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Oil steady below $80 ahead of OPEC output decision LONDON: Brent crude oil prices steadied under $80 a barrel on Tuesday ahead of a key meeting of OPEC oil producers to decide on oil production levels for next year. Ministers from the Organization of the Petroleum Exporting Countries were gathering in Vienna for a meeting on Thursday to agree how to respond to a collapse in oil prices, which have fallen by almost a third since June. Several OPEC members want the group to cut production dramatically to ease a global supply glut, but Saudi Arabia, the biggest exporter, appears reluctant to endorse a big cut. "Everybody is looking to the showdown in Vienna," said Eugen Weinberg, head of analysis at Commerzbank in Frankfurt. "You've got all kinds of expectations impacting on the market - from nothing at all towards our expectation of a production cut by almost 1 million barrels per day (bpd)." Brent was trading at $79.70 ...
EU regulators largely approve German green energy scheme BRUSSELS: Germany subsidies for producing renewable energy did not flout EU rules, the European Commission announced on Tuesday, following an in-depth investigation into whether they had constituted unfair competition. The Commission also said that most of the waivers from a green surcharge granted to energy intensive industry were fair, although a limited number of the reductions had exceeded the amounts allowed. That means some beneficiaries will have to pay back the excess, but only for ...
Oil steadies around $80 as Iran deadline extended LONDON: Brent crude oil stabilised around $80 a barrel on Monday as world powers extended talks with Iran over its nuclear programme, maintaining sanctions and preventing an immediate increase in Iranian oil supply to world markets. The decision came ahead of a key meeting of OPEC to discuss production in response to a collapse in oil prices. British Foreign Secretary Philip Hammond said the talks between Iran and six world powers had made clear progress ...
Total faces French trial over Iran contracts-prosecutor PARIS: French oil company Total is to face trial in France over corruption allegations relating to Iranian contracts dating from the 1990s and early 2000s, the Paris prosecutor's office said on Tuesday. Total agreed last year to pay $398.2 million to settle US criminal and civil allegations that it paid bribes to win oil and gas contracts in Iran. At the time, the Paris prosecutor recommended that the company and its chief executive at the ...
Oil starts week with gains as OPEC moves into focus LONDON: Global oil prices firmed Monday, making a positive start in a week that will be centred on the OPEC cartel's output meeting, dealers said.Nearing midday, Brent North Sea crude for delivery in January rose four cents to $80.40 a barrel.US benchmark West Texas Intermediate for January advanced 15 cents to $76.66 per barrel.The Organization of the Petroleum Exporting Countries (OPEC) will hold one of its most significant meetings in recent years on Thursday, with ...