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Russia, Saudi oil ministers to mull cooperation agreement

ST. PETERSBURG – Russian and Saudi oil ministers plan to discuss a broad cooperation agreement on Thursday at an economic forum in Russia’s second city of St. Petersburg, two sources told Reuters. One source said the agreement to be discussed between Russian Energy Minister Alexander Novak and Saudi Arabia oil minister Ali al-Naimi would not be about joint oil production ...

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Putin, Erdogan meet, discuss gas pipeline

MOSCOW — The presidents of Russia and Turkey have met and discussed a proposal for a pipeline that would carry natural gas from Russia to Turkey. Vladimir Putin and Recep Tayyip Erdogan met Saturday in Baku, the capital of Azerbaijan, on the sidelines of the European games, Putin’s spokesman Dmitry Peskov told Russian news agencies. Peskov gave no specifics of ...

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‘Saudi Arabia on right path for diversifying economy’

Destination Saudi Arabia . Riyadh on the map shown by pin

JEDDAH — Although Saudi Arabia has substantial financial reserves to withstand low oil prices over the next few years, recent government spending has intensified the need for longer term fiscal, environmental and resource sustainability in the Kingdom, according to a new ICAEW report. The report — Economic Insight: Middle East Q2 2015 — is produced by Cebr, ICAEW’s partner and ...

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Oil slips as Saudis stand by to raise production

LONDON – Oil prices on Friday gave up gains made earlier this week after the world’s top crude exporter Saudi Arabia said it stood ready to raise output to new record highs, potentially adding to a global supply glut. A stronger U.S. currency against the euro also weighed on the dollar-denominated oil market after the International Monetary Fund pulled out ...

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Saudi Arabia ready to raise oil output further to meet demand

NEW DELHI – Saudi Arabia is ready to increase its oil output in the coming months to a new record to meet a rise in global demand, despite increased domestic use, a senior state oil company official said on Thursday. Ahmed Al-Subaey, Saudi Aramco’s [SDABO.UL] executive director for marketing, told Reuters the world’s top oil exporter was already talking to ...

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India seeks to use its oil thirst to drive bargains

NEW DELHI – India is trying to use its position as one of the world’s biggest energy consumers to strike better bargains for its companies with oil exporting nations, in a marked change of approach under Prime Minister Narendra Modi. The oil ministry is moving beyond seeking additional barrels for import in talks with exporters. Now, the energy-deficient country wants ...

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China natgas output drops for 2nd month, price cut eyed

BEIJING – China’s natural gas output fell 2 percent in May from a year earlier, official data showed on Thursday, its second straight month of decline as the market expects Beijing to announce another price cut in the coming months to lift slowing demand. Output recorded a 2.9-percent year-on-year drop in April, to 9.4 billion cubic meters (bcm), the lowest ...

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Russia silent on when Iran oil-for-goods deal starts

GELENDZHIK, Russia – Russian officials said on Monday it was too soon to say when an oil-for-goods deal with Iran would start, contradicting a report that Moscow had already begun delivering grain under such an arrangement. The deal could help Moscow, which faces Western sanctions over the Ukraine crisis, strengthen its foothold in Iran. But an agreement between Tehran and ...

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OPEC oil price anchor could be easy to unmoor

VIENNA – To hear OPEC ministers in Vienna last week, one would think the cartel’s battle for market share is a complete success and oil prices are now firmly anchored where they are. “The strategy is working… It will take time for markets to rebalance,” was the mantra from OPEC kingpin Saudi Arabia’s oil minister Ali al-Naimi and his peers. ...

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