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OPEC

Jeff Allyn, a derrick hand with Raven Drilling, pauses with a cup of coffee while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota. (Andrew Burton/Getty Images)

Oil majors delay $200 billion of spending, Wood Mackenzie says

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Brent crude prices have dropped by half in a year after the Organization of Petroleum Exporting Countries decided to maintain output to defend market share amid a global supply glut.
A boat of tourists moves on Dubai creek, with the city skyline in the background in Dubai, United Arab Emirates. (AP file photo/Kamran Jebreili)

U.A.E. cuts fuel subsidy as oil crash hammers Arab economies

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“There was no reason to subsidize in a country that is as rich as the U.A.E.,” said Nasser Saidi, former chief economist at Dubai International Financial Centre and head of Nasser Saidi and Associates.
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.
(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.
(DEwira/AFP/Getty Images)

Oil supply-demand balance could improve next year, OPEC says

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OPEC’s more optimistic outlook comes as the 12-member cartel makes good on a plan to carve out more of the global oil market as demand grows; according to the report, Saudi Arabia told OPEC it put out 230,900 more barrels a day in June
(JEFF PACHOUD/AFP/Getty Images)

Gasoline below $2 could return this fall if crude prices continue dropping

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Gasoline prices in the U.S. will likely slide somewhat from a national average of $2.77 over the next few weeks. Experts then expect a substantial decline in late summer and fall, pushing average gasoline prices in some low-price states below $2 a gallon again.
Memers of theOrganization of the Petroleum States meet In November 2014 at OPEC headquarters in Vienna. AFP PHOTO/SAMUEL KUBANISAMUEL KUBANI/AFP/Getty Images

Commentary: Saudi’s targeting of market share does not appear to be working

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Thirty-four years ago today, Indiana Jones was the number one movie at the box office with ‘Raiders of The Lost Ark’. 1981 was also the year in which Beyoncé was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling Harrison Ford doesn’t seem that distant a […]
Categories: Middle East
(AP Photo/ Nabil al-Jurani, File)

Iraq’s oil exports climb to record with output at all-time high

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Iraq joined Saudi Arabia in pumping more oil as OPEC members defend market share against higher-cost producers. Brent crude has climbed 10 percent this year, spurring speculation that higher prices will lead to even more output and prolong a surplus.
Categories: General
(AP file photo/George Osodi)

OPEC crude market share at its lowest in more than a decade

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The erosion of OPEC’s dominance by surging North American shale oil prompted the group to abandon its decades-long role of balancing world markets at a meeting in November.
(Spencer Platt/Getty Images)

Oil price recovery on the way, panel says, but pace will be slow

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In a webcast, the panel of experts from financial services giant Ernst & Young said that the energy sector is expected to rebound, albeit at a sluggish pace, after several months of unrest following the collapse in oil prices that began last fall.