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Oil heads for 4-year low on Saudi output signal LONDON: Brent crude oil fell below $88 a barrel on Monday, its lowest in almost four years, after key Middle East producers signalled they would keep output high even if that meant lower prices.Saudi Arabia has privately told oil market participants it can accept oil prices between $80 and $90 a barrel, sources briefed by OPEC's biggest producer have told Reuters.Kuwait's oil minister said on Sunday OPEC was unlikely to cut production to support prices."In light of these comments, one should not expect any OPEC output cuts before the Nov. 27 meeting," said Bjarne Schieldrop, chief commodity analyst at SEB in Oslo.The Organization of the Petroleum Exporting countries is due to discuss output at next month's meeting, and some analysts had expected the group to reduce oil supply before then.Brent crude touched its lowest since December 2010 at $87.74 in early trade on Monday, but recovered slightly to around $88.50 ...
Russian oil shift east accelerates, dictated by politics MOSCOW: Russia is diverting more of its crude oil east with deliveries to China hitting a new record last month at the expense of Europe as geopolitical tensions between Moscow and the West dictate the latest shift in flows.As Russia's relations with the West deteriorated over the Ukraine crisis, the European Union and United States imposed wide-ranging sanctions on Russian firms, including oil and gas producers, leaving Moscow trying to forge closer ties with energy-hungry ...
Shares hit six-month low as growth worries mount LONDON: Global shares fell to a six-month trough and Brent crude futures tumbled to their lowest since 2010 on Friday as investors worried about the prospect of a widespread economic slowdown just as US monetary stimulus nears its end. Assets which depend on economic growth, such as shares and oil, have been hit by a raft of weak indicators from Europe at a time when other big economies, including China, Japan and Brazil face their ...
Statoil sells Shah Deniz stake for $2.25bn to Petronas OSLO: Norway's Statoil has sold a 15.5 percent stake in the Azeri gas project Shah Deniz to Malaysia's Petronas for $2.25 billion, the latest asset the firm is selling to protect its cash flow and returns to shareholders. The deal also includes Statoil's stake in the pipeline carrying gas to markets and two related companies.Its second-quarter production from the Shah Deniz field was 38,000 barrels oil equivalent per day, it said. Copyright Reuters, 2014 ...
Oil falls to lowest since 2010 as OPEC ups supplies LONDON: Brent crude oil fell to its lowest since 2010 on Friday, dropping below $90 a barrel as Saudi Arabia said it upped production last month, increasing speculation of an OPEC price war. Fast-rising oil output in North America and tepid economic growth had raised expectations the Organization of the Petroleum Exporting Countries will cut output when it meets in November to stem a near 25 percent price slide since June. But on Friday Saudi ...

 





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