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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: OPEC

OPEC stories: 60 news summaries

1 - 20 of 60 Stories | 1 2 3 Next >>

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(Newser) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member... More »

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OPEC • markets • oil price • crude oil • oil supply • financial crisis

Oil Tops $40
on Gaza Turmoil

Crude jumps 8% on violence, while OPEC waits for production cut to take hold

Dec 29, 08 6:01 AM CST
(Newser) - The price of oil jumped to $40 a barrel this morning, a gain of 8% over the previous session, as violence between Israel and Hamas threatened to destabilize crude supplies from the Middle East. Oil has been rising slightly after falling by more than $100 a barrel since July. The... More »

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Israel • Gaza • Hamas • OPEC • oil price • oil prices

Oil Prices
Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

Dec 26, 08 7:44 AM CST
(Newser) - Oil prices rose today—after dropping more than 30% this month alone—as the United Arab Emirates joined Saudi Arabia in curbing crude supplies, reports Reuters. Crude oil rose as much as $1.55 a barrel, or 4.4%, to $36.90 in New York this morning. The UAE cut... More »

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oil • OPEC • United Arab Emirates • oil price • oil production • UAE

(Newser) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will... More »

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OPEC • recession • crude oil • oil production • oil prices • gasoline prices • economic downturn • reduction

 OPEC Prepares to Slash Output 

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

Dec 17, 08 1:46 AM CST
(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... More »

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oil • Saudi Arabia • OPEC • Abdalla el Badri • oil price • oil production • oil industry

Global Demand for Oil Expected to Plummet

Consumption will drop in consecutive years; first time in 3 decades

Dec 9, 08 6:03 PM CST
(Newser) - The price of oil continued its descent today, settling at $42.07 a barrel amid new signs of collapsing demand worldwide, the Financial Times reports. Global consumption will shrink by 50,000 barrels a day in 2008 and by a whopping 450,000 barrels a day in 2009, the Energy... More »

MORE ABOUT:
OPEC • energy costs • Big Oil • oil prices • oil demand

Oil Prices Plunge
to 5-Year Low 

OPEC expected to slash production to push up prices

Dec 5, 08 2:43 AM CST
(Newser) - Oil prices continue to plunge as demand slackens amid the global economic downturn. Oil has dropped 19% drop this week, the biggest weekly decline in five years, reports Bloomberg. Prices have tumbled 70% since reaching a record $147.27 in July, and  some predict prices may dip as low as... More »

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OPEC • recession • National Bureau of Economic Research • crude oil • gold • New York Mercantile Exchange • commodities • copper • oil prices

ANALYSIS

 Cheaper Oil 
 Likely to 
 Stay Awhile 

Demand won't quickly return to old levels, and new tech, exploration keeps pressure off

Nov 18, 08 4:02 PM CST
(Newser) - Oil prices are down, and they’re likely to stay that way for now, writes Ronald Bailey for Reason. Not only did the recent spike in gas prices drive down demand in the US; it also heightened the effect of domestic and local production. Government mandates, made in response to... More »

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oil • Canada • OPEC • offshore oil • gasoline prices • domestic oil production

 Oil Dips Below $60 a Barrel 


Nov 6, 08 8:26 PM CST
(AP) - Oil prices dipped below $60 a barrel tonight for the first time in about a year and a half, as a growing number of economic reports point to a long and painful recession. Light, sweet crude for December delivery fell to $59.97 in New York trading, the lowest level... More »

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OPEC • recession • crude oil • oil prices

(Newser) - OPEC today decided to take 1.5 million barrels of oil per day off the markets to boost prices flirting with 16-month lows, the Wall Street Journal reports. The deep cut will take effect next month. “This slowdown in oil demand is serving to exacerbate the situation in a... More »

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Iran • Saudi Arabia • OPEC • gas prices • energy markets • oil prices • financial crisis

 OPEC Panics as Oil Plunges 

Cartel plans emergency meeting this week to cut production

Oct 22, 08 8:33 AM CDT
(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... More »

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Iran • oil • Venezuela • OPEC • recession • petroleum • oil price • oil production

(AP) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and... More »

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oil • OPEC • recession • global economy • New York Mercantile Exchange • commodities • commodities exchange • oil prices • financial crisis

Chavez Building Reactor
With Russian Support

Only for 'peaceful purposes,' Chavez insists

Sep 29, 08 4:30 AM CDT
(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... More »

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Russia • Venezuela • Vladimir Putin • Brazil • OPEC • nuclear reactor • Argentina • Hugo Chávez • oil imports

 OPEC Cuts Oil Production

Bid to halt price slide after summer high

Sep 10, 08 2:23 AM CDT
(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... More »

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Saudi Arabia • OPEC • Société Générale • oil prices • Hurricane Ike • Ali Naimi • Michael Wittner • Igor Sechin • financial crisis

 Supplies Drop as Big Oil's Power Shrivels

State-owned firms don't churn it out like Shell

Aug 19, 08 2:55 AM CDT
(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... More »

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

 OPEC Heads for
 Trillon-Dollar
 Payday

Oil cartel doubles its income on soaring prices, production

Aug 11, 08 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 quarters and is on course... More »

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

 Oil, Gas Prices Continue Slide

A glimmer of hope in otherwise gloomy economy as crude prices sink

Jul 30, 08 6:59 AM CDT
(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.... More »

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

Saudis May Boost Oil Supply Even Higher

But OPEC blames speculators and credit crisis for high prices

Jun 22, 08 4:11 PM CDT
(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... More »

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

OPINION

 Make Lawsuits, 
 Not War, 
 Over OPEC Oil  

President, states have standing in attempt to cap gushing prices

Jun 19, 08 5:23 PM CDT
(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... More »

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

Saudis Bumping Oil Flow
2% to Slow Soaring Prices

July increase adds 200,000 barrels a day to pipeline

Jun 16, 08 7:02 AM CDT
(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 »

MORE ABOUT:
United Nations • Saudi Arabia • OPEC • oil price • oil production

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