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Jan 30, 2015

OPEC oil output rises in January as key members stand firm -survey

LONDON, Jan 30 (Reuters) – OPEC’s oil supply has risen this
month due to more Angolan exports and steady to higher output in
Saudi Arabia and other Gulf producers, a Reuters survey showed,
a sign key members are standing firm in refusing to prop up
prices.

The Organization of the Petroleum Exporting Countries at a
November meeting decided to focus on market share rather than
cutting output, despite concerns from members such as Iran and
Venezuela about falling oil revenue.

Jan 26, 2015

Interview – OPEC’s Badri says oil may have hit floor, warns of future spike

LONDON (Reuters) – Oil prices at current levels may have reached a floor and could move higher very soon, OPEC’s secretary-general said on Monday, his first public comment that oil’s second-biggest decline on record may have run its course.

Abdulla al-Badri also warned of a risk of a future price spike to $200 a barrel if investment in new supply capacity is too low.

Jan 26, 2015

OPEC’s Badri says oil may have hit floor, warns of future spike

LONDON (Reuters) – Oil prices at current levels may have reached a floor and could move higher very soon, OPEC’s secretary-general said on Monday, his first public comment that oil’s second-biggest decline on record may have run its course.

Abdulla al-Badri also warned of a risk of a future price spike to $200 a barrel if investment in new supply capacity is too low.

Jan 21, 2015

Oil inches above $48, outlook remains weak

LONDON (Reuters) – Oil edged above $48 a barrel on Wednesday, consolidating after a drop in the previous session, although traders and analysts said oversupply and the prospect of inventory rises made further weakness likely.

Prices fell by up to 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and OPEC member Iran hinted at further price weakness, saying its oil industry could withstand $25 oil.

Jan 15, 2015

OPEC sees 2015 supply surplus rising, even as oil slump slows shale boom

LONDON (Reuters) – The collapse in oil prices is starting to slow growth in U.S. output, OPEC said on Thursday, although the slowdown will not prevent an increasing global surplus in 2015 and demand for the exporter group’s oil falling to its lowest in a decade.

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group’s oil would drop to 28.78 million barrels per day (bpd) in 2015, down 140,000 bpd from its prior estimate and well over 1 million bpd less than it is currently producing.

Jan 15, 2015

OPEC to see market share drop even as oil slump slows shale boom

LONDON, Jan 15 (Reuters) – The collapse in oil prices is
starting to slow growth in U.S. output, OPEC said on Thursday,
although the slowdown will not prevent demand for the exporter
group’s oil falling in 2015 to its lowest in a decade.

In a monthly report, the Organization of the Petroleum
Exporting Countries (OPEC) forecast demand for the group’s oil
would drop to 28.78 million barrels per day (bpd) in 2015, down
140,000 bpd from its prior estimate and the lowest since 2004.

Jan 13, 2015

Oil price slump boosts British Forties crude exports to South Korea

LONDON, Jan 13 (Reuters) – Around 4 million barrels of
Britain’s North Sea Forties crude is heading to South Korea on
supertankers this month, according to traders and shipping data,
as prices near multi-year lows increase its long haul allure.

The sailings, which traders say are more than in recent
months, arise as an oil glut in the Atlantic Basin and global
oversupply has pushed crude prices to the lowest since 2009,
leading to expectations more cargoes could sail east.

Jan 8, 2015

No chance of OPEC output cut, even after oil dips below $50 – Gulf delegates

DUBAI/LONDON (Reuters) – Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices, even though they dipped below $50 a barrel this week.

OPEC decided against limiting production at its last meeting on Nov 27, despite misgivings from non-Gulf members, after Saudi Oil Minister Ali al-Naimi said the group needed to defend market share against U.S. shale oil and other competing sources.

Jan 8, 2015

Oil holds above $51 as traders search for bottom

LONDON (Reuters) – Oil held above $51 a barrel on Thursday, supported by a surprise drop in U.S. inventories, as bulls and bears searched for a bottom in the market’s second-biggest rout ever.

Crude halted a four-session decline on Wednesday after U.S. crude stockpiles fell and as data showed that the U.S. economy remained resilient amid slowing global growth.

Dec 31, 2014

Oil falls below $57, heads for biggest annual drop since 2008

LONDON (Reuters) – Oil dropped below $57 a barrel on Wednesday and was heading for its biggest annual decline since 2008, pressured by weakening demand and a supply glut prompted by the U.S. shale boom and OPEC’s refusal to cut output.

Global benchmark Brent crude has fallen 49 percent in 2014 as demand growth slowed, the United States expanded output and OPEC, dropping its strategy of trimming supply to keep oil around $100 a barrel, chose instead to defend market share.

    • About Alex

      "Senior correspondent in the crude oil team on Reuters energy desk in London. I joined Reuters in 2006 and previously covered energy for Bloomberg, Platts and Bridge News."
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