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Opec raises world oil demand forecast for 2012
The Organisation of Petroleum Exporting Countries (Opec) revised its world oil demand outlook for 2012 slightly upwards today, citing a stable US economy and the shutdown of nuclear plants in Japan, which boosted demand. In its latest monthly report, Opec predicted 2012 demand at 88.67 million barrels per day (bpd), up 0.90 million bpd from 2011. This represented a minor rise from its previous estimate

OPEC says pumping hard to bring oil price down

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China mulls guarantees for ships carrying Iran oil

China is considering sovereign guarantees for its ships to enable the world’s second-biggest oil consumer to continue importing Iranian crude oil after new European Union (EU) sanctions come

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Brent rises above $123 on supply disruption fears

Brent crude rose above $123 a barrel on Thursday, after sharp falls in the previous session, lifted by growing concerns over Iranian supplies being disrupted due to Western sanctions. In a move that

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India pushes refiners to cut imports from Iran

India, publicly disdainful of sanctions to pressure Iran, has been left off a list of nations given a U.S. waiver from the measures, but is privately pushing its refiners for substantial cuts in

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Iran sanctions spurring Saudi oil sales to US

Saudi Arabia is preparing to extend this year's unexpected jump in oil sales to the United States, adding to speculation about the response of the world's top oil exporter to sanctions against Iran

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