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<title>Dragon Oil production up 37%</title>
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<pubDate>Thu, 24 Jul 2008 12:09:00 +0400</pubDate>
<description><![CDATA[Dragon Oil announced a 37% increase in H1 gross production today from its Cheleken Contract Area in its unaudited results. The company said that it pumped an average rate of 38,482 barrels per day compared to 28,321bpd for the same period last year and has a cash balance of approximately $654m. Audited results will be published on 22 August.]]></description>
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<title>Oil falls $3</title>
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<pubDate>Wed, 23 Jul 2008 07:04:00 +0400</pubDate>
<description><![CDATA[Oil prices fell Tuesday, closing at the lowest point since June 5, due to a perceived decline in US demand. Light, sweet crude for August delivery fell $3.09 to settle at $127.95 a barrel in afternoon trading on the New York Mercantile Exchange. Oil was down as much as $5.41 earlier in the day, but rallied near the end of the session.]]></description>
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<title>Saudi Electricity profit dips 4% in Q2</title>
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<description><![CDATA[Saudi Electricity, the kingdom&#039;s largest power generator, has announced that its second-quarter profit fell 4.1 percent on higher operating costs, reported Bloomberg. Net income dropped to 781 million riyals ($208.4m) from 814 million riyals in the year-earlier period.]]></description>
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<title>UAE to cut oil output in October</title>
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<pubDate>Tue, 22 Jul 2008 07:30:24 +0400</pubDate>
<description><![CDATA[The UAE will cut oil output by 150,000 to 200,000 barrels per day for 40 days in October and November for maintenance, reported Reuters, citing an official at state oil company Adnoc. The scheduled shutdown will reduce the country&#039;s oil output by up to 7.5%. The UAE pumped around 2.6 million bpd in June.]]></description>
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<title>Oil price rises from six week low</title>
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<description><![CDATA[Rising tensions with Iran and a potential hurricane in the Gulf of Mexico have pushed oil prices up from six week lows, according to Bloomberg reports. Prices for August delivery rose to $130.13 on the New York Mercantile Exchange, still below the highs seen a few weeks ago. Iran has two weeks to respond to calls to suspend nuclear enrichment or face new sanctions.]]></description>
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