Friday 28 November 2014
 
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oil price

Oil hits 4-year lows as Opec output cut looks unlikely

Oil prices fell to four-year lows on Thursday as it appeared unlikely producer club Opec would decide to cut output in support of prices at a meeting this week, and as increasing Chinese and US stocks boosted available supplies. T

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Saudi, Russia pre-Opec talks yield no oil output cut

Impromptu talks between Saudi Arabia, fellow Opec member Venezuela and oil powers Russia and Mexico yielded no agreement on how to address a growing oil glut, ending without any plan to cut output despite a collapse in prices. &nb

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Saudi Arabia's Naimi says 'as happy as can be'; no clues on Opec

Saudi Arabia's Oil Minister Ali Al Naimi said he is "as happy as can be" as he arrived in Vienna for an Opec meeting this week, brushing off questions about tumbling oil prices and surplus supplies.  

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Iraq says oil prices 'not acceptable'

Iraq's oil minister Adel Abdel Mehdi says current oil prices are not acceptable and that "something needs to be done" about pricing.   Ahead of this week's Opec meeting in Vienna, when asked if

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Oil trades below $80 as hopes of big Opec cut fade

Brent crude oil prices started Tuesday's Asian trading under $80 a barrel as traders lowered their expectation of a significant output cut by oil producers' club Opec. Oil ministers from the Organization of Petroleum Expor

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Oman mulls spending cuts, tax rises as oil tumbles

An advisory body to Oman's government has suggested sweeping spending cuts and tax rises, including a levy on liquefied natural gas exports, to cope with the hit to state revenues from the plunge in oil prices. Oman has run a

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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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