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

OPEC Heads for Trillon-Dollar Payday

Oil cartel doubles its income on soaring prices, production

By Jason Farago, Newser Staff

Posted Aug 11, 2008 11:17 AM CDT

(Newser) – OPEC nations have shattered records for income this year, earning as much money in the first 6 months of 2008 as they did in all of 2007, the Financial Times reports. The Saudi-led cartel of oil-exporting nations took home $645 billion in the first two... 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

Financial Times (UK) (Source Grid »)

It's payday for OPEC as the planet foots the bill
Wall Street Journal Subscription

Georgia conflict pushes oil higher
Forbes

Money • World

oil • Saudi Arabia • OPEC • oil production • oil prices

More Newser Stories

'Peak Oil' Looms: Saudi Supply Overstated

Cable argues that kingdom can't pump enough crude to control prices

(NEWSER) - The world may be on the verge of an oil crisis, according to WikiLeaks cables released to the Guardian today. According to the cables, Sadad al-Husseini, the former head of Saudi Arabia’s state-run oil monopoly, warned diplomats that Saudi reserves were overstated by almost 40%, and that the country couldn’t reach the 12.5 million barrel-per-day production capacity needed to keep global oil prices in check. He predicted that the world would hit “peak oil” as early as 2012. 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»

Saudis May Boost Oil Supply Even Higher

But OPEC blames speculators and credit crisis for high prices

(NEWSER) - A hastily organized summit meeting in Saudi Arabia today offered little relief to oil consumers, Bloomberg reports. The Saudis did vow to increase production if needed, but OPEC blamed speculators and the credit crisis, not markets, for surging oil prices. "Saudi Arabia is prepared and willing to produce additional barrels of crude above and beyond the 9.7 million barrels per day," a Saudi minister said. More»

Saudis to Boost Oil Output to Record Level

Kingdom aims to stabilize prices to protect oil market

(NEWSER) - Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the long term by cutting economic growth and making alternative fuels more viable. More»

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»

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

OPEC Heads for Trillon-Dollar Payday

Oil cartel doubles its income on soaring prices, production

oil • Saudi Arabia • OPEC • oil production • oil prices

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

'Peak Oil' Looms: Saudi Supply Overstated

Cable argues that kingdom can't pump enough crude to control prices

OPEC Prepares to Slash Output

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

Saudis May Boost Oil Supply Even Higher

But OPEC blames speculators and credit crisis for high prices

Saudis to Boost Oil Output to Record Level

Kingdom aims to stabilize prices to protect oil market

OPEC Holds Oil Production Steady

As expected, consortium rebuffs US call to boost supply

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?