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Last update: Mon, 23 Jan 2017 05pm

Europe

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 bpd from Jan. 1 in an attempt to clear global oversupply that has depressed prices for more than two years. Russia and other key exporters outside OPEC have said they will also cut output. But global oil production remains high and, with inventories near record levels in many areas, investors doubt that OPEC and its allies can trim output enough to push up prices. "Cuts by OPEC and non-OPEC countries have just started and it ...

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

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 ...

Markets - Energy - Europe

Low LNG deliveries in southern France tighten supply PARIS: French gas grid operator GRTgaz said on Friday that low liquefied natural gas (LNG) deliveries to the Fos-sur-Mer terminal in the south of the country had led to a tight supply situation and heavy withdrawals from saline storages to meet winter demand. The situation, which began in November, has led to a spike in the gas price in France's southern hub, which touched its highest level since December 2013 at 40 euros ($42.57) per ...

Markets - Energy - Europe

Oil set for weekly fall on doubts over extent of OPEC cuts LONDON: Oil prices are on track to end the week lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009.Brent crude futures, the international benchmark for oil prices, were trading 60 cents down at $55.41 a barrel by 1220 GMT on Friday. US West Texas Intermediate crude futures fell by 58 cents to ...

Markets - Energy - Europe

Oil price forecasts for 2017, 2018 rise as downside risks fall LONDON: Energy professionals have become less bearish about the outlook for oil prices in 2017 and 2018 as downside risks have fallen, an annual survey by Reuters shows. But price expectations for the end of the decade have changed little since the last survey in March 2016. The survey was based on a questionnaire emailed to around 5,000 energy market professionals. Responses were received from just over 1,000 in the polling period, between Jan. 9 ...

Markets - Energy - Europe

Oil rises as Saudi tells Asian customers of output cuts LONDON: Oil prices rose for the first time in three days on Wednesday, following news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.Brent crude futures were up 41 cents at $54.05 a barrel by 1133 GMT, while US West Texas Intermediate crude futures were up 39 cents at $51.21 a barrel. Brent has surrendered nearly 40 percent of the ...