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Tag Archives: Saudi Arabia

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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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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Iran’s tantalizing oil prize: Kemp

Iran

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – Iran contains some of the largest and most attractive petroleum resources in the world, so any easing of sanctions could have a major impact on oil and gas markets in the second half of the decade. Iran’s possible re-emergence as a major exporter would force ...

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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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Forget price drops, forget job cuts — America is still number 1

Despite the current low oil prices and horrific job cuts ravishing the energy industry, America is still booming. According to estimates released Tuesday from the U.S. Energy Information Administration, the United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2014. U.S. hydrocarbon production continues to exceed Russia and Saudi Arabia, which are the second and ...

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Oil & gas mega-merger keeps stocks fizzing

LONDON – Global stocks remained upbeat on Wednesday as a $70 billion mega-deal in the European oil and gas sector stoked the merger and acquisition fever that has gripped investors this week. Shares in BG Group rose as much as 42 percent in early trade after Royal Dutch Shell agreed to pay that amount (47 billion pounds) for its smaller ...

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Saudi pumps up oil production to record high 10.3 million bpd

RIYADH – Saudi Arabia has revved up crude production to its highest rate on record, feeding unexpectedly strong demand from foreign refiners and increased capacity at home. Oil Minister Ali al-Naimi told reporters late on Tuesday that the Kingdom produced some 10.3 million barrels per day (bpd) of crude in March, a figure that would eclipse its previous recent peak ...

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