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OPEC sees slower demand growth, faster output declines

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OPEC says the decline in oil production outside the cartel will accelerate after the recent slide in crude prices to around $30 a barrel, which has prompted U.S. oil companies to announce deeper capital spending cuts and sharper declines in drilling activity in U.S. shale plays and Canada.
The sun sets beyond an oil pumping unit, also known as a "nodding donkey" or pumping jack, at a drilling site operated by Tatneft OAO near Almetyevsk, Russia, on Friday, July 31, 2015. Eleven months of surviving with oil below $100 have left Russia hardened enough to endure a monthlong drop to $40 a barrel, a survey of economists showed. Photographer: Andrey Rudakov/Bloomberg

EIA: Oil to average $38 as stock builds outpace production

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Global oil inventories could keep rising in 2016 and 2017 faster than oil production outside of OPEC can drop.

IEA sees crude inventories over 3 billion barrels, OPEC loadings increase

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One hundred and twenty-one years after W.G. Morgan invented volleyball, and from a rally that started with a spike overnight, we are now seeing some digging instead. For once, the IEA has managed to land the first punch, putting out its monthly oil market report before the EIA report (the short term energy outlook is […]
Categories: Crude oil, Eagle Ford, Texas
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Tourist fridge magnets sit for sale outside a souvenir store in Isfahan, Iran, on Thursday, Aug. 27, 2015. Iran expects its economic growth to accelerate next year as the removal of sanctions under a nuclear agreement offsets a global slump in oil prices, a top aide to President Hassan Rouhani said. Photographer: Simon Dawson/Bloomberg

Cheap oil buoys consumers, shakes up global governments

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A recovery in oil prices depends on when supply and demand can get close to equilibrium. It could be a rocky ride.
(Andrey Rudakov/Bloomberg)

Russia open to meeting with major oil-producing countries

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Last month, the price of oil fell below $30 a barrel, causing the ruble to plunge to record lows.
Yellow oil barrels

Oil has second weekly gain

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Oil has pared its decline this year to about 9 percent after plunging to a 12-year low.
Categories: Crude oil, General, Markets
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(Andrey Rudakov/Bloomberg)

Crude soars on report of Russia, Saudi discussions on oil cuts

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The discussions over production cuts are likely happening now because of the severe economic pain that Russia, one of the most resource-rich nations on the planet, has felt as oil prices have crashed.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Jan. 20, 2016. U.S. stocks surged back to pare the biggest one-day selloff in five months, with the Dow Jones Industrial Average cutting a loss of 550 points by two-thirds as investors speculated the rout that's wiped more than $15 trillion from global equities has gone too far too fast. Photographer: Michael Nagle/Bloomberg

U.S. stocks open higher on earnings, oil prices

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The price of oil rose 6 percent Thursday as the Russian government continued talks with Saudi Arabia and OPEC about cutting production.

Iran, Saudi exports ramp up amid talk of OPEC production cuts

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Eighty-nine years after Jean Goldkette and his Orchestra recorded ‘I’m Looking Over a Four-Leaf Clover’, and the crude complex is once again crossing its fingers and hoping for some good fortune to lift prices. Today the market is putting its faith in a coordinated cut to oil production from key producers including OPEC and Russia. […]
Categories: Crude oil
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Abdalla El-Badri, OPEC secretary-general, gestures as he speaks during a news conference following the 167th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Friday, June 5, 2015. The Organization of Petroleum Exporting Countries has exceeded its own target of 30 million barrels a day for 12 straight months. Photographer: Lisi Niesner/Bloomberg *** Local Caption *** Abdalla El-Badri

OPEC’s El-Badri calls on global oil producers to help curb glut

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The head of the Organization of Petroleum Exporting Countries said he wants oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone.