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Friday, 12 June 2015
OPEC's Biggest Members Pump Record Crude With Rally in Jeopardy - Bloomberg Business
OPEC's Biggest Members Pump Record Crude With Rally in Jeopardy - Bloomberg Business:
"OPEC’s biggest members are pumping record amounts of crude and this year’s rally in prices is under threat, the International Energy Agency said.
Saudi Arabia, Iraq and the United Arab Emirates, accounting for at least 18 percent of global oil output, each produced at a record last month, the IEA said. The 12-nation Organization of Petroleum Exporting Countries agreed on June 5 to leave its crude-output quota unchanged, choosing to defend its market share rather than prices.
Oil’s 45 percent rally since mid-January was caused in part by some disruptions to supplies of oil products such as gasoline and diesel, according to the IEA. As refinery projects are completed, that should ease and curb the gains, the agency said."
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"OPEC’s biggest members are pumping record amounts of crude and this year’s rally in prices is under threat, the International Energy Agency said.
Saudi Arabia, Iraq and the United Arab Emirates, accounting for at least 18 percent of global oil output, each produced at a record last month, the IEA said. The 12-nation Organization of Petroleum Exporting Countries agreed on June 5 to leave its crude-output quota unchanged, choosing to defend its market share rather than prices.
Oil’s 45 percent rally since mid-January was caused in part by some disruptions to supplies of oil products such as gasoline and diesel, according to the IEA. As refinery projects are completed, that should ease and curb the gains, the agency said."
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MIDEAST STOCKS-Gulf markets edge down as oil ends rally | Reuters
MIDEAST STOCKS-Gulf markets edge down as oil ends rally | Reuters:
"Most Gulf stock markets closed lower on Thursday as oil prices pulled back after a rally, and heavy profit-taking hit the Dubai bourse after speculative buying earlier in the week.
Saudi Arabia's main index slipped 0.2 percent and leading petrochemicals firm Saudi Basic Industries edged down 0.3 percent, tracking oil, which fell after the World Bank cut its global economic growth forecast.
The Saudi banking sector gave up early gains and fell 0.6 percent. But food retailer Abdullah Al Othaim Markets Co climbed 2.3 percent to 110.00 riyals after Deutsche Bank raised its price target for the stock to 120 riyals from 103."
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"Most Gulf stock markets closed lower on Thursday as oil prices pulled back after a rally, and heavy profit-taking hit the Dubai bourse after speculative buying earlier in the week.
Saudi Arabia's main index slipped 0.2 percent and leading petrochemicals firm Saudi Basic Industries edged down 0.3 percent, tracking oil, which fell after the World Bank cut its global economic growth forecast.
The Saudi banking sector gave up early gains and fell 0.6 percent. But food retailer Abdullah Al Othaim Markets Co climbed 2.3 percent to 110.00 riyals after Deutsche Bank raised its price target for the stock to 120 riyals from 103."
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