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Tag Archives: West Texas Intermediate

OPEC sees oil prices returning to $80/barrel by 2020

stock market

Sept 17 (Reuters) – OPEC forecasts oil prices will grow by no more than $5 per barrel a year to reach $80 by 2020, with rival non-OPEC production growth slowing but not fast enough to fully clear the current oil glut, according to OPEC sources. The sources said the figures came from an updated mid-term strategy report discussed this week ...

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OPEC sees higher demand for its oil in 2016 as rival output slows

LONDON (Reuters) – OPEC on Monday predicted higher demand for its crude oil next year, sticking to its view that its strategy of letting prices fall will curb supply from the United States and other rival producers. In a monthly report, the Organization of the Petroleum Exporting Countries said it expected demand for its crude next year to average 30.31 ...

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Oil production in US seen tumbling due to price drop

decrease production

PARIS — Oil supply from the United States, Russia and other non-OPEC countries is expected to drop sharply next year — possibly the steepest decline since the Soviet Union collapsed — because of low prices, the International Energy Agency forecast Friday. In its latest monthly report, the IEA says non-OPEC production is expected to drop nearly half a million barrels ...

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Oil prices dip, stock market rally stems losses

pump jacks

LONDON, Sept 9 (Reuters) – Crude oil prices slipped on Wednesday amid a persistent oversupply of physical oil, but stock market gains globally helped to stem the losses. European shares rose in early trade, buoyed by an 8 percent jump in Japanese stocks and the prospect of more stimulus from Chinam soothing investors rattled by recent market turmoil. Yet concerns ...

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China oil market reform paves way for new crude benchmark


SINGAPORE – China may launch a global crude oil futures contract as early as October to compete with the existing London Brent and the U.S. WTI benchmarks, three sources said, as it pushes ahead with reforms to open up its oil markets. The long-awaited crude contract would better reflect China’s growing importance in setting crude prices, as well as boost ...

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Oil market takes a walk on the wild side (again): Kemp

oil production

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Sept 2 (Reuters) – Crude oil prices have been on a rollercoaster over the last four trading sessions that has seen some of the highest volatility in a quarter of a century. The market is providing a brutal reminder of the extreme side of commodity pricing, ...

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OPEC cracks, ready to talk with world producers

The stubborn drive of OPEC is finally weaning down as the crude cartel has stated that it’s ready to talk to other producers about crashing oil prices, according to a release from an OPEC publication on Monday. “Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and ...

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Oil, gas speakers: Industry downturn will only be solved by innovation, efficiencies and time

DENVER — The key to surviving an environment in which crude and natural gas prices remain near decade lows is to look internally, innovate, and simply wait it out, industry executives said Tuesday. But a healthy recovery won’t happen any time soon, they told a small crowd of industry professionals at the Colorado Oil and Gas Association’s annual Rocky Mountain ...

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