OPEC Prepares to Slash Output

Saudis ready to boost production, but say unrelated to embargo

(NEWSER) - With the West about to increase sanctions on Iran to include oil sales abroad, Tehran is warning its Arab neighbors not to make a buck off of that embargo, reports the AP . Any Arab nation that raises its oil output will be an "accomplice in the consequences," warned Iran OPEC governor Mohammad Ali Khatibi. Meanwhile, the AP notes that Saudi Arabia's oil minister said today that his country was prepared to boost its petroleum production, but, ahem, just to fill market need, not in any way because of the Iran embargo. Iran has already threatened to block all oil going through the Strait of Hormuz if Western countries implement a petroleum embargo. More»

Investors had been expecting a rise

(NEWSER) - Crude prices are headed north this morning, after OPEC surprised the market by keeping production flat instead of ramping it up, the Wall Street Journal reports. Nymex crude is currently up almost 2%, above $100 a barrel, after being down ahead of the announcement. OPEC's secretary-general told reporters that the countries were "unable to reach consensus to raise production," according to the AP . More»

'We're reimbursing ourselves'

(NEWSER) - Donald Trump has an interesting concept of how the world’s oil markets work: In an interview with George Stephanopoulos on ABC , Trump opined that the reason oil was so high was because “We don’t have anybody in Washington that calls OPEC and says, ‘Fellas, it’s time. It’s over. You’re not going to do it anymore.’” When Stephanopoulos pressed him on how he’d back up that threat, Trump replied, “I’m going to look ‘em in the eye and say, ‘Fellas, you’ve had your fun. Your fun is over.’” 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»

As US drivers complain, those overseas think we're lucky

(NEWSER) - Gas prices are climbing again, which means people are complaining, which means it's time for a spate of stories showing how relatively cheap gas remains in the US. Here's a rough estimate of world prices per gallon, courtesy of CNN :

• US: $3.53
• Norway: $9.28
• Europe: Between $7.50 and $8 for most, including Britain, Ireland, Italy, France, and Germany.