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Jul 24, 2015

Iraq’s southern oil exports head for another record in July

LONDON (Reuters) – Iraq’s southern oil exports have risen above 3.0 million barrels per day (bpd) so far in July, according to loading data and an industry source, setting shipments from OPEC’s second-largest producer on course for a monthly record.

The Iraqi boost is an indication of continued high output from the Organization of the Petroleum Exporting Countries, which is focusing on keeping market share rather than curbing supply to support prices. <OPEC/O>

Jul 22, 2015

OPEC sees oil drop as short-term, expects stronger demand: delegates

LONDON/DUBAI (Reuters) – A drop in oil prices this month is likely to be short-term and will not deflect OPEC from its policy of keeping output high to defend market share, delegates from Gulf OPEC members and other nations said.

Falling Chinese stock markets and the Greek debt crisis have raised concern about demand, while the Iranian nuclear deal could lead to higher oil exports from the Islamic Republic. Benchmark Brent crude LCOc1, trading below $57 a barrel on Wednesday, has fallen more than 10 percent in July.

Jul 8, 2015

Oil sinks toward $56 as China, Greece and Iran weigh

LONDON (Reuters) – Oil fell toward $56 a barrel on Wednesday, trading close to a three-month low, as China’s accelerating stock market plunge and the Greek debt crisis raised the possibility of weaker economic growth that could hit oil demand.

These concerns compounded downward pressure on prices from the supply side as the prospect of a deal on Iran’s nuclear work raised the possibility of more supply reaching a market many analysts see as already having too much oil.

Jul 1, 2015

Oil falls below $63 as Greece defaults, supply soars

LONDON (Reuters) – Oil fell below $63 a barrel on Wednesday after Greece defaulted on its debt to the International Monetary Fund while U.S. and OPEC production hit new highs, prompting concern about risks to the economic outlook and ample supply.

As well as Greece becoming the first developed economy to default on an IMF loan, oil came under pressure from a surprise gain in U.S. crude stocks reported by the American Petroleum Institute (API) and the prospect of higher Iranian oil exports.

Jun 30, 2015

OPEC oil output hits three-year high in June on Iraq: Reuters survey

LONDON (Reuters) – OPEC oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group’s top exporters on market share.

The boost from the Organization of the Petroleum Exporting Countries puts output further above its target of 30 million barrels per day (bpd) and comes despite outages in Libya and Nigeria that curbed supplies.

Jun 30, 2015

OPEC oil output hits 3-year high in June on Iraq -Reuters survey

LONDON, June 30 (Reuters) – OPEC oil supply in June has
climbed to a three-year high due to record or near-record output
from Iraq and Saudi Arabia, a Reuters survey found, underlining
the focus of the group’s top exporters on market share.

The boost from the Organization of the Petroleum Exporting
Countries puts output further above its target of 30 million
barrels per day (bpd) and comes despite outages in Libya and
Nigeria that curbed supplies.

Jun 24, 2015

Oil rises towards $65 on signs glut easing, Iran doubts

LONDON (Reuters) – Oil rose towards $65 a barrel on Wednesday before a U.S. government report expected to show domestic crude inventories fell for an eighth week, a sign that a supply glut is easing.

The industry group American Petroleum Institute (API) on Tuesday reported a drop in U.S. crude stocks, ahead of Wednesday’s official data. Doubts over the likelihood of a deal next week on Iran’s nuclear work also supported prices.

Jun 19, 2015

Oil eases below $64, ample supplies and Greece weigh

LONDON (Reuters) – Oil eased below $64 a barrel on Friday as concern over Greece and a forecast that U.S. shale oil output would keep growing this year countered signs of a pickup in demand.

Greece has been less of a driver for oil than other markets such as equities, but analysts said the situation represented a bearish risk heading into the weekend. Euro zone leaders will hold an emergency summit on Monday to try to avert a Greek default.

Jun 17, 2015

Iraq’s oil exports hit record high so far in June

LONDON (Reuters) – Iraq’s oil exports have averaged 3.20 million barrels per day (bpd) so far in June, according to loading data and an industry source, setting shipments from OPEC’s second-largest producer on course for a record high.

Another boost from Iraq underlines the focus of major members of the Organization of the Petroleum Exporting Countries in keeping market share, not restraining supply to support prices. OPEC met on June 5 and kept its policy unchanged.

Jun 11, 2015

World oil demand jumps after price slump – IEA

LONDON, June 11 (Reuters) – World oil demand will rise much
more than expected this year, the International Energy Agency
(IEA) said on Thursday, in the latest sign that the collapse in
oil prices is helping to boost fuel use.

The agency, in a monthly report, raised its forecast for
global oil demand growth in 2015 by 280,000 barrels per day
(bpd) to 1.40 million bpd, bringing demand this year to almost
94 million bpd.

    • 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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