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October 6, 2008 6:31:02 PM CDT

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Stories related to: OPEC

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  • September 2008

    • Chavez Building Reactor With Russian Support

      Reuters  |  Sep 29, 08 4:30 AM CDT

      Chavez Building Reactor With Russian Support

      (Newser) - In his latest challenge to Washington, Venezuela's president Hugo Chavez has announced that his nation is developing a nuclear reactor—with Russian support, Reuters reports. "We are interested in development of nuclear energy, of course for peaceful purposes—for medical purposes, for  electricity," Chavez said yesterday at a political rally. Russian Prime Minister Vladimir Putin offered to help with a reactor, and "we already have a commission working on this issue," he added. More »

      Tags

      Russia  • Vladimir Putin  • Venezuela  • Hugo Chavez  • Brazil  • OPEC  • Argentina  • nuclear reactor

    • OPEC Cuts Oil Production

      Financial Times (UK)  |  Sep 10, 08 2:23 AM CDT

      OPEC Cuts Oil Production

      (Newser) - The international oil cartel OPEC announced today it's reducing production by more than half a million barrels a day, the Financial Times reports. The decision by the cartel, which controls 40% of world oil production, stunned most analysts. The move comes as oil prices, after spiking to an all-time high in July, have dropped 30%, bringing relief to many world economies. More »

  • August 2008

    • Supplies Drop as Big Oil's Power Shrivels

      New York Times  |  Aug 19, 08 2:55 AM CDT

      Supplies Drop as Big Oil's Power Shrivels

      (Newser) - A rapidly changing world order has left the giant oil companies all monied up with nowhere to drill, the New York Times reports. The Western oil giants' share of production has plummeted from over half in the 1970s to just 13% today. Production is falling as oil supplies remain in the hands of foreign state-owned firms which lack expertise. More »

      Tags

      OPEC  • ExxonMobil  • oil supply  • oil companies  • oil exploration  • Royal Dutch Shell  • peak oil

    • OPEC Heads for Trillon-Dollar Payday

      Financial Times (UK)  |  Aug 11, 08 11:17 AM CDT

      OPEC Heads for Trillon-Dollar Payday

      (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 quarters and is on course to pull in more than a trillion dollars by year's end. More »

      Tags

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

  • July 2008

    • Oil, Gas Prices Continue Slide

      New York Times  |  Jul 30, 08 6:59 AM CDT

      Oil, Gas Prices Continue Slide

      (Newser) - A dip in the price of energy is providing a welcome respite from an otherwise grim economic picture. Oil, which neared $150 a barrel earlier this month, has dropped $23, or 16%, since July 3; natural gas prices are down 33%. AAA says nationwide gas prices have dropped to $3.94 a gallon, down from $4.11 on July 17, as Americans are driving less. Many analysts think energy prices could keep falling through the end of the year, the New York Times reports. More »

      Tags

      gas prices  • economy  • OPEC  • oil prices  • natural gas

  • June 2008

    • Saudis May Boost Oil Supply Even Higher

      Bloomberg  |  Jun 22, 08 4:11 PM CDT

      Saudis May Boost Oil Supply Even Higher

      (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 »

      Tags

      oil price  • oil  • Saudi Arabia  • OPEC  • oil production  • oil companies  • oil crisis  • foreign oil  • oil industry

    • Make Lawsuits, Not War, Over OPEC Oil

      New York Times  |  Jun 19, 08 5:23 PM CDT

      Make Lawsuits, Not War, Over OPEC Oil

      (Newser) - There’s no question OPEC’s price-fixing is illegal under American law, a former Reagan and Bush I adviser writes in the New York Times —so why not sue the oil cartel? US states are permitted to seek relief against aliens, and a joint suit by several attorneys general would point the way. “Isn’t starting a lawsuit better than starting a war?” Thomas Evans asks. More »

      Tags

      US Supreme Court  • oil price  • OPEC  • separation of powers

    • Saudis Bumping Oil Flow 2% to Slow Soaring Prices

      Associated Press  |  Jun 16, 08 7:02 AM CDT

      Saudis Bumping Oil Flow 2% to Slow Soaring Prices

      (Newser) - Saudi Arabia, worried soaring prices could weaken the world's appetite for oil, will increase production by 200,000 barrels a day, beginning next month, the Saudi oil minister told UN chief Ban Ki-moon in a meeting yesterday. The move follows a May increase of 300,000 barrels, the AP notes. More »

      Tags

      United Nations  • oil price  • Saudi Arabia  • OPEC  • oil production

    • Saudis to Boost Oil Output to Record Level

      New York Times  |  Jun 14, 08 6:14 AM CDT

      Saudis to Boost Oil Output to Record Level

      (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 »

      Tags

      oil price  • oil  • Saudi Arabia  • OPEC  • oil production  • King Abdullah

    • Oil Prices Threaten US-Saudi Relations

      Los Angeles Times  |  Jun 8, 08 6:46 AM CDT

      Oil Prices Threaten US-Saudi Relations

      (Newser) - The weakening dollar and rising oil prices are marring more than just the American economy: It’s also eroding the long-standing friendly relationship between the US and Saudi Arabia, the Los Angeles Times reports. A bleak economic outlook has cost the US clout with its oil-producing ally. “There’s certainly a perception that the power equation has changed,” said an oil analyst. More »

      Tags

      George W. Bush  • China  • United States  • oil price  • Saudi Arabia  • OPEC  • Asia  • oil production

  • May 2008
  • April 2008

    • OPEC Head Warns Oil Could Hit $200 a Barrel

      Daily Telegraph (UK)  |  Apr 29, 08 5:26 AM CDT

      OPEC Head Warns Oil Could Hit $200 a Barrel

      (Newser) - The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak dollar and investor speculation, will keep prices rising. More »

      Tags

      oil  • crude oil  • OPEC  • oil production

    • Agency Cuts Oil-Demand Forecast

      Wall Street Journal  |  Apr 11, 08 10:21 AM CDT

      Agency Cuts Oil-Demand Forecast

      (Newser) - The projected growth in the demand for oil worldwide is at its lowest level since the Sept. 11 terrorist attacks, but don't expect any any price relief, reports the Wall Street Journal . The IEA pegs projected growth at 1.3 million barrels a day, down 35% from its projection in  January. But even though the US and Europe will use less, booming nations such as India and Ch