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Oil Prices to Remain Low Well Into 2016
Dec 29, 2015Crude prices have gone down nearly 30 percent this year, and analysts expect oil prices to remain low for even longer. Boon for consumers Lower oil prices are generally good for US consumers and the economy, said Jason Bordoff, ...
Tags: Oil Prices, Crude Oil
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Brent Oil Price Hits 11-year Low amid Oversupply Worries
Dec 22, 2015Brent oil price hit 11-year low Monday as the market continued to be plagued by an oversupply of crude oil and weakening demand. Brent crude for February delivery decreased 53 cents to close at 36.35 U.S. dollars a barrel on the London ...
Tags: Brent oil, Oil prices
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China's Price Move Signals Discomfort with Plunge
Dec 21, 2015The Chinese government Tuesday refrained from adjusting retail oil product prices in line with global crude oil fluctuations for the first time in nearly three years, sending a strong signal to the market that it believes prices may have ...
Tags: oil product, crude oil
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Novak Says Russia Against Global Oil Output Rise, Rather Than Supporting Cut
Dec 15, 2015Russia is against an increase in global crude production, rather than favouring a reduction, and remains pessimistic about the possibility of Moscow and Riyadh reaching a production coordination deal, Russia's energy minister Alexander ...
Tags: crude production, OPEC, oil prices
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Crude Futures Fall After Iea Warns Glut Will Persist Into 2016
Dec 15, 2015Crude futures fell Friday after the International Energy Agency said global oil markets will remain oversupplied at least through 2016. NYMEX January crude settled $1.14 lower at $35.62/b. ICE January Brent settled down $1.80 at $37.93/b. ...
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Iran Expects Sanctions on Oil, Gas Sector to Be Lifted From Jan 2016: Official
Dec 2, 2015Sanctions on Iran's oil and gas sector could be lifted in the first week of January, according to Amir Hossein Zamaninia, Iran's deputy oil minister for international affairs Saturday, as the country seeks an agreement with OPEC to ...
Tags: Oil, Gas, Iran's oil
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RBOB Crack Surges After EPA Finalizes Renewable Fuels Mandate
Dec 2, 2015The unveiling of final renewable fuel requirements for US refiners ignited a rally in gasoline futures Tuesday, helping support the rest of the oil complex. The front-month gasoline crack, basis ICE Brent, reached $13.61/b Tuesday, its ...
Tags: RBOB, gasoline, Renewable Fuels
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Algerian PM Laments 'brutality' of Oil Price Collapse on Economy
Nov 24, 2015The halving of Algeria's foreign revenues in just a few months has had a brutal impact on the country's economy, Prime Minister Abelmalek Sellal said Sunday, describing the current situation as "difficult." In an interview with state news ...
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USW Obiected to Lifting The Long-Standing Crude Oil Export Ban
Aug 3, 2015Leo W. Gerard, international president of the United Steelworkers (USW), has testified before the US Senate Banking, Housing and Urban Affairs Committee, reiterating his opposition to lifting the long-standing crude oil export ban, ...
Tags: crude oil, export ban
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US Agencies Laid Down Standards for Medium-and Heavy-Duty Vehicles
Jun 24, 2015US agencies for environment and safety regulations have laid down standards for medium- and heavy-duty vehicles, envisaging reduction of CO2 emissions by one billion tons, fuel costs by $170bn and oil consumption by 1.8 billion by 2027. ...
Tags: GHG Emission, Fuel Efficiency
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Oil Industry Ride out a Further Price Slump to $25 a Barrel
Jan 20, 2015Oil industry could ride out a further price slump to $25 a barrel since there is no sign within OPEC toward action to support oil prices. It shows that despite lobbying by Iran and Venezuela, there is little chance of collective action by ...
Tags: Oil industry, crude oil
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China Is Likely to Slash Gasoline and Diesel Prices in The Coming Week
Dec 21, 2014China is likely to slash gasoline and diesel prices in the coming week due to sluggish domestic demands and a continuing crude price slump in the global market. The modern industries and living environments are built on the base of ...
Tags: Oil Prices, Mineral
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ICE August Brent Settled 48 Cents Higher at $112.94/Barrel
Jun 23, 2014Oil futures held near nine-month highs Monday on concerns that escalating violence in Iraq could spread to the country's oil-producing southern region. ICE August Brent settled 48 cents higher at $112.94/barrel. The front-month contract ...
Tags: Oil Futures, Crude futures
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US Posted a Second Consecutive Year of Record Oil Production Growth
Jun 23, 2014The US posted a second consecutive year of record oil production growth in 2013 with its surging shale industry balancing out supply disruptions to underpin an unprecedented period of stable global oil prices, BP said Monday. US output ...
Tags: oil production, oil supply
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OPEC Would Need to Boost Its Output in Q3 by Some 900,000 B/D to Meet Rising Demand
May 19, 2014The International Energy Agency said Thursday OPEC would need to boost its output in the third quarter by some 900,000 b/d from April's level to meet rising global demand, and warned that OECD oil stocks remained tight by historical ...
Tags: OPEC, oil supply