Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.
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Shale stocks have been hard-hit as investors see margins all but evaporating following the slide in crude oil prices, but the U.S. shale energy boom is not over.
Subdued food price inflation in Europe is unlikely to pick up any time soon, adding to the pressure on mainstream grocers as they struggle with changing shopping habits and competition from discounters.
Fading hopes OPEC will cut production when it meets Thursday sent oil prices tumbling to a four-year low and the world stock-market rally paused for Thanksgiving in the United States.
Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut, ending without any plan to cut output despite a collapse in prices.
The United States is in the midst of renewing its 35-year-old commitment to supply Israel with oil in emergency situations after the pact expired on Tuesday, a U.S. State Department official said.
Dow Chemical Co (DOW.N) Chief Executive Andrew Liveris, speaking at a conference in Dubai, said on Monday he did not mind low oil prices because his company makes money in other businesses.
Most U.S. retailers reported strong sales in October, a sign American consumers were spending with more gusto and could help keep the economy growing at a brisk pace.
A large group of professional forecasters cut their outlook for euro zone inflation and growth, underlining a trend that could prompt the European Central Bank to take more policy action to kick-start the region's flagging economy.
The United Nations Security Council imposed targeted sanctions on Friday on Yemen's former President Ali Abdullah Saleh and two senior Houthi rebel leaders for threatening the peace and stability of the country and obstructing the political process.
A surge in refining profits boosted quarterly results at Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), helping to offset declining oil and gas production and falling crude oil prices.
There is no need to panic at the recent drop in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.
A steep sell-off in energy company stocks in recent months due to falling oil prices may be overdone and there are some potential bargains to be had, Barron's financial newspaper said in its latest edition on Sunday.
More than a dozen oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters say would create jobs and keep the energy boom alive, a spokesman for one of the companies and a lobbyist for another one said on Friday.
Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, Kuwaiti Finance Minister Anas al-Saleh said on Saturday.
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