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Oil below $100 tightens OPEC budgets, prompts signs of concern LONDON/DUBAI: Oil's slide below $100 a barrel on Monday adds to financial worries for OPEC members, prompting some in the producer group to voice concern about too much oil in the market even if they see the current fall as short lived.Brent crude fell below $100 a barrel for the first time in 14 months, hit by concerns about slower economic growth and ample supply. Top OPEC exporter Saudi Arabia favours oil at $100, which many others in the 12-member group also support.For now, Organization of the Petroleum Exporting Countries delegates said on Monday they were not alarmed, expecting winter demand to support prices. But signs of concern are emerging about the level of supplies."As with concern about the drop in oil prices it was a result of weak demand and oversupply mainly from the U.S., recovery in Libya, Nigeria and Iran," said an OPEC delegate."But the geopolitics is there ...
Oil falls close to $100 after weak China, US data LONDON: Brent crude oil fell towards 14-month lows just above $100 a barrel on Monday after Chinese and U.S. data pointed to slower-than-expected growth in the world's top oil consumers.China's import growth fell unexpectedly for the second consecutive month in August, posting its worst performance in over a year as domestic demand faltered.Chinese imports fell 2.4 percent in August compared with a year ago, missing a Reuters estimate for a 1.7 percent rise.It was the ...
Benchmark Brent oil price falls under $100 in London LONDON: Brent crude oil, the European benchmark, dropped on Monday to under $100 for the first time in more than 14 months on a strong supply situation despite unrest in producer regions.Brent hit $99.76 a barrel at about 0830 GMT to record its lowest level since June 24, 2013 after coming under pressure in recent weeks also from easing expectations for growth of demand.Brent has lost more than 13 percent of its value since June ...
Oil falls under $100, lowest in 14 months on weak data LONDON: Brent crude slid below $100 a barrel on Monday for the first time in 14 months as Chinese and U.S. data pointed to slower-than-expected growth in the world's top oil consumers.Weak economic growth combined with ample supply has pushed oil prices down from a high for the year above $115 hit in June, complicating efforts by central banks to ward off deflation and putting pressure on the budgets of major oil producers.Brent fell to ...
Cutting fossil subsidies must to advance renewables: agency PARIS: Renewable energy, essential for meeting global CO2 emission targets, needs a stable regulatory framework, a cut in fossil fuel subsidies and more interconnected power grids to develop, a global energy agency said Sunday.The development of renewable energy will lead to a "new industrial paradigm" for electricity production, as it should expand by 70 percent globally between 2011 and 2030, according to the International Renewable Energy Agency. IRENA said cutting, or even cancelling, subsidies to ...


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