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RPT-Saudi Prince Abdulaziz: oil hawk with soft diplomacy touch

(Repeats SEPT 12 story, no change to text) By Rania El Gamal and Dmitry Zhdannikov ABU DHABI, Sept 12 (Reuters) – OPEC is notorious for arguing over production policies – but Prince Abdulaziz bin Salman has effectively managed to deliver his first output cut just four days after becoming the new Saudi energy minister. With […]

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UPDATE 2-Nigeria plans VAT increase in push to raise non-oil revenue

(Adds comment by chairman of Senate committee on finance, paragraph 8, other details) By Felix Onuah ABUJA, Sept 12 (Reuters) – Nigeria plans to increase value-added tax on goods, the finance minister said, as Africa’s biggest oil exporter seeks to reduce its reliance on crude sales. President Muhammadu Buhari’s government has repeatedly said it wants […]

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UPDATE 1-Nigeria plans VAT increase in push to raise non-oil revenue

(Adds opposition party comment, background) By Felix Onuah ABUJA, Sept 12 (Reuters) – Nigeria plans to increase value-added tax on goods, the finance minister said, as Africa’s biggest oil exporter seeks to reduce its reliance on crude sales. Zainab Ahmed, addressing journalists late on Wednesday after a Cabinet meeting, said the government proposed raising VAT […]

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Saudi Prince Abdulaziz: oil hawk with soft diplomacy touch

ABU DHABI, Sept 12 (Reuters) – OPEC is notorious for arguing over production policies – but Prince Abdulaziz bin Salman has effectively managed to deliver his first output cut just four days after becoming the new Saudi energy minister. With an impending listing of state oil giant Saudi Aramco and rising Saudi budget needs, the […]

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Red Cross to create private investment platforms for humanitarian work

LAGOS, Sept 12 (Reuters) – The International Committee of the Red Cross (ICRC) wants to connect private investors with potentially money-making projects in areas blighted by conflict, its president said on Thursday. The ICRC head told business leaders in Nigeria’s commercial capital Lagos that it plans to launch five to ten new financing mechanisms by […]

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W. Africa Crude-Nigerian offers hold strong, Angolan weakening

LONDON, Sept 12 (Reuters) – Nigerian crude was offered at robust levels on Thursday as sellers hoped to benefit from keener demand from Asia amid rising differentials for North Sea grades. * Nigerian Qua Iboe was offered at dated Brent plus $3.00 a barrel, a trader said, higher than indications reported earlier this week. Such […]

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Conflict and disaster force millions from their homes

LONDON, Sept 12 (Thomson Reuters Foundation) – Conflict and disasters forced nearly 11 million people from their homes in the first half of this year, a global monitoring group said on Thursday, warning mass displacement was becoming “the norm”. Natural disasters such as cyclones and floods caused 7 million people to leave their homes, while […]

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Nigeria plans VAT increase in push to raise non-oil revenues

ABUJA, Sept 12 (Reuters) – Nigeria plans to increase value-added tax on goods, the finance minister said, as Africa’s biggest oil exporter seeks to reduce its reliance on crude sales. Zainab Ahmed, addressing journalists late on Wednesday after a cabinet meeting, said the government proposed raising VAT next year to 7.2% – up from 5%. […]

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Russia’s Novak: Opal ruling will affect three-way gas talks

MOSCOW, Sept 12 (Reuters) – Russian Energy Minister Alexander Novak said on Thursday the decision by Europe’s top court to curtail Gazprom’s access to Nord Stream pipeline link Opal would affect next week’s gas talks with the European Union and Ukraine. “I think that, in terms of negotiations, this situation will be taken into account,” […]

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UPDATE 2-U.S. briefly overtakes Saudi Arabia as top oil exporter – IEA

* Exports from U.S. briefly outpaced Saudi Arabia in June * Non-OPEC supply from U.S., Norway and Brazil set to surge * Vast supply may encourage OPEC+ to revisit production pact (Adds details, graphics) By Noah Browning LONDON, Sept 12 (Reuters) – Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said […]

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Nigeria and Iraq pledge to cut output to meet OPEC targets

ABU DHABI, Sept 12 (Reuters) – Iraq’s and Nigeria’s oil ministers pledged on Thursday to reduce oil output to comply with their OPEC output targets. An OPEC+ statement said it was important for all countries to reach full conformity with cuts. It also said OECD oil stocks remained above the 5-year average. Market monitoring will […]

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U.S. briefly overtakes Saudi Arabia as top oil exporter – IEA

LONDON, Sept 12 (Reuters) – Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world’s top exporter. “With oil prices currently about 20% lower than a year ago, there will […]

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