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OPEC agrees to reduce oil production, first since 2008

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Oil prices jump 8% as OPEC agrees first production cut since 2008

Oil prices jump 8% as OPEC agrees first production cut since 2008

Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world`s largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices.

Weak US dollar pushes oil at three-week high ahead of OPEC meeting

Weak US dollar pushes oil at three-week high ahead of OPEC meeting

Oil prices rose on Monday to their highest in three weeks, catching a lift from a weaker U.S. dollar and from cautious money managers, as OPEC appeared to be moving closer to agreeing an output cut when it meets next week.

Angolan state oil company mirrors nation's troubles

Angolan state oil company mirrors nation's troubles

Angolan state-owned oil company Sonangol rode the commodities boom that drove the country`s extraordinary growth after civil war ended in 2002, but today it symbolises a national economic crisis.

India receives 1st parcel of Iranian oil for strategic storage

India receives 1st parcel of Iranian oil for strategic storage

India has imported the first parcel of Iranian oil to partly fill the underground strategic oil storage it has built at Mangalore.

Russia to drive non-OPEC output rise in 2017: Cartel

Russia to drive non-OPEC output rise in 2017: Cartel

OPEC said Wednesday that new projects in Russia were set to drive oil production by countries outside the exporters' cartel slightly higher next year than first expected.

BP chief Bob Dudley sees oil at $55-70 a barrel in coming years

BP chief Bob Dudley sees oil at $55-70 a barrel in coming years

Oil should hover at around $55-70 a barrel for the rest of the decade as the energy industry undergoes "profound changes" after crude prices came under heavy pressure in recent years, BP chief executive Bob Dudley said on Tuesday.

Brent oil price hits highest level of $53.45 a barrel in a year

Brent oil price hits highest level of $53.45 a barrel in a year

Brent North Sea crude rose to $53.45 a barrel on Monday -- its highest price in a year after President Vladimir Putin indicated Russia was ready to join measures to limit global oil production.

Oil falls back from $50, but Indian basket regains this level

Oil falls back from $50, but Indian basket regains this level

Oil fell back from $50 a barrel in early trade on Monday after Saudi Arabia hinted that the output freeze agreed upon by the OPEC cartel countries last month would be effected quite gradually.

US oil prices top $50 a barrel for 1st time since June

US oil prices top $50 a barrel for 1st time since June

Oil prices in New York rose above $50 a barrel on Thursday for the first time since June, boosted by lower US petroleum inventories.

OIL consortium completes $3.14 billion stake buy in Russian fields

OIL consortium completes $3.14 billion stake buy in Russian fields

OIL, Indian Oil Corp and a unit of Bharat Petroleum Corporation (BPCL) bought 29.9 percent stake in Taas-Yuryakh oilfield in East Siberia for USD 1.12 billion and another 23.9 percent in Vankor oilfield for USD 2.02 billion.

ONGC Videsh gets govt nod to up stake in Russian oil field for $930 mn

ONGC Videsh gets govt nod to up stake in Russian oil field for $930 mn

ONGC Videsh Ltd (OVL) Wednesday got government nod to raise its stake in Russia's second biggest oil field of Vankor by 11 percent at an investment of USD 930 million.

OPEC agrees modest oil output curbs in first deal since 2008

OPEC agrees modest oil output curbs in first deal since 2008

OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group`s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.

Oil tumbles 3% after both IEA, OPEC see glut persisting

Oil prices fell as much as 3 percent on Tuesday after both the world`s energy watchdog and OPEC revised forecasts that signalled the global crude glut could persist for much longer than expected.

Saudi Arabia and Russia sign oil pact, could limit output

Saudi Arabia and Russia sign oil pact, could limit output

Saudi Arabia and Russia on Monday signed a deal to seek cooperation in the oil market, including on limiting output, sending oil prices sharply higher on hopes the two top producers would work together to tackle a global glut.

US crude down 3% after big stockpile build report

US crude down 3% after big stockpile build report

Oil prices tumbled on Wednesday, with U.S. crude falling more than 3 percent, after an unexpectedly large inventory build in the world`s biggest oil consumer renewed worries about oversupply.

Oil up, Brent over $50/bbl at 6-week high on OPEC freeze talk

Oil up, Brent over $50/bbl at 6-week high on OPEC freeze talk

Oil prices rose for a sixth straight day, with Brent crude touching a six-week high above $50 a barrel on Thursday as the world`s biggest producers prepared to discuss a possible freeze in production levels.

OPEC deal a tough task, as oil output freeze expectations rise

OPEC deal a tough task, as oil output freeze expectations rise

OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal.

Govt open to deliberating on merger of oil firms: Dharmendra Pradhan

Govt open to deliberating on merger of oil firms: Dharmendra Pradhan

Government is open to deliberating on the issue of mega merger of state-owned oil firms for creating a behemoth, Union Minister Dharmendra Pradhan said.

OPEC sees oil glut continuing to ease in 2016-17

OPEC sees oil glut continuing to ease in 2016-17

OPEC said Tuesday it expected the global supply glut to ease further this year and next thanks to reductions in oil output from producers outside the cartel, particularly the United States.