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Feb 27, 2015

OPEC’s February oil supply hits lowest since June on Iraq-survey

LONDON (Reuters) – OPEC’s oil supply has fallen this month as bad weather delayed exports from Iraq’s southern ports, a Reuters survey found on Friday, slowing an expansion of supplies in the group’s second-largest producer.

The survey also found slightly higher output in Saudi Arabia, a sign that the largest producer in the Organization of the Petroleum Exporting Countries is sticking to its strategy of focusing on market share rather than cutting output.

Feb 26, 2015

Oil rises above $62 after Saudi comments on demand

LONDON (Reuters) – Oil rose above $62 a barrel on Thursday as indications of a coming recovery in demand offset a further jump in U.S. crude stockpiles which underlined currently ample supplies.

Crude benchmarks in the U.S. and Europe posted their largest percentage gains in nearly two weeks on Wednesday, supported by remarks from Saudi Arabia’s oil minister, Ali al-Naimi, and a slightly stronger-than-expected Chinese manufacturing survey.

Feb 25, 2015

Analysis – Saudi satisfaction with ‘calm’ oil markets signals $60 anchor

LONDON (Reuters) – OPEC kingpin Saudi Arabia is feeling vindicated after a strategy of allowing oil to flood the market has begun to achieve what it was aiming for.

As a global oil glut pushed prices down 60 percent between June 2014 and January 2015, signs began to emerge that OPEC’s rivals, including North American producers, will have to curtail output of their expensive barrels.

Feb 25, 2015

Saudi satisfaction with ‘calm’ oil markets signals $60 anchor

LONDON (Reuters) – OPEC kingpin Saudi Arabia is feeling vindicated after a strategy of allowing oil to flood the market has begun to achieve what it was aiming for.

As a global oil glut pushed prices down 60 percent between June 2014 and January 2015, signs began to emerge that OPEC’s rivals, including North American producers, will have to curtail output of their expensive barrels.

Feb 25, 2015

Saudi satisfaction with ‘calm’ oil markets signals $60 anchor

LONDON, Feb 25 (Reuters) – OPEC kingpin Saudi Arabia is
feeling vindicated after a strategy of allowing oil to flood the
market has begun to achieve what it was aiming for.

As a global oil glut pushed prices down 60 percent between
June 2014 and January 2015, signs began to emerge that OPEC’s
rivals, including North American producers, will have to curtail
output of their expensive barrels.

Feb 17, 2015

Oil rises to $62, close to 2015 high

LONDON (Reuters) – Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in U.S. output.

Egypt on Monday bombed Islamic State targets in Libya, where violence has reined in most oil output, and Iraq’s semi-autonomous Kurdistan Regional Government threatened to withhold oil exports if Baghdad failed to send its share of the budget.

Feb 13, 2015

Higher oil forecasts suggest OPEC tactics are paying off

LONDON, Feb 13 (Reuters) – The world’s three big energy
agencies are forecasting higher demand for OPEC’s crude oil this
year, a sign the producing nations’ strategy to let prices fall
is starting to win them back market share from rivals who are
cutting output.

After an oversupply of world oil sent prices tumbling in
2014, top OPEC exporter Saudi Arabia urged fellow members not to
prop up the market and to try to knock out competing sources
like U.S. shale, which, because it has higher production costs,
had to cut output when prices fell.

Feb 13, 2015

Oil tops $60 for first time in 2015, industry cutbacks support

LONDON (Reuters) – Oil rose above $60 a barrel on Friday for the first time this year, bringing gains this week to 4 percent, supported by signs that deeper industry spending cuts may curb excess supply.

Also supporting oil, euro zone economic growth accelerated unexpectedly in the final quarter of 2014 as the bloc’s largest member, Germany, expanded at more than twice the expected rate.

Feb 13, 2015

Oil tops $60 for first time in 2015, industry spending cuts support

LONDON (Reuters) – Oil rose above $60 a barrel on Friday for the first time this year, bringing its gain this week to almost 4 percent, supported by signs that deeper industry spending cuts may curb excess supply.

Also supporting oil, growth in Germany’s gross domestic product beat expectations, as did plans for a meeting between Greek officials and creditors. Euro zone GDP data is due later on Friday.

Feb 10, 2015

U.S. oil output ‘party’ to last to 2020 – IEA

LONDON (Reuters) – The United States will remain the world’s top source of oil supply growth up to 2020, even after the recent collapse in prices, the International Energy Agency said, defying expectations of a more dramatic slowdown in shale growth.

The agency also said in its Medium Term Oil Market report that oil prices, which slid from $115 a barrel in June to a near six-year low close to $45 in January, would likely stabilise at levels substantially below the highs of the last three years.

    • 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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