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Last update: Sat, 03 Dec 2016 12am

Markets - Energy

Markets - Energy - Europe

Oil prices ease on doubts OPEC-led cut will end glut LONDON: Oil prices edged lower on Wednesday on investors' doubts that OPEC would agree a large enough production cut to significantly reduce the global surplus when it meets next week. International Brent crude futures were down 6 cents at $49.06 a barrel by 1313 GMT.The price has moved in a narrow band for most of the day after reaching a high of $49.42 a barrel in early trade. Reuters commodities analyst Wang Tao said Brent could rise to $49.85 per barrel, a level marked by several technical resistance factors. US West Texas Intermediate (WTI) crude oil futures fell 12 cents to $47.91 a barrel after rising to $48.30 earlier on Wednesday. "Yesterday you saw the price action, it closed close to unchanged. It's uncertain whether OPEC can do a deal.The market is divided in its opinion that's why the market is not moving much," said Olivier Jakob of Petromatrix consultancy ...

Markets - Energy - Asia

Indian Oil plans $5.5bn expansion of refinery co-owned by Iran NEW DELHI: An Indian Oil Corp unit plans to invest $5.5 billion to gradually raise the capacity of its smallest refinery co-owned by Iran to 300,000 barrels per day (bpd), its chairman said, to help meet a surge in demand for refined products in the world's fastest growing major economy.The Nagapattinam plant operated by IOC's subsidiary Chennai Petroleum Corp requires a complete overhaul to produce the cleaner, higher grade fuels needed to meet rising demand ...

Markets - Energy - Middle East & Africa

Libyan oil output down about 70,000 barrels to 523,000 bpd TRIPOLI: Libya's oil production has dropped about 70,000 barrels to 523,000 barrels per day (bpd), mainly due to a power problem that is now fixed, the National Oil Corporation (NOC) said on Wednesday. NOC Chairman Mustafa Sanalla told Reuters that about 60,000 bpd had been lost temporarily because of power faults in the Waha and Dafa fields. "Today we repaired the electrical problem and resumed production gradually," he said. It was not clear when the ...

Markets - Energy - Europe

Oil prices capped by doubts OPEC-led cut will end glut LONDON: Oil prices edged higher on Wednesday but gains were capped by investors' doubts that oil cartel OPEC would agree to a large enough production cut to significantly reduce the global surplus when it meets next week. A strong dollar, trading near the 13 1/2-year peak hit last week, also weighed on prices amid thin trading ahead of the US Thanksgiving holiday on Thursday.International Brent crude oil futures rose 11 cents to $49.23 a barrel ...

Markets - Energy - Asia

Thailand ups long-term LNG imports due to coal plant delays BANGKOK: Thailand is increasing its planned long-term imports of liquefied natural gas (LNG) to meet rising demand after delays to the construction of coal-fired power plants, a senior official at energy ministry said on Wednesday. Energy policy makers have revised their target of LNG imports to 17.4 million tonnes in 2022 and reaching 34 million tonnes a year by 2036, up from earlier planned 23 million tonnes, Twarath Sutabutr, Director-General of the ministry's Energy Policy ...

Markets - Energy - Asia

Oil prices fall on renewed doubts over OPEC-led production cut SINGAPORE: Oil prices fell in Asian trade on Wednesday, reversing earlier gains, as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meeting next week.A strong dollar, which traded near the 13 1/2-year peak hit last week, also weighed on prices amid thin trading ahead of the U.S. Thanksgiving holiday on Thursday.International Brent crude oil futures fell 13 cents to $48.99 a barrel at 0657 GMT after climbing ...

Markets - Energy - Middle East & Africa

OPEC to debate oil output cut next week but Iraq, Iran hesitate VIENNA/DUBAI: OPEC will debate an oil output cut of 4.0-4.5 percent for all of its members except Libya and Nigeria next week but the deal's success hinges on an agreement from Iraq and Iran, which are far from certain to give full backing. Three OPEC sources told Reuters a gathering of experts from the oil producer group in Vienna had decided on Tuesday to recommend that a ministerial meeting on Nov. 30 debate a proposal ...