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UPDATE 1-Iraq June oil exports fall as domestic usage rises

BASRA, Iraq, July 1- Iraq's oil exports from the southern ports fell in June as domestic consumption rose due to demand for summer cooling, an official at the state-run South Oil Company said on Friday. Loadings from Iraq's southern oil terminals, on the Gulf, ran at an average daily rate of 3.175 million barrels, compared with 3.2 million barrels per day in May, he said.

Source: Reuters

UPDATE 1-Oil rises on tighter market outlook, but weak Asian economies weigh

*OPEC sees tight market despite record output. *But weak China, South Korea data points to slowing Asia growth. Despite oil output from the Organization of the Petroleum Exporting Countries rising to a record 32.82 million barrels per day in June, OPEC expects demand for its supplies to be higher still.

Source: Reuters

UPDATE 1-Oil supply, demand should be in balance by 2017 -U.S. Energy Sec

BEIJING, July 1- The global oil market should see supply and demand in balance by 2017 though it will remain structurally well-supplied for the next couple of years, U.S. Speaking to reporters after meeting with Saudi Arabia's Energy Minister Khalid al-Falih at the G20 energy meeting in Beijing, Moniz said the two men agreed that despite short-term production...

Source: Reuters

Iraq June oil exports from southern ports 3.175 mln bpd -South Oil

BASRA, Iraq, July 1- Iraq's oil exports from the southern ports ran at an average rate of 3.175 million barrels per day in June, an official at the state-run South Oil Company said on Friday.

Source: Reuters

US energy secretary sees oil market coming into balance

He said Saudi Arabia has made clear it will maintain spare production capacity if it is needed by the market. The Saudi minister told the Houston Chronicle on June 22 the oversupply of oil was ending and he expected markets to come into balance this year. Crude prices tumbled from 2014 highs of more than $100 a barrel to a 13- year low of less than $30 in mid-February...

Source: The Associated Press

U.S. shale oil's Achilles heel shows signs of mending

HOUSTON, July 1- Since the beginning of the U.S. fracking revolution, oil producers have struggled with a vexing problem: after an initial burst, crude output from new shale wells falls much faster than from conventional wells. However, those well decline rates have been slowing across the United States over the past few years, according to data analysis provided...

Source: Reuters

U.S. Energy Secretary sees balanced oil market in 2017

BEIJING, July 1- The U.S. energy secretary said he expects the oil market to be in balance in 2017, after he met with the Saudi Arabia energy minister on Friday in Beijing. Moniz said Saudi energy minister Khalid Al-Falih made clear that the kingdom would maintain spare capacity and that OPEC will respond to short-term market needs. The two men met in Beijing at a G20...

Source: Reuters

UPDATE 4-Indonesian group to buy 82.2 pct of copper-gold miner for $2.6 bln

*Newmont to get $1.3 bln from sale, Sumitomo over $550 mln. JAKARTA/ TORONTO, July 1- An Indonesian investor group consisting of oil and gas tycoon Arifin Panigoro and banker Agus Projosasmito will spend $2.6 billion to buy 82.2 percent of Newmont Nusa Tenggara, which operates Indonesia's second-biggest copper and gold mine. Newmont will get $920 million when the...

Source: Reuters

Nikkei rises for 5th day as risk appetites stay solid

TOKYO, July 1- Japan's Nikkei share average rose on Friday for a fifth day as bargain hunting continued and risk appetites remained solid after U.S. and European shares gained. Japanese stocks have erased about the half of their losses in the wake of Britain's shock vote a week ago to leave the European Union. "Excessive fears for the global economy have receded,"...

Source: Reuters

UPDATE 2-Petroperu fined, president ousted over oil spills in Amazon

LIMA, June 30- The Peruvian government dismissed the head of Petroperu, German Velasquez, and fined the state-owned energy company about $3.5 million after the third oil spill in the Amazon this year from its four-decades-old pipeline. Environmental regulator OEFA said Petroperu would have to pay about $3.5 million for the latest spill of about 600 barrels,...

Source: Reuters