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Nov 18, 2014

Brent falls near $79 as rhetoric heats up before OPEC meeting

LONDON, Nov 18 (Reuters) – Brent crude slipped towards $79 a
barrel on Tuesday, falling for the sixth session out of seven,
as oil prices struggled to find a floor ahead of next week’s
critical OPEC meeting.

Speculation about OPEC’s response to a 30 percent drop in
global oil prices since late-June intensified after calls from
Venezuela to increase cooperation within the cartel as well as
with non-members, including top producer Russia.

Nov 12, 2014

Brent oil slips to just over $81/barrel, near 4-year low

LONDON, Nov 12 (Reuters) – Brent crude slipped near $81 a
barrel on Wednesday, close to a four-year low as a mounting oil
glut created by the U.S. shale boom continued to outweigh
concerns about supplies from Libya.

With oil prices having fallen 30 percent since June, OPEC
delegates are starting to suggest the producer group could
informally cut output by around 500,000 barrels per day (bpd)
when it meets in Vienna on Nov. 27.

Nov 7, 2014

Iraqi Kurdistan says sold $3 bln of oil, will pay producers

LONDON, Nov 7 (Reuters) – Iraqi Kurdistan has sold 34.5
million barrels of oil worth almost $3 billion since January,
the Kurdistan Regional Government said, despite opposition from
the federal government to independent oil sales from the region.

The KRG said in a statement on Friday that it would make an
initial payment of $75 million to oil producing companies for
their exports and would make further payments on a regular
basis, sparking a rally in producers’ share prices.

Nov 5, 2014

U.S. oil patch still ‘Klondike’ for world’s biggest traders

LONDON (Reuters) – The United States remains the pre-eminent arena for the world’s oil traders, top executives at commodity firms Mercuria, Trafigura and Gunvor said, even as Washington only slowly loosens its crude export ban and as the price of oil-related assets rise.

The views of the men who run some of the world’s biggest oil traders, speaking at the Reuters Commodities Summit, reflect how the U.S. shale revolution has upended global crude markets and slowed a near decade-long shift towards fast-growing economies like China and India.

Oct 30, 2014

Total’s new boss says Europe must fight US oil export ban

LONDON, Oct 30 (Reuters) – The new head of French energy
major Total challenged Europe to fight Washington over
the U.S. oil export ban, in his first public appearance since
his predecessor Christophe de Margerie was killed in a Moscow
plane crash last week.

Patrick Pouyanne said on Thursday the export ban flouts
free-trade agreements and puts European and Asian refiners at a
disadvantage, making a bold appeal to European politicians.

Oct 30, 2014

OPEC’s Badri sees little output change in 2015, says don’t panic on oil drop

LONDON (Reuters) – OPEC’s oil production is unlikely to change much in 2015 and there is no need to panic at the crude price drop, OPEC’s secretary general said on Wednesday, adding to indications the exporter group is in no hurry to cut output.

Abdullah al-Badri also said output of higher-cost oil supplies such as shale would be curbed if oil remained at around $85 a barrel, while the Organization of the Petroleum Exporting Countries enjoys lower costs and will see higher demand for its crude in the longer term.

Oct 29, 2014

Fund manager Andurand says US oil could fall to $50/bbl

LONDON, Oct 29 (Reuters) – Pierre Andurand, one of the most
respected and successful fund managers in the oil industry, said
he believed U.S. light crude oil could fall as low as $50
per barrel.

The U.S. benchmark oil price, also known as WTI, “will be
volatile, but assuming no more supply disruptions, I think we
can overshoot down to $50 a barrel,” Andurand told Reuters on
the sidelines of the Oil & Money conference on Wednesday.

Oct 29, 2014

Don’t panic, OPEC secretary general says after oil price fall

LONDON (Reuters) – There is no need to panic at the recent drop in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.

Abdullah al-Badri said output of higher-cost oil supplies such as shale would be curbed if oil remained at around $85 a barrel, while the Organization of the Petroleum Exporting Countries enjoys lower costs and will see higher demand for its crude in the longer term.

Oct 29, 2014

Don’t panic, OPEC sec gen says after oil price fall

LONDON (Reuters) – There is no need to panic at the recent collapse in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.

Abdullah al-Badri did not say whether OPEC needed to cut oil production at its next meeting in November, something he has called for previously, and said prices should be set by the market.

Oct 23, 2014

PetroIneos importing more W.African crude oil to UK’s Grangemouth

LONDON, Oct 23 (Reuters) – PetroIneos is ramping up imports
of West African crude to its Grangemouth refinery in Scotland,
according to shipping fixtures, booking at least 5 million
barrels since the start of October amid lower prices and
technical problems at the plant.

The joint venture between PetroChina and Ineos
which runs the 210,000 barrel-per-day plant booked
the latest 1 million barrel Suezmax tanker on Thursday, shipping
fixtures show, with another four or five listed since the start
of the month.