Gulf vs Venezuela at Opec meeting - fastFT: Market-moving news and views, 24 hours a day - FT.com:
"The Opec meeting is under way in Vienna and it's shaping up to be a straight fight between Saudi Arabia-led Gulf bloc and price hawks led by Venezuela.
No change is expected in the cartel's production policy today but Venezuela's oil minister said it would table a proposal for the group to reduce output by 1.5m barrels a day to try and result the price, writes Neil Hume in Vienna.
"We are looking for stability in the market, we are really worried," Eulogio Del Pino told journalists ahead of the meeting."
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Friday 4 December 2015
Saudi Arabia throws down challenge on oil production cuts - FT.com
Saudi Arabia throws down challenge on oil production cuts - FT.com:
"Saudi Arabia has challenged other big oil producers to join it in output cuts, saying it will back actions to shore up prices next year if these are mirrored by rivals both inside and outside the cartel.
While the proposal from Opec’s de facto leader sets a high bar for a deal and is unlikely to lead to a cut at Friday’s meeting in Vienna, it paves the way for a possible agreement in the future."
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"Saudi Arabia has challenged other big oil producers to join it in output cuts, saying it will back actions to shore up prices next year if these are mirrored by rivals both inside and outside the cartel.
While the proposal from Opec’s de facto leader sets a high bar for a deal and is unlikely to lead to a cut at Friday’s meeting in Vienna, it paves the way for a possible agreement in the future."
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U.S. crude up as dollar eases; Brent choppy ahead of OPEC meet | Reuters
U.S. crude up as dollar eases; Brent choppy ahead of OPEC meet | Reuters:
"U.S. oil prices were buoyed by a slump in the dollar against the euro, while Brent was choppy ahead of an OPEC meeting in Vienna where the group is expected to reiterate its high output strategy.
U.S. crude CLc1 was trading up 9 cents at $41.17 per barrel at 0706 GMT, while internationally traded Brent LCOc1 was down 7 cents at $43.77.
"Everyone is waiting on what OPEC is going to do," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance."
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"U.S. oil prices were buoyed by a slump in the dollar against the euro, while Brent was choppy ahead of an OPEC meeting in Vienna where the group is expected to reiterate its high output strategy.
U.S. crude CLc1 was trading up 9 cents at $41.17 per barrel at 0706 GMT, while internationally traded Brent LCOc1 was down 7 cents at $43.77.
"Everyone is waiting on what OPEC is going to do," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance."
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