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Last update: Mon, 23 Jan 2017 09pm

Europe

Markets - Energy - Europe

OPEC sees smaller oil glut in 2017 but flags US shale recovery LONDON: OPEC signalled a falling oil supply surplus in 2017 on Wednesday as the exporter group's output slips from a record high ahead of a deal to cut supply and outside producers show positive initial signs of complying with the accord. However, the Organization of the Petroleum Exporting Countries, in a monthly report, also pointed to the possibly of a rebound in US output, as higher oil prices following supply cuts by other producers support increased shale drilling. OPEC and several independent producers agreed last year to cut supply, the first such deal in 15 years, as of Jan. 1, 2017 to remove a glut. The effort has helped oil prices to rise to $55 a barrel, from a 12-year low near $27 a year ago. "A continued normalisation of monetary policies, indicating improving economic conditions, together with the recent historic cooperation between OPEC and non-OPEC producers, should help to ...

Markets - Energy - Europe

Oil prices under pressure on doubts over output cuts LONDON: Oil prices were under pressure on Monday due to doubts that large oil producers will reduce production as promised and on expectations that US production would increase again this year. Benchmark Brent crude oil was up 8 cents a barrel at $55.53 after being down for most of the day by 1416 GMT and US light crude was flat at $52.37 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to ...

Markets - Energy - Europe

China's crude oil juggernaut to roll on, but more slowly: Russell LAUNCESTON: There is little doubt China's crude oil imports enjoyed a robust 2016, hitting a record high. The question is how long the party can continue? Customs data released on Jan. 13 showed Chinese imports of crude reached 36.38 million tonnes in December, or 8.57 million barrels per day (bpd), the most in a month and well above the previous mark of 8.04 million bpd set in September.For the year crude imports were 13.6 percent ...

Markets - Energy - Europe

Oil prices slip on doubts over output cuts LONDON: Oil prices slipped on Monday, pressured by doubts that large oil producers will reduce production as promised and on expectations that US production would increase again this year. Benchmark Brent crude oil was down 23 cents a barrel at $55.22 by 1142 GMT and US light crude fell 21 cents to $52.16.The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million ...

Markets - Energy - Europe

Higher oil prices to help Russia avoid using up Reserve Fund MOSCOW: The recovery in oil prices this year may help Russia's finance ministry avoid spending all of its Reserve Fund in 2017, Finance Minister Anton Siluanov said on Friday. Russia drew up its 2017 budget using an assumed average crude oil price of $40 per barrel for the year, but prices for its biggest export are currently well above that.Brent crude futures, the international benchmark, were trading at $55.81 on Friday morning. "Will we be ...