isis, World News

7 hrs ago | The Washington Post

OPEC Secretary-General Says Group May Pump Less Oil in 2015

OPEC, the group supplying about 40 percent of the world's oil, may cut production next year, its Secretary-General Abdalla El-Badri said. The Organization of Petroleum Exporting Countries' daily output target could fall by 500,000 barrels to 29.5 million barrels in 2015, El-Badri said at OPEC's secretariat in Vienna after talks with Russian Energy Minister Alexander Novak today.

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Related Topix: World News, Middle East, Saudi Arabia, Science / Technology

7 hrs ago | The Washington Post

Crude Rises as OPEC Secretary General Says Group May Cut Target

West Texas Intermediate and Brent crudes climbed after OPEC's secretary general said the group may cut output targets next year. Abdalla El-Badri said today that the Organization of Petroleum Exporting Countries' production quota could fall 500,000 barrels a day to 29.5 million barrels a day next year.

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Related Topix: World News, Middle East, Saudi Arabia, Winchester, MA, Science / Technology

9 hrs ago | Babalu Blog

Venezuela heading towards default, just like its colonial master Cuba

Venezuelan bond prices swooned last week on renewed speculation that the government of President Nicolas Maduro might soon default on as much as $80 billion of foreign debt. The yield on the government bond due in 2022 hit a six-month high of 15.8% on Sept.

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Related Topix: Hugo Chavez, World News, Venezuela, US News, Conservative Political News

13 hrs ago | Silicon Alley Insider

OPEC's Badri Says He Expects OPEC To Lower Output Target

OPEC Secretary General Abdallah El-Badri told reporters on Tuesday he expected the group to lower its oil output target when it meets next in late November. "No, I don't think so," he said.

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Related Topix: World News

16 hrs ago | Nerve News

OPEC daily basket price closes below $95 a barrel

Vienna, Sep 16 The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries closed at $94.68 a barrel Monday, compared to $95.68 a barrel last Friday, the OPEC Secretariat said. The new OPEC reference basket comprises Saharan Blend , Girassol , Oriente , Iran Heavy , Basra Light , Kuwait Export , Es Sider , Bonny Light , Qatar Marine , Arab Light , Murban and Merey .

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Related Topix: World News, Middle East, Iraq

Mon Sep 15, 2014

Seeking Alpha

The Global Top Oil And Gas Companies By Market Capitalization

The oil and gas industry is the one of the most important industries in many countries. The economies of Middle Eastern countries are based on oil and natural gas.

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Related Topix: World News

Daily Mail

As tensions in Middle East rise, oil price, perversely, is falling

As tensions in the Middle East rise, with Western democracies aiming to destroy the emergent Islamic State, the oil price, perversely, is falling. This is extraordinary.

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Related Topix: Life, Holidays, Yom Kippur, World News

Reuters

COMMODITIES-Oil tumbles, CRB hits Jan low as China data sparks selloff

Oil prices slid to a 26-month low on Monday, and many other commodities also fell in a selloff that drove a sector benchmark near its lowest level this year on discouraging data out of China along with a stronger U.S. dollar. Commodities such as wheat, sugar, aluminum and cotton slumped after China's factory output hit a six-year low, while the OECD issued lower growth forecasts for leading developed economies.

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Related Topix: Stamford, CT, World News

Reuters

Russia's energy minister to meet OPEC as oil price falls more

Russian Energy Minister Alexander Novak will meet OPEC officials on Tuesday in Vienna, his spokeswoman said, as oil's price fall piled pressure on Moscow's budget. The annual meeting had been planned long before oil fell below the $100 per barrel level critical for Russia's oil sales which account for 40 percent of state budget revenues.

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Related Topix: World News

Fausta's blog

Venezuela: The next default

Venezuelan bond prices swooned last week on renewed speculation that the government of President Nicolas Maduro might soon default on as much as $80 billion of foreign debt. The yield on the government bond due in 2022 hit a six-month high of 15.8% on Sept.

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Related Topix: World News

Trend

SOCAR comments on impact of decline in world oil prices on its revenues

It is not right to talk about the impact of the short-term decline in world oil prices on the annual rates of SOCAR revenues, the head of SOCAR Rovnag Abdullayev said Sept.15, commenting on the fall in oil prices and its impact on company earnings. Last week, considering the expectations of an escalation of the conflict in the Middle East, the price of a barrel of Brent on the London Stock Exchange went down to $97.

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Related Topix: World News, Georgia,

StockMarketsReview.com

Oil and natural gas daily review

WTI oil prices have traded lower last week as report from IEA said that that slowing global economic growth, particularly in China and Europe, had curbed oil demand severely at a time when supplies were growing steadily, particularly from North America. On the supply side, the IEA expects non-OPEC supply to expand by 1.6 million barrels per day in 2014 and by another 1.3 million bpd in 2015.

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Related Topix: World News

Sun Sep 14, 2014

Reuters

Brent hits 26-month low under $97 on weak China data

Brent crude slumped to a more than two-year low under $97 per barrel on Monday as a slew of lacklustre economic data from China, the world's top energy consumer, cast a shadow on the outlook for oil demand amid abundant global supplies. Analysts have warned of a potential hard landing at the world's No.2 economy after the country's factory output grew at its slowest pace in nearly six years last month, stoking fears of lower oil demand growth in the key consumer.

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Related Topix: World News

ICIS Chemical Business Americas

Commentary: Poor demand hurts Q4

Some chemical markets in Europe and Asia are suffering as poor downstream demand, coupled with ample or excess supply, hits the supply chain. As we enter the fourth quarter of the year, Asia's economic growth prospects look more hesitant.

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Related Topix: World News

Arab Times

Global oil prices slump as dollar 'strengthens'

Commodity prices dropped this week as the dollar strengthened, with Brent oil sinking to its lowest level in more than two years against a backdrop of solid supplies and sluggish demand. Sugar futures meanwhile touched multi-year lows, weighed down by expectations of a large surplus of supplies.

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Related Topix: World News

Sat Sep 13, 2014

Al Bawaba

The pendulum is swinging? Falling oil prices shifts energy balance in favor of the West

For now, however, the US-led surge in supply and weak demand have seen traders start to store additional barrels as they wait for prices to recover. The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.

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Related Topix: World News

Trend

Iran's oil exports stands at 1.2 million barrels, official says

When the current administration took the office, Tehran's oil exports dropped to 700,000-800,000 barrels from the previous figure of 1.3 million barrels, Iran's Fars news agency quoted an unnamed source at the country's Oil Ministry as saying. Iran's oil exports slipped for a second month in July, yet sales remained above the limit set by the West under an interim deal aimed at curbing Iran's nuclear program, according to sources who track tanker shipments, Reuters reported on August 6. Iran and six world powers, known as the P5+1, agreed to extend nuclear talks by four months after they failed to reach a July 20 deadline for a permanent resolution.

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Related Topix: World News

American Thinker

The utter failure of our political class to respond to mortal danger

Nations are much like living organisms. One fundamental function of life is to tell the difference between friends and foes.

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Related Topix: Prison, World News

Newkerala.com

OPEC daily basket price closes at two-year low

The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries slid to $95.35 a barrel Thursday, compared to $95.93 a barrel Wednesday, the OPEC Secretariat said. It was the lowest closing price since July 2012.

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Related Topix: World News

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