OPEC Head Warns Oil Could Hit $200 a Barrel

Speculation is driving oil up, and that's a concern for consumers, economists

(NEWSER) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per barrel oil gushed to yesterday is attributed to cuts in production and fears that OPEC may trim output further at its meeting next month More»

Crude reaches nearly $37 after UAE's cuts

(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 was larger than expected and comes after oil tumbled further on Christmas Eve on grim American economic figures. Last week, OPEC ordered its biggest-ever cut in production. More»

(NEWSER) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will have fallen 700,000 barrels in 2008, and will decline by twice that amount in 2009. More»

Saudis lead push for record cut to pump prices to $75 a barrel

(NEWSER) - OPEC ministers are expected to back the biggest reduction in oil production in the history of the cartel when they meet today, Reuters reports. The exporters widely support a cut of 2 million barrels a day. Oil prices neared $43 per barrel yesterday, down over $100 from July. Officals from Saudi Arabia, which heads the cartel, are seeking action expected to boost prices to $75 a barrel. More»

Cartel plans emergency meeting this week to cut production

(NEWSER) - Earlier this year the nations of OPEC were riding high as booming economic growth and tight supplies buoyed crude above $100. But now a barrel of oil is $70 and dropping fast, and frightened petroleum producers are holding an emergency meeting this week to discuss a production cut. As the New York Times reports, a global fall in demand could have major repercussions for nations that have profited from the black gold. More»