Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Oil Hits $104; OPEC Won't Budge

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

By Kevin Spak, Newser Staff

Posted Mar 5, 2008 3:57 PM CST

(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.”... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Japanese Artist Serves Up Own Cooked Genitals

Wall Street Journal (Source Grid »)
Bloomberg (Source Grid »)

Oil goes up as OPEC stands pat
Bloomberg

OPEC snubs Bush
AFP

What analysts are saying
Reuters

World • Money

oil • Saudi Arabia • OPEC • recession • US economy • oil price • oil supply • commodities exchange • supply and demand

More Newser Stories

OPEC Holds Oil Production Steady

As expected, consortium rebuffs US call to boost supply

(NEWSER) - OPEC dashed American hopes for a boost in oil production today, Bloomberg reports. The US and other Western nations wanted more oil on the market to lower prices, but OPEC decided to hold production steady. The consortium, which supplies 40% of the world's oil, is worried that the flagging world economy will reduce demand. More»

Chavez Warns of $200 Oil if US Strikes Iran

But call to make OPEC 'geopolitical agent' rejected by Saudis

(NEWSER) - Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical agent.” Saudi Arabia’s King Abdullah countered, saying “Oil shouldn’t be a tool for conflict, [but for] development.” More»

OPEC Prepares to Slash Output

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»

$100 Oil Will Return Soon Enough: Study

Price will rebound with economy, likely to hit $200 a barrel in 2030

(NEWSER) - If today’s price of $60 per barrel of oil seems too good to be true, that’s because it is. Oil prices will rebound to $100 a barrel once the economy recovers, and climb toward $200 by 2030, the market’s most comprehensive review predicts. Output is declining at a steep natural rate of 9% while demand grows nearly unabated, the Financial Times explains. More»

OPEC Panics as Oil Plunges

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»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Oil Hits $104; OPEC Won't Budge

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

oil • Saudi Arabia • OPEC • recession • US economy • oil price • oil supply • commodities exchange • supply and demand

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

OPEC Holds Oil Production Steady

As expected, consortium rebuffs US call to boost supply

Chavez Warns of $200 Oil if US Strikes Iran

But call to make OPEC 'geopolitical agent' rejected by Saudis

OPEC Prepares to Slash Output

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

$100 Oil Will Return Soon Enough: Study

Price will rebound with economy, likely to hit $200 a barrel in 2030

OPEC Panics as Oil Plunges

Cartel plans emergency meeting this week to cut production

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?