Thursday 29 September 2016
 
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Oil Prices

Opec agrees oil output cuts in first deal since 2008

Opec agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on Iran amid mounting pressure from low oil prices. "Opec made an exceptional de

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Opec set for no deal as Iran rejects Saudi oil output offer

Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major Opec producers would find a compromise this week to help ease a global glut of crude.

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Oil rebounds after Algeria says all options open

Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of Opec producers. That came after prices

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Oil prices down as investors cash in on gains

Oil prices fell on Friday, pulled down by a sell-off following two sessions of strong rises and on caution ahead of a gathering of Opec ministers next week in Algeria to discuss possible production cooperation to rein in global oversupply.

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Opec may call extra meeting immediately after Algiers

Opec members could decide to hold an extraordinary meeting to discuss oil prices immediately after an informal gathering in Algiers next week, Algerian Energy Minister Noureddine Bouterfa said on Tuesday. Bouterfa told local radio

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Oil prices up 1.5pc after stock drawdown

Oil prices extended gains by more than 1.5 per cent on Thursday after industry data showed what might be the largest weekly drawdown in crude stocks in over three decades. US crude stocks surprisingly plunged by 12.1 million barre

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Oil prices up 1.5pc after stock drawdown

Oil prices extended gains by more than 1.5 per cent on Thursday after industry data showed what might be the largest weekly drawdown in crude stocks in over three decades. US crude stocks surprisingly plunged by 12.1 million barre

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Kuwait posts $15.22bn budget deficit

Kuwait’s government posted a budget deficit of KD4.6 billion ($15.22 billion) for the fiscal year 2015/16 (FY15/16) as a result of the sharp decline in oil prices. The deficit, before the transfer to the Future Generations F

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Iraq vows to play active role in propping up oil prices

Iraq is willing to play an active role within Opec to support oil prices, its Oil Minister Jabar Ali Al-Luaibi said on Saturday, without clarifying whether it was prepared to back a possible agreement to freeze output. "Iraq

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Iran, Ecuador discuss ways to bolster oil prices

Iran and Ecuador on Wednesday discussed ways that the two countries can strengthen oil prices as Iran signals it may support joint efforts by exporters to prop up flagging crude. Iran has been boosting output since Western sanctio

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