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Dec 18, 2014

Brent oil rises above $62 as energy firms slash investments

LONDON (Reuters) – Brent crude jumped 2 percent to above $62 a barrel on Thursday, as some traders bet a six-month price rout could be ending as more energy firms cut investment budgets.

Oil this week hit a five-year low of $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelmed demand, with losses accelerating after OPEC decided not to cut output at its meeting last month.

Dec 17, 2014

Iraqi Kurdistan says oil exports could total 800,000 bpd next year

LONDON, Dec 17 (Reuters) – Iraq’s semi-autonomous Kurdistan
Regional Government will ramp up oil exports in the coming
months, moving it closer to economic self-sufficiency while it
works to clinch a final deal with Baghdad on crude sales and
revenue sharing.

KRG natural resources minister Ashti Hawrami told a
conference in London the Kurd’s pipeline to Turkey could carry
800,000 barrels per day next year, including 550,000 bpd to be
marketed by Baghdad under a first-stage deal reached this month.

Dec 17, 2014

Kurdistan says nearing economic self-sufficiency on oil boom

LONDON (Reuters) – Iraq’s semi-autonomous region of Kurdistan will see a steady rise in oil exports in the coming months, moving it closer to economic self-sufficiency, while it is still hoping to clinch a final deal with Baghdad on oil exports and revenue sharing.

Kurdistan this month reached a limited agreement with Baghdad on oil exports after months of wrangling. The federal government had cut off Kurdistan’s budget allocation in response to the autonomous region’s decision to export oil unilaterally.

Dec 10, 2014

Physical oil market signals price crash may have further to run

LONDON, Dec 10 (Reuters) – Physical crude markets are
flashing warning signs the 40 percent fall in oil prices
could have further to run as cargoes slip to cheaper levels
versus the Brent benchmark, mirroring a move this summer that
signalled the start of the crash.

Cargoes of Russia’s main export grade Urals, West African
crudes and lighter grades in the Mediterranean all have come
under pressure in December, normally a time when prices are
supported by seasonal demand.

Dec 10, 2014

Glencore oil chief sees good chance of further crude price drop

LONDON, Dec 10 (Reuters) – Crude prices are likely to extend
their 43 percent slump since June, the oil chief of commodities
and mining group Glencore Plc said on Wednesday, with
the drop so far not large enough to shut down excess production
over the next six to nine months.

However, Alex Beard told the company’s investor day he
thought the lower oil prices went, the steeper the eventual
price rebound was likely to be.

Dec 9, 2014

Brent crude oil steadies after hitting 5-year low below $66

LONDON, Dec 9 (Reuters) – Brent crude oil hit a fresh
five-year low on Tuesday before steadying near $66 a barrel as
some cautious buying emerged following a 43 percent price slide
since June.

Fast-growing U.S. shale output has hurt the ability of the
Organization of the Petroleum Exporting Countries to manage
supplies, sending prices sharply lower in anticipation of a
large oil glut early next year.

Dec 9, 2014

Brent crude oil hits 5-year low below $66 on oversupply

LONDON (Reuters) – Brent crude oil fell to a 5-year low below $66 a barrel on Tuesday, sliding for a sixth consecutive session on signs of a growing supply glut.

Prices fell by more than 4 percent in the previous session and are down 43 percent since June, as fast-growing U.S. shale output has hurt the ability of the Organization of the Petroleum Exporting Countries (OPEC) to manage supply.

Dec 4, 2014

Exclusive: Swiss firm Trafigura helped Iraqi Kurds defy Baghdad to sell oil – sources

LONDON (Reuters) – Trafigura, one of the world’s biggest commodities trading firms, played a pivotal role in helping Iraq’s semi-autonomous Kurdish region export oil, which the Iraqi government considered illegal, three sources familiar with the trades said.

    This week Iraq and its Kurdish region reached a landmark deal designed to resolve a dispute over oil exports which had threatened to break up Iraq, after seven months during which the Kurds defied Baghdad to sell oil on their own.

Dec 4, 2014

Swiss firm Trafigura helped Iraqi Kurds defy Baghdad to sell oil -sources

LONDON, Dec 4 (Reuters) – Trafigura, one of the world’s
biggest commodities trading firms, played a pivotal role in
helping Iraq’s semi-autonomous Kurdish region export oil, which
the Iraqi government considered illegal, three sources familiar
with the trades said.

This week Iraq and its Kurdish region reached a landmark
deal designed to resolve a dispute over oil exports which had
threatened to break up Iraq, after seven months during which the
Kurds defied Baghdad to sell oil on their own.

Dec 3, 2014

Oil fund manager Andurand sees big price swings after OPEC decision

LONDON, Dec 3 (Reuters) – Oil prices are set for wild swings
after OPEC’s decision to let the market find its level, says the
hedge fund manager famous for calling the 2008 oil price spike
and crash, adding that U.S. producers are set to feel pain.

Pierre Andurand, whose $350 million fund made an 18 percent
return last month by betting on the oil price falling, said
Saudi Arabia was no longer trying to control supplies in the
face of a wave of U.S. shale oil output.