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OPEC agrees to keep pumping as oil glut fears persist

VIENNA – Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports. Concluding a meeting with no apparent dissent, Saudi Arabian oil minister Ali al-Naimi said OPEC had rolled over its ...

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Canada’s job gains biggest in 7 months, buoyed by manufacturing

jobs or job concept with business folder in office showing earnings concept

OTTAWA – Canada’s economy added 58,900 jobs in May, handily topping expectations and the biggest gain since October, helped by a surge in employment in the manufacturing sector, data from Statistics Canada showed on Friday. Economists had expected a gain of just 10,000 jobs last month. A tick up in the participation rate saw the unemployment rate hold steady at ...

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The U.S. and Mexico need a better offshore sharing policy

The Center for U.S. and Mexican Law has announced its first binational study on policies regarding the exploration and exploitation of transboundary oil and gas reserves in the Gulf of Mexico, and according to the press release, the two nations have some work to do. The press release states, “The United States and Mexico have deviated in some regards from the standard international ...

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Big Oil chiefs tell OPEC they’re adapting to price shock

VIENNA – Six months after OPEC upended oil markets and sent prices crashing, the head of U.S. oil giant ExxonMobil has an unusual message for the cartel: thanks. While Exxon and other large oil companies have been forced to slash spending, cut staff and sacrifice tens of billions of dollars in revenue as oil prices halved, they have also watched ...

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Oil company manager kidnapped, perpetrators still unknown

A manager for Mellitah Oil and Gas in Libya was kidnapped Sunday while travelling between Tripoli and Sabratha, leaving many wondering who is responsible and rousing other Mellitah staff into a protest. Yusuf Al-Shamani, a manager for Mellitah, was taken by a gang of individuals en route between the two cities, according to the Libya Herald. Authorities have been unable ...

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Iraq, Venezuela see $75-80 as “fair” price for oil

VIENNA – The top oil officials of Iraq and Venezuela said on Wednesday that $75 to $80 a barrel was now a “fair” price for oil, reflecting an emerging consensus on a possible equilibrium for volatile markets. Asked for his view while speaking at an OPEC seminar in Vienna, Iraqi oil minister Adel Abdel Mahdi said he believed $75 to ...

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Colombian rebels resume guerilla attacks on oil infrastructure

Colombia’s oil infrastructure is once again under attack by rebels as conflict resumed after a ceasefire established in December came to a screeching halt in May. Bloomberg reports that rebels targeted the Orito-San Miguel and Orito-Churuyaca pipelines, both in the Putumayo province on the southwest border of the country. Two wells—the Loro 8 and Yurilla 1—also fell victim to damage ...

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