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Oil sell-off is deepest to follow an OPEC output cut in a decade

Oil sell-off is deepest to follow an OPEC output cut in a decade

Oil prices turned negative amid a sell-off in the U.S stock market on Monday, with U.S. crude posting an 11th straight day of losses, its longest longest losing streak on record. Crude’s recent sell-off is a grim reminder that OPEC’s management of the oil market isn’t foolproof. Crude futures looked set to break the streak...

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Saudi Arabia plans spate of water project privatizations in 2019

Saudi Arabia plans spate of water project privatizations in 2019

The planned sale of up to 5 per cent of Saudi Arabia’s state oil producer could create not only the world’s largest publicly traded energy company but the biggest initial public offering of all time. The cabinet recently approved the tendering of seven desalination and wastewater projects. More than this, however, the move also offers...

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Oil gains as Saudis pledge to extend cuts, U.S. supply draw seen

Oil gains as Saudis pledge to extend cuts, U.S. supply draw seen

Oil prices extended gains after closing at a seven-week high on Tuesday after an industry group reported a huge drop in U.S. crude stockpiles. Futures rose as much as 2.5% in New York on Wednesday, halting the deepest three-day slump since 2016. U.S. crude inventories fell by 10.2 million barrels in the week ending July 21...

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Saudis are said to target U.S. with sharp oil export cut

Saudis are said to target U.S. with sharp oil export cut

Saudi Arabia aims to create 1.2 million jobs by 2022 by focusing on the retail sector in order to reduce unemployment to 9 percent, a senior labor ministry official told Reuters. After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks...

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OPEC talks end without oil-cuts deal as Russia holds back

OPEC talks end without oil-cuts deal as Russia holds back

OPEC ended talks in Vienna without a deal on oil production cuts, with the size of Russia’s contribution remaining a sticking point before further talks on Friday. Saudi Energy Minister Khalid Al-Falih said he isn’t confident of an agreement after discussions of a 1 million million-barrel-a-day output reduction concluded without an agreement. That left the...

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As oil plunges, the real OPEC meeting will be at next week’s G20

As oil plunges, the real OPEC meeting will be at next week’s G20

Oil prices slumped up to nearly 8 percent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. The cartel is set to meet on Dec. 6 in Vienna, but days earlier the key decision...

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Saudi Arabia Cancels 45-Year Taboo With Threat to Use Oil as a Weapon

Saudi Arabia Cancels 45-Year Taboo With Threat to Use Oil as a Weapon

If threats are anything to go by, Saudi Arabia may just have breached a long-standing orthodoxy of dissociating oil from oil politics. Following recent developments, Riyadh made statements that came across as a veiled threat to deploy the Kingdom’s oil wealth in a political warfare –  an unprecedented turn since the Arab embargo in 1973...

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