Skip to: Content
Skip to: Site Navigation
Skip to: Search

September 5, 2008 8:29:25 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

All Eyes on OPEC for Oil Price Relief

Posted Nov 26, 07 4:18 AM CST in World,  Business 

(Newser) – With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up output by as much as 720,000 barrels a day.

Another firm said OPEC’s exports would hit 31.573 million barrels a day this month, up 324,000 a day from the previous month. One trader said the news “undermines the building blocks” of the price surge, but added “it won’t be enough to take the $100 target out of the picture.” OPEC leaders meet  Dec. 5 in Abu Dhabi.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Saudis May Boost Oil Supply Even Higher

    Jun 22, 08 4:11 PM CDT
    Saudis May Boost Oil Supply Even Higher A hastily organized summit meeting in Saudi Arabia today offered little relief to oil consumers, Bloomberg reports. The Saudis did vow to increase production if needed, but OPEC blamed speculators and the credit crisis, not markets, for surging oil prices.
    "Saudi Arabia is prepared and willing to produce additional barrels of crude above and beyond the 9.7 million barrels per day," a Saudi minister said. More »

  • Saudis to Boost Oil Output to Record Level

    Jun 14, 08 6:14 AM CDT
    Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the long term by cutting economic growth and making alternative fuels more viable. More »

  • Oil Prices Threaten US-Saudi Relations

    Jun 8, 08 6:46 AM CDT
    Oil Prices Threaten US-Saudi Relations The weakening dollar and rising oil prices are marring more than just the American economy: It’s also eroding the long-standing friendly relationship between the US and Saudi Arabia, the Los Angeles Times reports. A bleak economic outlook has cost the US clout with its oil-producing ally. “There’s certainly a perception that the power equation has changed,” said an oil analyst. More »

  • Oil Tops $130

    May 21, 08 8:30 AM CDT
    Oil Tops $130 Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled over the past year. More »

  • Oil Gushes to Record $105.96

    Mar 6, 08 8:32 AM CST
    Oil Gushes to Record $105.96 An ever-weakening dollar, an unexpected drop in US crude oil reserves, and a Wednesday OPEC decision not to boost production helped spur oil to a record $105.96 a barrel, Bloomberg reports. It's the third record this week, and the dollar’s $1.5345 against the euro is the lowest level its reached since the euro was introduced in 1999. More »

Saudi men talk in front of an advertisement during the OPEC (Organization of the Petroleum Exporting Countries) summit in Riyadh in the kingdom of Saudi Arabia on Sunday Nov. 18, 2007. (AP Photo/Hasan...   (Associated Press)
Ministers pose for a group photograph as they attend the Organization of the Petroleum Exporting Countries (OPEC) opening ceremony in Riyadh, Saudi Arabia, Saturday, Nov. 17, 2007. (AP Photo/Hasan Sarbakhshian)   (Associated Press)
Venezuelan President Hugo Chavez, right, talks with Iranian President Mahmoud Ahmadinejad, during closing ceremony of third OPEC (Organization of the Petroleum Exporting Countries) Summit in Riyadh in...   (Associated Press)
A section of Tehran's oil refinery is seen, Iran, Saturday, Nov. 17, 2007. Iran's president said Saturday that the Organization of Petroleum Exporting Countries is "under heavy economic and political...   (Associated Press)
Saudi Arabia's Foreign Minister Prince Saud Al-Faisal, listens to a question from the media during a news conference in end of the third OPEC (Organization of the Petroleum Exporting Countries) Summit,...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow

Threads (1 of 3)

Tags

Iraq  • Iran  • United States  • oil price  • oil  • Saudi Arabia  • crude oil  • OPEC  • Abu Dhabi  • New York Mercantile Exchange



Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »