Sunday 23 November 2014
 
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oil price

Opec reviews oil outlook in start to talks on glut

A panel of national representatives reviewed Opec's oil market outlook for 2015 this week, Opec sources said, preparing the ground for a policy-setting meeting next week that will decide how to address a looming oversupply of crude.

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Iraq eyes 2015 budget on $80 per barrel oil price

Opec producer Iraq expects to base its 2015 budget on an oil price of $80 per barrel, Oil Minister Adel Abdel Mehdi told parliament on Monday. Oil prices have fallen to below $80 on abundant and weak demand from $115 a barrel in J

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Oil slide won't impact Saudi budget: Minister

The recent plunge in oil prices will not have a direct impact on Saudi Arabia's budget as the kingdom takes precautions to handle all possibilities when planning its finances, Finance Minister Ibrahim Alassaf was quoted as saying.

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Naimi rejects oil price war talk, seeks only stability

Saudi Arabia Oil Minister Ali Al Naimi broke months of silence to reaffirm the kingdom's longstanding policy of seeking stable global markets, dismissing talk of a "price war" but offering no insight on his response to tumbling c

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Qatar, UAE ‘unaffected by sliding oil prices’

Qatar said on Tuesday that its economy would not be affected by the slide in oil prices, while a senior UAE government official declared that oil market fundamentals have not changed and Opec has not contributed to oversupply. Qat

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Don't panic, situation will fix itself, says Opec boss

Markets should not panic over the recent plunge of oil prices because the situation will resolve itself, Opec secretary-general Abdullah Al-Badri said on Monday. "Please do not panic, things will fix itself," Al-Badri sa

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Falling oil prices could hit GCC infrastructure growth

Oil price declines could dampen economic growth in the GCC countries and weaken operating conditions in the corporate and infrastructure sectors, said Standard & Poor's Ratings Services in a report. A prolonged period of l

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Saudi Arabia slashes oil prices for US customers

Brent crude fell towards $84 a barrel on Tuesday, extending losses to a fourth session after top oil exporter Saudi Arabia cut prices to the US. The cut hammered oil prices on Monday as it underscored Saudi efforts to fight for ma

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Oil falls for fourth month, longest slump since 2008

Oil's losing streak continued for the fourth consecutive month on Friday, with prices tumbling as another round of monetary stimulus from Japan pumped up the US dollar and pounded a crude market already suffering from robust supply.

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Oil falls towards $85 amid supply glut

Brent crude extended its decline to a third day, dropping towards $85 a barrel on Tuesday, still under pressure from a Goldman Sachs report that slashed the investment bank's oil price forecasts amid a global supply glut. Citi

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