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How Saudi Arabia successfully defended its US oil market share (Arab News - 31/01/2016)

Saudi Arabia has successfully defended its share of the US oil market even as rising domestic production from shale and growing pipeline imports from Canada have cut seaborne imports from other countries. Saudi crude exports to the US have remained

Oil soars on possible cut in production (Reuters - 29/01/2016)

Oil rose yesterday after a Russian official said that Saudi Arabia had proposed that oil-producing countries cut output by up to 5% each, amid a global supply overhang that has depressed prices for over a year-and-a-half. Crude accelerated higher after

Oil prices fall again on US data (Saudi Gazette - 28/01/2016)

Oil prices resumed their slide Wednesday as traders awaited US energy stockpiles data expected to once more shine light on the global crude glut. At about 1100 GMT US benchmark West Texas Intermediate for March delivery was down $1.03 at $30.42 a barrel.

World Bank slashes 2016 oil price forecast (Reuters - 27/01/2016)

The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said on Tuesday, amid growing supply and weak demand prospects from emerging markets. In its annual Commodity Markets Outlook, the World Bank lowered its

Saudi, Egypt edge up as oil rebounds; other Gulf markets decline (Saudi Gazette - 27/01/2016)

Bourses in Saudi Arabia and Egypt recovered earlier losses and edged higher on Tuesday as crude prices bounced back, while other major Gulf stock markets slid. Brent climbed 82 cents over $30 a barrel at 1218 GMT on Tuesday, lifted by hopes that OPEC

Oil falls 4% after Iraq supply adds to glut (Arab News - 26/01/2016)

Oil prices resumed their slide on Monday, falling about 4 percent to wipe out some of the surge at the end of last week, on news that Iraq flooded a massively oversupplied oil market with record output last month. Brent crude, the global benchmark, was

Oil ‘a blessing and curse for Russia’s economy’ (AFP - 24/01/2016)

Abundant oil and gas deposits have been a blessing for Russia, but they now feel like a curse as low prices propel the country into a deep economic crisis that shows no signs of abating. The rouble fell to a record dollar low this past week as global

Oil price surges 21 per cent in biggest rally in seven years (Bloomberg - 24/01/2016)

Oil rallied, capping the biggest two-day advance in more than seven years after a slump to a 12-year low prompted some investors to buy back record bearish bets. Front-month futures jumped 21 per cent after the February contract expired Wednesday at

Opec emergency meeting ‘may hurt market’ (Reuters - 24/01/2016)

Iran's oil minister said on Friday any emergency meeting of the Organization of Petroleum Exporting Countries (Opec) would hurt the crude oil market if it made no decision to shore up falling prices. Venezuela has been calling for an emergency meeting to

Crude Oil Rises Off 12-Year Low On Supply Data (Bloomberg - 22/01/2016)

Oil rose from its lowest close in more than 12 years as investors tried to pick a bottom after government inventory data. Futures rose 4.2% in New York. U.S. supplies climbed 3.98 million barrels last week, the Energy Information Administration said

Oil Prices Rally Above $30 a Barrel on Central Bank Stimulus Hopes (WSJ - 22/01/2016)

Oil prices rallied above $30 a barrel on Friday as investors hunted for bargains after a volatile week and bet that fresh stimulus measures by major central banks would improve sentiment for the beleaguered commodity. Brent crude, the global oil

Oil has ‘definitely’ bottomed: Vedanta Resources (CNBC - 22/01/2016)

As crude oil prices rally back above $30 per barrel, the chairman of India's Vedanta Resources told CNBC that the only way for the commodity was up. "Definitely we are at the bottom, but in India a lot more has to happen. The (new) Modi government has

Brent crude oil trades at over $30 per barrel (TASS - 22/01/2016)

The cost of the futures contracts of Brent crude oil for March 2016 delivery exceeded $30 mark on London's ICE on Friday trading at $30.67 per barrel. On Thursday, the cost of the futures contracts of Brent crude for March delivery rose by 3% to $29.45

