Leo Drollas News
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Iraq’s biggest jump in oil production since 1998 is increasing the burden on Saudi Arabia to lower crude exports to prevent price declines next year.
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Whether crude costs $60 a barrel or twice that amount, the U.S. is almost free of depending on imported energy and positioned to supplant Saudi Arabia as the world’s No. 1 producer of oil.
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Saudi Arabia should raise oil production by 200,000 to 300,000 barrels a day to prevent prices from damaging the world economy, according to the Centre for Global Energy Studies.
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Byron Wien, the 79 year-old chairman of Blackstone Group LP’s advisory services unit, is forecasting an annual drop in oil prices for the first time in his career as swelling production pushes global inventories higher.
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For the first time in a decade, OPEC will maintain oil-output quotas while prices plunge as Europe’s debt crisis and China’s slowing growth curb fuel demand.
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Crude oil tumbled from a five-month high after the dollar rebounded versus the euro and U.S. equities declined, wiping out an early advance.
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Speculation that nations are stockpiling oil at the fastest rate in 14 years is fanning expectations for Brent crude to drop below $100 a barrel.
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Crude oil rose for a second day and was headed for a weekly gain in New York after stronger-than- forecast economic growth figures for the euro zone fanned speculation that fuel demand in Europe will increase.
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More North Sea oil is being shipped to Asia than at any time in the past eight years as prices fall to their cheapest levels in 15 months compared with Middle East alternatives.
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OPEC is breaching its production limits the most in six years, signaling the world’s biggest suppliers are ready to pump more crude next year as oil rallies toward $100 a barrel.
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