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Latest Articles in opec

Oil Falls Towards $40 As US Inventory Rise Revives Glut Worries

Brent crude fell 70 cents, or 1.7%, to $40.48 a barrel by 0820 GMT. U.S. West Texas Intermediate (WTI) dropped 98 cents, or 2.5%, to $37.96.

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OPEC, Russia Meet To Extend Record Oil Cuts, Push For Compliance

Global benchmark Brent crude, which slumped below $20 a barrel in April, rose nearly 6% on Friday to trade at a three-month high above $42.

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Oil Rises As Traders Await OPEC+ Meeting On Extending Supply Cuts

Brent crude futures were up 95 cents, or 2.4%, at $40.94 a barrel as of 0920 GMT, after rising over $1 to $41.18.

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Oil Prices Steady As Market Awaits Clarity On OPEC+ Output Cuts

Brent crude futures were up 6 cents, or 0.2%, at $39.85 a barrel by 1:29 p.m. ET (1729 GMT).

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Oil Prices Fall On Doubts Over Output Cuts, Surging US Diesel Inventories

Brent crude futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 1.80%, or 67 cents, to $36.62 a barrel.

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Oil At Highest Since March On Lower US Inventories, Recovering Demand

Crude prices have slumped in 2020, with global benchmark Brent hitting a 21-year low below $16 in April as demand collapsed.

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Oil Prices Mixed As Brent Retreats On Profit-Taking After Rally

Brent crude fell 19 cents, or 0.6%, to $34.62 a barrel by 0351 GMT, after earlier touching its highest since April 9.

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Oil Prices Inch Higher On US Stockpile Drop, But Bleak Outlook Caps Gains

OPEC+, a grouping of OPEC and other producers including Russia, agreed in April to curtail production by 9.7 million barrels per day (bpd) in May and June.

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Saudi Cabinet Urges OPEC+ Countries To Further Reduce Production: SPA

OPEC and its allies, a group known as OPEC+, decided in April to cut output by 9.7 million barrels per day (bpd) for May and June

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Aramco Offers Struggling Refiners Sweeter Terms For Crude

Saudi Arabia's national oil company has offered through unidentified Saudi banks, are also seen as part of the country's efforts to increase its market share

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OPEC+ Oil Producers Agree On Deal To Cut Output By 9.7 million Barrels

Saudi Arabia's energy minister Prince Abdulaziz bin Salman, who chaired the meeting, said that the cuts would amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the UAE, and Kuwait.

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OPEC, Russia Approve Biggest-Ever Oil Cut To Support Prices Amid Coronavirus Pandemic

Global oil demand is estimated to have fallen by around 30 million bpd as more than 3 billion people are locked down in their homes due to the outbreak.

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Saudi, Russia Outline Record Oil Cut Under US Pressure As Demand Crashes

Global fuel demand has plunged by around 30 million bpd, or 30% of global supplies, as steps to fight the virus have grounded planes, cut vehicle usage and curbed economic activity.

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Oil Prices Jump On Hopes For OPEC, Russia Meeting On Output Cuts

Brent crude was up by 75 cents, or 2.4%, at $32.62 per barrel by 0246 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude rose $1.30.

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OPEC+ Likely To Agree To Cut Production If U.S. Joins Effort

Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.

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