OPEC

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How Russia, OPEC May Have Just Driven Up Gas Prices

Deal cuts output for first time in 15 years

(Newser) - It's a victory for international agreement, but not for consumers: OPEC nations and Russia have managed to overcome their differences because of their common desire to drive up oil prices, Reuters reports. They have agreed on their first joint output cut since 2001, a move that sent the price... More »

Eyeing Oil Prices, Russia, Saudis Agree to Freeze Output

OPEC members Qatar, Venezuela also on board—but they want Iran, Iraq as well

(Newser) - Russia's energy minister said Tuesday his country has agreed with OPEC members Saudi Arabia, Qatar, and Venezuela to freeze oil production levels if other producers do the same. The ministry quoted Energy Minister Alexander Novak following an unexpected, closed-door meeting in the Qatari capital of Doha. The Wall Street ... More »

Why Oil Prices Keep Hitting New Lows

US oil prices briefly dipped under $50 a barrel today

(Newser) - Wonder whether gas prices will hold at their incredible $2.20 national average? Based on today's news, filling up the tank won't get harder over the next few weeks, the Wall Street Journal reports. US oil prices dipped below $50 a barrel for the first time in nearly... More »

Saudi Oil Chief: Cheap Oil Isn't a Conspiracy

As neighbors worry Saudis are depressing prices

(Newser) - Saudi Arabia's oil chief today dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize. The kingdom, which is dependent on oil revenues, is able to... More »

Iran: We're Going to Produce Way More Oil

Even if it means tanking global crude prices

(Newser) - Following an initial nuclear deal between Tehran and the West, Iran is planning to ramp up its oil production, its oil minister says. "We will produce 4 million even if the price drops to $20," says Bijan Namdar Zanganeh. That's about a sixth of the current price,... More »

Iraq's Oil Production Hits New Heights

With Iran sanctions rising, Iraq oil needed for world supply

(Newser) - Iraq may be crippled by mismanagement and violence , but it does have one huge bright spot these days—oil. Iraq's crude oil production is up 20% this year to the tune of 2.5 million barrels a day, reports the New York Times . Oil provides 95% of government revenues... More »

Americas Replacing Mideast as World's Oil Source

Production is up from Canada to the US to Brazil

(Newser) - Gas and oil production is booming from Canada to Argentina, and that shift away from the Middle East has the potential to change the United States' geopolitical calculations significantly, reports the Washington Post . Even the US has been able to boost its petroleum production by 1.7 million barrels per... More »

When Gadhafi Falls, Oil Prices Will Fall With Him

And stocks could 'soar': David Kotok

(Newser) - If the rebels succeed in taking Moammar Gadhafi down, expect oil prices to follow suit—which means stocks could skyrocket, writes analyst David Kotok at Business Insider . An end to the Gadhafi regime would likely allow Libyan oil production to rebound to a pre-crisis daily output of 1.6 million... More »

OPEC Shocks Market, Leaves Production Flat

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... More »

Ahmadinejad Retreats in Ayatollah Feud

President appears to be losing power struggle with supreme leader

(Newser) - Mahmoud Ahmadinejad will not attend an OPEC summit next month, noteworthy only because it's being read as a signal that he's losing his power struggle with the nation's supreme leader, Ayatollah Khomeini, reports the New York Times . Ahmadinejad had announced earlier this month that he would go... More »

Trump: Let's Just Seize Iraq's Oil

'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... More »

Trump: I Wish I Didn't Have to Consider Presidential Run

But he just loves this country too much not to

(Newser) - Donald Trump was quite the braggart on CNN’s State of the Union today. Highlights from Politico:
  • Trump is better than Romney: “Mitt Romney is a basically small-business guy, if you really think about it,” Trump said , adding that he is “much bigger than this man and
... More »

Gas Prices Are Insane —Everywhere Else

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
... More »

'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... More »

Mr. President? Trump Will Run, Say Pals

World is laughing at us, which I'd change in a nanosecond, says billionaire

(Newser) - The slate of candidates looking to be president next time around is stacking up to be a doozie. Now real estate billionaire Donald Trump says he's "seriously" considering running for the top job because GOP pals are begging him to do it, and because China and North Korea are... More »

Iraq's Oil Reserves Bigger Than Previously Thought

Country claims it has 24% more crude in new estimate

(Newser) - Iraq is home to 24% more oil than it had previously estimated, the country announced today. In Iraq's first revision to its stated oil reserves since 2003, the oil ministry claims to have 143.1 billion barrels of known and recoverable oil, up from the previous level of 115 billion... More »

Talk of Oil-Supply Cut Sends Prices Higher

(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 »

Oil Tops $40 on Gaza Turmoil

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

(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 »

Oil Prices Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

(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 »

OPEC Slashes a Record 2.2M Barrels

(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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