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US energy secretary sees oil market coming into balance

Ernest Moniz, Energy Department, oil glut

BEIJING (AP) — The U.S. energy secretary said Friday he sees the global oil market coming into balance over the next year as rising demand catches up with a two-year-old supply glut that depressed prices. Ernest Moniz said supplies should be adequate after the market comes into balance. He said Saudi Arabia has made clear it will maintain spare production ...

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Exxon, Chevron shareholders reject climate resolutions

Exxon annual meeting

DALLAS (AP) — Shareholders at Exxon Mobil and Chevron rejected resolutions backed by environmentalists that would have pushed the companies to take stronger stands in favor of limiting climate change. Environmentalists took solace, however, that some of their ideas gained considerable support. At Chevron Corp., a resolution asking for an annual report each year on how climate-change policies will affect ...

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Energy sector movers, losers and news: crude prices improve, no production freeze necessary.

Last week major oil producers met in Doha, Qatar to discuss an oil production freeze. Again, no agreement could be reached and crude prices temporarily suffered. But, today WTI opened at $43.42 per barrel, 7.6 percent higher than last week when it closed Friday at $40.36 per barrel. Market Movers Shares of NGL Energy Partners LP (NYSE: NGL) gained 50 ...

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Kuwait oil unions end 3-day strike over government cutbacks

KUWAIT CITY (AP) — Oil unions in Kuwait ended a three-day strike over government cutbacks, authorities said Wednesday, though it remained unclear what concessions may have been granted to the workers amid low global crude prices. The state-run Kuwait News Agency reported that the unions ended the strike by praising the country’s ruling emir, Sheikh Sabah Al Ahmad Al Sabah, ...

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OPEC official: Oil production freeze deal likely to be reached

OPEC official: Oil production freeze deal likely to be reached

KUWAIT CITY (AP) — Kuwait’s OPEC governor is saying members of the oil cartel and other producing countries likely will reach a deal later this month for a production freeze as crude prices sit below $40 a barrel. The state-run Kuwait News Agency quoted Nawal al-Fuzai on Tuesday as saying that oil ministers of OPEC nations and several non-OPEC nations showed interest ...

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