Ali al-Naimi News
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West Texas Intermediate crude fell for a third day, the longest run of declines in four weeks, as OPEC boosted output to the highest level in five months.
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West Texas Intermediate crude fell for a second day as the dollar climbed, reducing the appeal of raw materials priced in the U.S. currency.
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Saudi Arabia, the world’s biggest crude exporter, welcomes additional supplies from other producers that may help to stabilize prices, Oil Minister Ali Al-Naimi said.
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OPEC boosted crude output in April to the highest in five months as Saudi Arabia increased production, helping lower oil prices amid concern that global economic growth is slowing.
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Saudi Arabia raised crude output in April to the highest in five months while making little change in the total amount it supplied to foreign and local markets, a person with knowledge of the country’s production said.
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Brent crude fell for a second day after OPEC’s production increased to a five-month high and an industry group said U.S. stockpiles climbed for the first time in three weeks.
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Saudi Arabia plans to raise production capacity to 15 million barrels a day by 2020 from 12.5 million barrels a day now, a Saudi prince said, reviving talk of a higher internal target.
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West Texas Intermediate crude fell, capping a monthly drop, before a report that may show that U.S. supplies climbed to a 22-year high. WTI’s discount to Brent oil narrowed to less than $9 a barrel.
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West Texas Intermediate fell, heading for a monthly decline before a report that may show U.S. crude inventories at a two-decade peak.
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Oil at $100 a barrel is a “reasonable” price that won’t choke global economic growth, Saudi Arabia’s Oil Minister Ali Al-Naimi said.
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