Tuesday 4 August 2015
 
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Oil

Oil falls to near $50 after Opec supply rise

Oil slid to six-month lows on Monday, hit by fresh evidence of growing oversupply, investor bearishness and slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008.

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Iran sees oil output up 1 mbpd after curbs end

Iran expects to raise oil output by 500,000 barrels per day (bpd) as soon as sanctions are lifted and by a mbpd within months, Oil Minister Bijan Zanganeh said in remarks broadcast.   "We are already doing m

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Oman swings to $3.9bn deficit in Jan-May

Oman posted a budget deficit of RO1.50 billion ($3.90 billion) in the first five months of this year, swinging from a RO232.9 million surplus a year earlier. The deficit is due to lower oil export prices, provisional financ

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Egypt plans to import 28.6m tonnes of oil

Egypt expects to import 28.6 million tonnes of crude oil, liquefied natural gas (LNG) and other oil products worth a total of almost $16 billion in 2015-16, the planning ministry said on Saturday. The government expects to buy 7.7

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US oil giants hit by slump in oil prices

Earnings of US petroleum giants ExxonMobil and Chevron were knocked down yesterday (July 31) by lower oil prices, said a report. ExxonMobil’s second-quarter profits fell by 52.3 per cent year-over-year to $4.2 billion as it

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US oil giants hit by slump in oil prices

Earnings of US petroleum giants ExxonMobil and Chevron were knocked down yesterday (July 31) by lower oil prices, said a report. ExxonMobil’s second-quarter profits fell by 52.3 per cent year-over-year to $4.2 billion as it

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US oil storage becomes big business

Commercial crude stocks across the United States rose by 105 million barrels early this year to peak at 490 million barrels, the highest level in eight decades. Despite some draw downs in recent weeks, which have reduced inventori

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Oil prices fall on Opec’s ‘no production cut’ comment

Oil prices fell in Asian trade on Friday as concern over global oversupply intensified after the head of oil producers' cartel Opec indicated there would be no cut-back in production, although a fall in the US dollar put a floor under prices

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Shell to cut 6,500 jobs, investments to reduce to $30bn

Royal Dutch Shell on Thursday reported a 37 per cent drop in second quarter profits and said it would cut 6,500 jobs this year and reduce spending further to deal with an extended period of lower oil prices. The Anglo-Dutch oil and gas

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Dubai's Enoc plans regional expansion

Dubai's Emirates National Oil Company (Enoc) plans to expand in the region after the UAE deregulated fuel prices, lifting financial pressure on the company, it said on Wednesday. The firm has struggled in recent years, losing

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