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US eases oil export ban in shot at Opec as crude price slumps:

President Barack Obama has fired a shot at the Organisation of Petroleum Exporting Countries (Opec) in the war to control global oil markets by quietly sanctioning the easing of America’s 40-year ban on exporting crude.
The US government has reportedly told oil companies they can begin to export shipments of…

North Sea summit set to tackle oil price dive:

A SUMMIT which aims to bring together governments, trade unions and industry bodies to save jobs in Scotland’s oil capital has been announced.

Jenny Laing, leader of Aberdeen City Council, has called on the Scottish and UK Governments to attend the summit on the North Sea oil industry which is…

Oil prices climb on Libya supply worries:

(Reuters) – Oil prices rose on Monday, after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member.A fire caused by fighting at one of Libya’s main export terminals has destroyed 800,000 barrels of crude – more than two days…

Saudi Arabia ‘assuming $80 oil’ in 2015:

Opec giant Saudi Arabia’s 2015 budget is probably assuming an oil price of $80 a barrel, and will be seen as a sign of confidence in the market, according to a former economic adviser to the country’s government.The assumption is down from $103 a barrel for this year, John…

BP’s ex-North Sea head urges action:

THE former head of BP’s North Sea operations yesterday warned urgent action is needed to stem the “premature demise” of the basin as the oil price came under fresh pressure from Saudi Arabia, which indicated it could increase its output.


Reports in the state-owned Saudi media quoted the kingdom’s oil…

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