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(Andrey Rudakov/Bloomberg)

Russia faces longest recession in decades with plunging oil

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Oil jitters will test the optimism of President Vladimir Putin, who’sdeclared that Russia had put the worst of the economic crisis behind it
(Photo by Eddie Seal for Bloomberg News)

Wall Street lenders growing impatient with U.S. shale revolution

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Bank regulators have issued warnings on the risks involved in lending to U.S. drillers, threatening a cash crunch in an industry that’s more dependent than ever on other people’s money.
An Iranian man walks past a mural displaying the Iranian map adorned in the colours of the country's national flag, on June 29, 2015 in Tehran. Despite agreeing the outlines of a nuclear agreement on April 2, the final talks between Iran and six powers led by the United States on turning it into a binding accord have hit difficulties on reaching a deal which would lift sanctions, paving the way for foreign investment to flow back, in exchange for curbs on Iran's nuclear activities. AFP PHOTO/BEHROUZ MEHRIBEHROUZ MEHRI/AFP/Getty Images

Iran seeks to regain oil market share regardless of price

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The Persian Gulf producer plans to restore output to the level it achieved before the economic curbs crippled production and exports, Oil Minister Bijan Namdar Zanganeh said Monday in Tehran.
Workers prepare drilling pipe on the Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters off Veracruz, Mexico, on Friday, Aug. 30, 2013. (Susana Gonzalez/Bloomberg)

Mexico’s only oil winners backed by Riverstone, BlackRock

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Sierra Oil & Gas, poised to become Mexico’s first private crude producer in seven decades, has never drilled a well.
Private oil companies soon could partner with Mexico's Pemex on operations like this in the Bay of Campeche. (Susana Gonzalez photo/Bloomberg)

Big Oil to battle for Mexico’s deep crude after auction snub

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International energy producers that sat out Mexico’s historic oilfield auction this week will be among the fiercest competitors for potentially massive deepwater prospects that go up for sale as soon as next month.
FILE - In this Dec. 22, 2014 file photo, an Iranian oil worker rides his bicycle at the Tehran's oil refinery south of the capital Tehran, Iran. Oil prices that slumped steeply earlier this year may take another hit once a historic deal between the West and Iran allows that country to start pouring more crude into a market already brimming with supply. (AP Photo/Vahid Salemi, File)

Eni CEO: Iran could double oil output by 2020

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The flood of Iranian oil into a global market that’s already oversupplied will keep crude prices low for the rest of the decade, Eni SpA Chief Executive Officer Paolo Scaroni said on Wednesday.
(AP Photo/Richard Drew, File)

Dragon Oil’s largest shareholder calls on company to end dividend

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Dragon, while focused mostly on Turkmenistan, has ambitions to expand outside Central Asia in a bid to maintain production at 100,000 barrels a day.
A worker from Oceanografia SA walks down a set of stairs on a section of the Petroleos Mexicanos (Pemex) Pol-A Platform complex, located on the continental shelf in the Gulf of Mexico, 70 kilometers offshore from Ciudad del Carmen, Mexico, on Friday, March 28, 2014. "Production is stable and we foresee production reaching our target levels above 2.5 million barrels per day,? Pemex chief executive officer Emilio Lozoya said in an interview last week. Photographer: Susana Gonzalez/Bloomberg

Oil majors shun Mexico offshore auction as blocks go unsold

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Exxon Mobil Corp., Chevron Corp. and Total SA all passed on the first 14 shallow-water oil blocks auctioned by Mexico today in the country’s first-ever sale of territory in the Gulf of Mexico. Only one of Mexico’s first five oil blocks auctioned received a qualifying bid.
(AP Photo/Hasan Jamali, File)

Iran oil boost on hold to 2016 as nuclear inspectors go to work

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OPEC’s fourth-largest member won’t achieve a crude-export boost of more than 500,000 barrels a day, or about 50 percent, until next year as Iran’s compliance with curbs on its nuclear program is verified, a pair of banks said.
From left to right: European Union High Representative Federica Mogherini, Iranian Foreign Minister Mohammad Javad Zarif, Head of the Iranian Atomic Energy Organization Ali Akbar Salehi, Russian Foreign Minister Sergey Lavrov, British Foreign Secretary Philip Hammond and US Secretary of State John Kerry pose for a group picture at the United Nations building in Vienna, Austria, Tuesday, July 14, 2015.  (Joe Klamar/Pool Photo via AP)

What Iran’s nuclear deal means for the global crude oil market

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After almost two years of talks, the holder of the world’s fourth-biggest crude reserves will benefit from an easing of international sanctions on exports in return for curbs on its nuclear program.