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Business
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Economy
11/29/2023 4:41:11 PM
The OPEC Fund for International Development (the OPEC Fund) is set to sign a host of agreements with international institutions to support climate action efforts in developing countries during the COP28 conference in the UAE.
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Business
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Economy
11/23/2023 11:21:42 AM
Oil extended losses Thursday after OPEC announced the shock delay of a key policy meeting, suggesting fresh upheaval in the bloc, while equities were mixed after two US reports dented recent euphoria over the future of interest rates.
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Business
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Energy
11/22/2023 7:42:27 PM
Oil prices slumped Wednesday as traders took a delay to an OPEC+ summit meeting as a sign of possible discord, while European and US stocks rose on hopes of an end to the US Federal Reserve's interest rate-hiking cycle.
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Business
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Energy
11/15/2023 4:14:30 PM
Crude prices rallied this week after posting their steepest drop in over three months, rebounding on brighter consumption forecasts from OPEC and the International Energy Agency (IEA), according to a report by the Kuwaiti asset management company Kamco Invest on Wednesday.
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Business
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Economy
10/4/2023 5:00:50 PM
An OPEC+ panel recommended Wednesday that the oil cartel keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices.
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Business
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Energy
9/5/2023 8:47:00 PM
Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.
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Business
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Energy
8/7/2023 8:21:47 PM
Saudi state-run oil giant Aramco on Monday reported $30 billion in second quarter profit, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices.
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Business
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Energy
8/3/2023 5:20:33 PM
Saudi Arabia announced Thursday it is extending a voluntary oil production cut of one million barrels per day for another month, keeping up its campaign to prop up prices.
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Business
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Energy
7/5/2023 4:20:46 PM
Saudi Arabia on Wednesday dismissed talk of discord with oil ally Russia, praising their coordinated decisions to remove barrels from the market in efforts to prop up prices.
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Business
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Energy
6/5/2023 7:02:33 PM
Russia will extend its voluntary oil production cut of half a million barrels per day until the end of 2024, Russian Deputy Prime Minister Alexander Novak said late on Sunday.
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Business
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Economy
6/5/2023 12:50:35 PM
Markets built on a global rally Monday after a mixed US jobs report lifted hopes the Federal Reserve will skip an interest rate hike this month, while oil extended gains after Saudi Arabia slashed output.
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Business
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Energy
6/4/2023 8:21:44 PM
Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession.
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Business
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Energy
6/4/2023 9:27:46 AM
There are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet on Sunday in a bid to prop up prices.
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World
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Region
6/2/2023 1:32:02 PM
Signs of discord between top crude oil producers Saudi Arabia and Russia are set to overshadow an OPEC+ output policy meeting on Sunday that will test their alliance.
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Business
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Energy
5/23/2023 6:51:47 PM
Saudi Minister of Energy Prince Abdulaziz bin Salman told market speculators to “watch out,” during Qatar Economic Forum on Tuesday ahead of OPEC+ meeting.
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Business
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Energy
4/3/2023 9:59:03 PM
The shock announcement by several OPEC+ members to voluntarily cut their oil production by more than a million barrels per day from May has sent world oil prices soaring, in a move widely seen as the tightening of the bond between Russia and Saudi Arabia.
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Business
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Energy
4/3/2023 11:24:04 AM
Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels per day, while equities mostly rose after data showed US and European inflation eased further last month.
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Business
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Energy
4/2/2023 7:05:49 PM
Saudi Arabia led a coordinated production cut by major oil powers on Sunday despite US pressure to pump more crude, saying they were aiming at market stability.
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Business
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Economy
2/9/2023 6:59:41 PM
The OPEC Fund for International Development and Africa Finance Corporation (AFC) have signed a 10-year $50 million loan agreement to finance the development of infrastructure with the aim of boosting the continent’s economic growth and job creation, the fund announced on Thursday.
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Business
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Energy
2/1/2023 6:45:20 PM
A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic outlook remains uncertain and the war in Ukraine drags on.
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