OPEC sees oil market rebalancing in 2016 (Arab News - 19/01/2016)

OPEC forecast on Monday that oil supply from non-member countries will post a larger-than-expected decline this year due to the collapse in prices, boosting the need for crude from the producer group. Supply outside the Organization of the Petroleum

Oil producing nations to sell $240 bn assets this year: JP Morgan (Reuters - 18/01/2016)

Oil-producing countries will sell $240 billion of international assets this year, mostly stocks and bonds, in an attempt to hold together budgets blown apart by the slump in oil prices, according to estimates from JP Morgan. That sum will come from

Saudi oil minister optimistic crude prices will rise (The Gulf Today - 18/01/2016)

Saudi Oil Minister Ali Al Naimi said he’s optimistic crude prices will rise and foresees that market forces and cooperation among producing nations will lead in time to renewed stability. “I am optimistic about the future, the return of stability to the

Crude Oil Crash Triggering Global Instability, Trend Forecast 2016 (The Market Oracle - 17/01/2016)

The crude oil price collapse of 2015 has continued into 2016 with the price of oil plunging to a 12 year low of just under $30 per barrel as a consequence of a perfect storm of falling demand, primarily due to the slowing Chinese economy and relentlessly

Oman’s crude oil output grows 4% to 358m barrels in 2015 (Times of Oman - 17/01/2016)

Oman’s total crude oil and condensates production in 2015 grew almost 4 per cent to touch 358.10 million barrels, which is equivalent to 981,090 barrels per day. This is against 344.37 million barrels production in 2014, equivalent to 943,500 barrels per

More bad news for crude oil as Iran supplies come on-board (Gulfnews - 17/01/2016)

There has been a raft of bad news for oil. In a market which already has a supply glut, more supplies from Iran would add to the existing chaos. On this news, Brent crude fell more than 5 per cent on Friday, and analysts feel more pain is still left

More bad news for crude oil as Iran supplies come on-board (Gulf News - 16/01/2016)

Brent has reverted to a discount all the way out to August 2017 and some of this can be explained by the additional pressure on international prices from the additional barrels from Iran. There has been a raft of bad news for oil. In a market which

Oil plunges below $29 on prospects of more Iranian crude (Reuters - 15/01/2016)

World oil prices slumped more than 6 percent to below $29 a barrel on Friday, as a further fall in the Chinese stock market and the prospect of an imminent rise in Iran's crude exports deepened fears of a longer supply glut. After closing higher for the

Crude Oil In Free Fall, Drops Near USD29 (RTT News - 15/01/2016)

Crude oil price plunged below USD30 a barrel Friday morning amid speculation that OPEC will continue pumping oil at a breakneck pace despite the global supply glut. Iran's oil is coming back to market after years of sanctions, just as Saudi Arabia is

Buffett expands oil bet, buys more Phillips 66 (Reuters - 15/01/2016)

Warren Buffett is expanding his bet on the oil industry, slowly adding to his already large stake in oil refiner Phillips 66 (PSX.N) even as crude oil prices have sunk to a 12-year low. From Jan. 4 to Jan. 11, Berkshire Hathaway Inc (BRKa.N), which

Oil Falls Back Below $30 With Brent Discount Biggest Since 2010 (Bloomberg - 15/01/2016)

Oil fell to a new 12-year low below $30 a barrel in New York, while the discount on global benchmark Brent reached a five-year high as Iran moved closer to restoring exports. West Texas Intermediate futures dropped as much as 5.1 percent in New York and

Oil prices rebound as stocks take battering (Agencies - 15/01/2016)

Oil prices rebounded on Thursday, snapping an eight-day rout, as some players covered short positions after crude prices plumbed new 12-year lows amid concerns over Iran adding to a global glut faster than expected. Brent, the global crude benchmark,

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