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UPDATE 1-China's Sinopec to shut four small oilfields at Shengli

* Sinopec says may reopen the oilfields based on market changes

Rising diesel demand in South Korea puts brakes on exports

SINGAPORE/SEOUL, Feb 18 (Reuters) - Rising demand for diesel in South Korea is slowing the pace of exports from one of Asia's top shippers of the fuel, offering a rare bright spot in a region where surplus supply has driven down refining margins.

Oil production in federal Gulf of Mexico projected to reach record high in 2017

(Thu, 18 Feb 2016) U.S. Gulf of Mexico (GOM) crude oil production is estimated to increase to record high levels in 2017, even as oil prices remain low. EIA projects GOM production will average 1.63 million barrels per day (b/d) in 2016 and 1.79 million b/d in 2017, reaching 1.91 million b/d in December 2017. GOM production is expected to account for 18% and 21% of total forecast U.S. crude oil production in 2016 and 2017, respectively.

Woodside CEO wary on timing, extent of any oil market recovery

MELBOURNE, Feb 18 (Reuters) - The world's oil market is likely to see a drop in supply over the next three to five years as cheap debt dries up and majors cut capital spending, but the timing of any recovery in prices is too difficult to call, Woodside Petroleum's CEO said.

COLUMN-Commodities' well-travelled road to nowhere. Cutting output: Russell

LAUNCESTON, Australia, Feb 18 (Reuters) - Live and don't learn. That should be the motto of commodity producers who attempt to push prices higher by trying a variety of methods to restrict supply.

WRAPUP 2-Venezuela raises fuel price, devalues bolivar amid crisis

CARACAS, Feb 17 (Reuters) - Venezuelan President Nicolas Maduro on Wednesday devalued the currency and raised heavily subsidized fuel prices in an effort to stem a widening economic crisis, though critics of the socialist leader quickly dismissed the moves as insufficient.

WRAPUP 1-Venezuela raises fuel price, devalues bolivar amid crisis

CARACAS, Feb 17 (Reuters) - Venezuelan President Nicolas Maduro on Wednesday devalued the currency and raised heavily subsidized fuel prices in an effort to stem a widening economic crisis, though critics of the socialist leader quickly dismissed the moves as insufficient.

UPDATE 1-Williams shares rise as hedge funds pile in, ETE offer spread narrows

NEW YORK/HOUSTON, Feb 17 (Reuters) - William Cos Inc's shares extended their surge on Wednesday, having jumped by nearly a fifth this week, narrowing the spread of the takeover offer by rival pipeline company Energy Transfer Equity LP.

UPDATE 2-Wyoming says its coal mine cleanup policy is flawed

WASHINGTON, Feb 17 (Reuters) - A program that has allowed U.S.

UPDATE 1-Venezuela raises fuel price for first time in 20 years

CARACAS, Feb 17 (Reuters) - Venezuelan President Nicolas Maduro on Wednesday said his government is raising prices heavily subsidized fuel for the first time in around 20 years, as part of a broader set of economic measures in the OPEC country, which faces a biting recession.

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