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Refiners say open to seeking 'new supply opportunities'

For the first time since 2008, OPEC is set to strike a deal to cut oil output that may boost prices.

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Oil gains post-Christmas ahead of OPEC, non-OPEC cuts

US oil prices extended gains on Tuesday in post-Christmas trading, as OPEC and non-OPEC members are set to start curbing output in less than a week to support oil prices.

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Oil posts biggest two-day gain in 6 weeks as Saudis make cuts

Oil climbed, posting the biggest two-day gain in almost six weeks after Saudi Arabia said it cut production even more than required by an OPEC deal, Bloomberg reported.

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Oil prices fall on strong dollar, U.S. output rise expectations

Oil prices fell on Wednesday to their lowest in a week, on a strong dollar and expectations that U.S. producers would boost output even as OPEC's output fell from a record high.

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OPEC reports big Saudi oil cut, boosting compliance with deal

Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group's supply-reduction deal to a record high...

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OPEC says oil stocks still increasing, Saudis raise output

OPEC said oil inventories have risen despite a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in an effort to clear a glut and...

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Oil falls as concern grows over battle of OPEC vs U.S. shale

Oil prices fell on Tuesday, rattled by concern over slowing demand, a rising U.S. dollar and increasing U.S. crude output that has shaken investors' faith in the ability of OPEC to rebalance the market.

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UAE energy minister says no talk about further OPEC supply cuts

There is no talk of further oil output cuts by the Organization of the Petroleum Exporting Countries and its allies despite only a slow drawdown in inventories.

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OPEC oil output jumps to 2017 high as Nigeria, Libya pump more

OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting...

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OPEC sees lower demand for its oil in 2018, points to surplus

OPEC said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led...

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OPEC sees slower growth in demand for its oil as rivals pump more

Global demand for OPEC’s crude will rise in the next two years more slowly than expected, the group forecast, as a recovery in prices resulting from an OPEC-led supply cut stimulates renewed output...

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Oil prices fall on pipeline restart, uncertainty over OPEC output cuts

Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.

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Oil slips on OPEC deal uncertainty and rising U.S. inventories

Oil prices slipped on Wednesday as doubts set in about Russia’s willingness to substantially extend a deal among some of the world’s biggest exporters to curb output to help tackle global oversupply...

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OPEC, Russia have done their bit, now it’s the turn of U.S., China

The Organization of the Petroleum Exporting Countries and its allies are taking a multi-layered bet that global oil dynamics will work in their favor by extending their crude oil production cuts until...

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Oil falls after U.S. drilling picks up

Oil fell on Monday after U.S. shale drillers added more rigs last week, though prices remained in sight of their recent two-year highs thanks to last week’s decision by OPEC and other producers to...

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Exxon eyes Egypt's offshore oil and gas

Exxon Mobil is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said.

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Oil prices climb due to threatened strike in Nigeria

Oil prices climbed more than 1 percent due to a threatened strike in Nigeria and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in U.S. stocks of...

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OPEC predicts balanced oil market by late 2018 as cuts

OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as the U.S. and other producers outside the group pump...

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Investors pour cash into U.S. shale despite questions on returns

Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade.

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Rising U.S. output weighs on oil prices

Oil prices came under pressure on Thursday after the International Energy Agency (IEA) increased its forecast for growth in U.S. oil output next year, raising the prospect of excess supply.

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