Energy

Iran says too early to discuss oil freeze

  Bloomberg It will be too early for Iran to discuss freezing crude output when the world’s biggest producers meet later this month in Algiers, according to an official from the Persian Gulf nation’s state-oil company. Iran will be ready to decide on capping production once output reaches the level it was before international sanctions were imposed on the country, ...

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Oil rises as data signals crude inventories drop

  Reuters Oil advanced as weekly industry data showed U.S. crude inventories declined, trimming supplies that are at the highest seasonal level in at least 30 years. Futures climbed as much as 2.2 percent in New York after rising 5.4 percent the previous three sessions. Crude stockpiles fell by 12.1 million barrels last week, the American Petroleum Institute was said ...

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Iraq tells OPEC at what oil output level it’s ready to freeze

  Reuters Iraq has given fellow OPEC members the level of crude production at which it would be prepared to freeze output, according to the top official at the state oil marketing company. The second-biggest producer in the Organization of Petroleum Exporting Countries could support a freeze “for a certain period,” Falah Al-Amri, the director general of Iraq’s Oil Marketing ...

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Crude buyers make cuts the oil giants won’t

  Bloomberg As the world’s biggest crude producers stop short of taking action to address the global oversupply, output cuts by their largest customers are helping to mop up the glut. While Asia buys more oil than any other region, it also accounts for about 8 percent of supply and has been cutting back as crude’s collapse prompts a wave ...

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Iran may soon drop opposition to oil freeze

  Bloomberg Iran hinted that it may soon drop its opposition to an oil-production freeze, with a senior official saying the OPEC member’s crude output is closing in on its pre-sanctions level and that limiting supply is “a political decision.” The Persian Gulf exporter is pumping 3.8 million barrels a day, approaching its daily target of 4 million barrels, Mohsen ...

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Iran supports $50-60 oil price, stability measures

  Reuters Iran supports an oil price of $50-60 per barrel and any measure to stabilise the market, state TV quoted the country’s oil minister as saying on Tuesday. “Iran wants a stable market and therefore any measure that helps the stabilisation of the oil market is supported by Iran,” Bijan Zanganeh said after meeting OPEC Secretary-General Mohammed Barkindo in ...

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Brent drops as Saudi-Russia stop short of freeze

  Bloomberg Brent oil dropped after a pledge by Russia and Saudi Arabia to cooperate to stabilize the market failed to include any specific measures to bolster prices. Futures fell as much as 0.8 percent in London after climbing 4.8 percent over the previous two sessions. Brent jumped as much as 5.5 percent on Monday as news broke that Saudi ...

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World’s hottest oil market gets a jolt from China’s taxman

  Bloomberg Everyone wants a share of the world’s hottest oil market, including China’s taxman. Purchases by the country’s independent refiners, granted permission last year to buy foreign crude, have soaked up some of the global oil glut and helped revive prices after the biggest collapse in a generation. Sellers from Saudi Arabia to BP Plc have been supplying the ...

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Saudi, Russia vow oil coop but not freeze

  Bloomberg The world’s top two crude-oil producers pledged to cooperate to stabilize global markets, while failing to announce any specific measures to bolster prices. “We have a number of tools at our disposal for joint actions,” Russian Energy Minister Alexander Novak said Monday following a meeting with his Saudi counterpart Khalid Al-Falih at the G20 summit in China. Russia ...

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