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Oil Hits $104; OPEC Won't Budge

Cartel president blames 'mismanagement' of US economy for rising prices

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(Newser) – Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices on “tremendous speculation,” the Wall Street Journal reports. Oil futures were up $5 on the day.

President Bush yesterday called for production increases to help stave off recession in the US; OPEC's president said "mismanagement" of the US economy is more responsible for higher prices than a lack of demand. But, the Journal reports, OPEC might reduce output if the US economy stalls badly enough to temper demand, especially if oil-hungry developing nations are pulled downward.

An old barrel and other trash litter a dry oil drainage pit Tuesday, March 4, 2008, in the Sakhir, Bahrain, desert. OPEC has virtually ruled out pumping more oil to ease record-high prices, oil ministers said Tuesday on the eve of a key meeting, contending supplies are ample and there's...
An old barrel and other trash litter a dry oil drainage pit Tuesday, March 4, 2008, in the Sakhir, Bahrain, desert. OPEC has virtually ruled out pumping more oil to ease record-high prices, oil ministers...   (Associated Press)
A general view of the meeting of oil ministers of the Organization of the Petroleum Exporting countries at the OPEC's headquarters in Vienna, Austria, on Wednesday, March 5, 2008. Chakib Khelil, president of OPEC said the cartel is shying away from boosting production due to expectations that global demand for...
A general view of the meeting of oil ministers of the Organization of the Petroleum Exporting countries at the OPEC's headquarters in Vienna, Austria, on Wednesday, March 5, 2008. Chakib Khelil, president...   (Associated Press)
Men work through a dust storm Tuesday, March 4, 2008, on a new oil well being drilled in the Sakhir, Bahrain, desert. OPEC has virtually ruled out pumping more oil to ease record-high prices, oil ministers said Tuesday on the eve of a key meeting, contending supplies are ample and...
Men work through a dust storm Tuesday, March 4, 2008, on a new oil well being drilled in the Sakhir, Bahrain, desert. OPEC has virtually ruled out pumping more oil to ease record-high prices, oil ministers...   (Associated Press)
The president of the OPEC conference and Minister of Energy and Mines from Algeria, Chakib Khelil speaks to journalists prior to the start of the OPEC meeting at their headquarters in Vienna, Austria, on Wednesday, March 5, 2008. Khelil said the cartel is shying away from boosting production due to...
The president of the OPEC conference and Minister of Energy and Mines from Algeria, Chakib Khelil speaks to journalists prior to the start of the OPEC meeting at their headquarters in Vienna, Austria,...   (Associated Press)
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ANALYSIS

Cheap Oil Keeps World Economy Off Balance

With crude under $40, investment dries up, nations lose revenue

Feb 20, 09 5:18 AM CST
(Newser) - Oil surged 13% yesterday in New York trading—and still closed at less than $40 a barrel, reports the Washington Post. Cheap oil has been a boon for consumers in the recession, but the collapse in crude prices has contributed to further havoc in international markets from Canada to Kuwait.... More »

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(Newser) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member... More »

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OPEC • markets • oil price • crude oil • oil supply • financial crisis

Oil Prices
Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

Dec 26, 08 7:44 AM CST
(Newser) - Oil prices rose today—after dropping more than 30% this month alone—as the United Arab Emirates joined Saudi Arabia in curbing crude supplies, reports Reuters. Crude oil rose as much as $1.55 a barrel, or 4.4%, to $36.90 in New York this morning. The UAE cut... More »

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oil • OPEC • United Arab Emirates • oil price • oil production • UAE

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