OPEC Members May Seek More Foreign Funding

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»

And stocks could 'soar': David Kotok

(NEWSER) - If the rebels succeed in taking Moammar Gadhafi down, expect oil prices to follow suit—which means stocks could skyrocket, writes analyst David Kotok at Business Insider . An end to the Gadhafi regime would likely allow Libyan oil production to rebound to a pre-crisis daily output of 1.6 million barrels. In that scenario, oil prices will fall worldwide as oil futures climb, and the US and other economies will get a big boost, explains Kotok, because "the oil price acts like a sales tax on consumption." More»

Qatar is first reported buyer

(NEWSER) - Now that they’ve taken control of some critical oil fields and terminals, eastern Libya’s rebels are getting into the oil business. Qatar is rumored to be the first buyer, with a deal in place to buy the oil and ship it in leased tankers, the New York Times reports. Though there are sanctions on Libya, the US says it won’t block rebel oil sales, provided none of the money goes to the Libyan government. More»

Functioning alerts would have warned of explosion: technician

(AP) - An electronics technician aboard the ill-fated oil rig Deepwater Horizon told an investigative panel today that an alarm system was partially shut down on the day the rig exploded. Mike Williams said the system was turned on to monitor for fire, explosive gas, and toxic gas but that its sound and light alarms had been disabled. Williams worked for rig owner Transocean Ltd. More»

(USER SUBMITTED) - With BP about to begin drilling for oil in Libya's Gulf of Sidra, Sen. Frank Lautenberg has urged the British government to investigate whether BP a hand in securing the release of the Lockerbie bomber in order to help close the oil deal. Kirsten Gillibrand, Charles Schumer, and Bob Menendez joined Lautenberg last week in pushing the UK government to act; Lautenberg also raised the issue with the Senate Foreign Relations Committee 2 weeks after Abdel Baset al-Megrahi's 2009 release, reports the Deccan Herald . More»