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NEWS ABOUT: OPEC

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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 »

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... More »

Global Demand for Oil Expected to Plummet

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

(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 »

Oil Prices Plunge to 5-Year Low

OPEC expected to slash production to push up prices

(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 »

Cheaper Oil Likely to Stay Awhile

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

(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 »

Oil Dips Below $60 a Barrel

(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 »

OPEC Slashes 1.5M Barrels a Day to Boost 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 »

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... More »

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