Thursday 5 May 2016
 
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Oil

OMV signs MoU to revive activities in Iran

Austria's OMV signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) on Wednesday as it looks to revive its activities in Iran. OMV chief executive Rainer Seele, who took the helm at Austria

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Libya's east tests muscle with oil shipment

By defiantly attempting to export their own oil and dispatching troops towards the centre of the country, Libya's eastern factions may be gambling on force as they bid for a larger stake under a UN-backed unity government. It

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Libya's east tests muscle with oil shipment

By defiantly attempting to export their own oil and dispatching troops towards the centre of the country, Libya's eastern factions may be gambling on force as they bid for a larger stake under a UN-backed unity government. It

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Oil 'will stabilise at $50-$60 by end-2016'

The chief executive of Kuwait Petroleum International said on Tuesday that he expected oil prices to stabilise between $50 and $60 a barrel by the end of 2016 or early 2017, Kuwait's official Kuna news agency reported. It also

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Oil prices retreat on Opec output boost

Oil prices retreated from 2016 highs on Monday as rising production in the Middle East outweighed a decline in US output and a sliding dollar. Crude production by the Organization of the Petroleum Exporting Countries rose in April

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Kuwait strike makes austerity drive tricky for govt

A three-day strike by oil workers in Kuwait last month over pay reforms shows the government faces considerable opposition as it prepares to push through painful and controversial cuts to longstanding welfare benefits. Oil-exporti

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Oil falls on rising Opec crude production

Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude. Brent futures LCOc1 were trading at $47.05

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Iran oil exports to S Korea rise four-fold

Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency. Ir

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Oil prices hit fresh 2016 highs on weak dollar

Oil prices edged to new 2016 highs on Friday, lifted by a weak dollar and falling production in the US, although a looming rise in Middle East output capped gains. Brent crude futures were trading at $48.30 a barrel at 0644 GMT, u

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Rising oil prices throw lifeline to shale producers

Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil slump started. The average for the 12 futures contr

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