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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: OPEC

OPEC stories: 60 news summaries

21 - 40 of 60 Stories | << Prev 1 2 3 Next >>

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Saudis to Boost Oil Output to Record Level

Kingdom aims to stabilize prices to protect oil market

Jun 14, 08 6:14 AM CDT
(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... More »

MORE ABOUT:
oil • Saudi Arabia • King Abdullah • OPEC • oil price • oil production

Oil Prices Threaten
US-Saudi Relations

Washington loses leverage as Beijing gains clout with Riyadh

Jun 8, 08 6:46 AM CDT
(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’... More »

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

 OPEC May Boost
 Oil Output to
 Ease Prices 

Cartel may meet early and backpedal on current policy

May 9, 08 7:39 PM CDT
(Newser) - As crude hit $125 a barrel today, one OPEC member said the cartel may boost oil production to relieve prices, the New York Times reports. The move would conflict with OPEC's public stand that speculators, not oil supplies, have been keeping prices high. “We would consider among other... More »

MORE ABOUT:
Saudi Arabia • OPEC • Libya • investment • gas prices • oil price • oil production • speculation • supply and demand

OPEC Head Warns Oil Could Hit $200 a Barrel

Supply trouble, weak buck, speculation will keep price climbing

Apr 29, 08 5:26 AM CDT
(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... More »

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oil • OPEC • crude oil • oil production

Agency Cuts Oil-Demand Forecast

Projected growth worldwide at lowest level since 9/11 attacks

Apr 11, 08 10:21 AM CDT
(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 ... More »

MORE ABOUT:
OPEC • world economy • crude oil • IEA

Oil Expected to Stay
Above $100 This Year

Fed agency ups forecast as world laps up Texas tea

Apr 9, 08 6:43 AM CDT
(Newser) - A barrel of crude could end up averaging more than $100 this year, federal handicappers are predicting, just weeks after the triple-digit mark seemed like a troublesome anomaly. OPEC’s parsimony with its reserves, spiking demand worldwide and a dwindling supply outside the Middle East are conspiring to squeeze rates—... More »

MORE ABOUT:
energy • OPEC • crude oil • oil companies • oil crisis • Energy Information Administration

WWII Mines Block Egypt's Access to Oil

4.8B barrels of crude
lie under 22M mines, shells in desert

Mar 12, 08 6:27 PM CDT
(Newser) - Millions of land mines and unexploded artillery shells left over from World War II are hampering Egypt's efforts to get at a treasure trove of oil and gas beneath the desert, der Spiegel reports. The ordnance is an unwelcome reminder of the North African conflict between Brits and Erwin Rommel’... More »

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oil • OPEC • Egypt • World War II • natural resources • land mines • natural gas • Erwin Rommel

Gas Prices Hit Record High

$4 gallon of gas around the corner, experts warn

Mar 10, 08 8:50 AM CDT
(Newser) - Gas prices rocketed 64 cents in the last year to a national average of $3.20 per gallon of regular, CNN reports.  A survey of prices at 5,000 gas stations found the highest price, $3.58, in San Francisco and the lowest, $2.99, in Cheyenne, Wyoming. The... More »

MORE ABOUT:
ethanol • OPEC • petroleum • miles per gallon • gas prices • Daylight Saving Time • Lundberg Survey • Trilby Lundberg • Organization of Petroleum Exporting Countries • mileage penalty • diesel products

Oil Gushes to Record $105.96

A weakening dollar and falling inventories of oil are pushing crude prices up

Mar 6, 08 8:32 AM CST
(Newser) - An ever-weakening dollar, an unexpected drop in US crude oil reserves, and a Wednesday OPEC decision not to boost production helped spur oil to a record $105.96 a barrel, Bloomberg reports. It's the third record this week, and the dollar’s $1.5345 against the euro is the lowest... More »

MORE ABOUT:
oil • OPEC • euro • oil price • crude oil • weak dollar • $100 a barrel oil

UPDATED

Oil Hits $104; OPEC Won't Budge

Cartel president blames 'mismanagement' of US economy for rising prices

Mar 5, 08 3:57 PM CST
(Newser) - Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices... More »

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oil • Saudi Arabia • OPEC • recession • US economy • oil price • oil supply • commodities exchange • supply and demand

Oil Insanity Pinned to Speculators

Observers call current market 'hysteria' — and 'bubble'

Feb 28, 08 5:54 PM CST
(Newser) - Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel, to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by... More »

MORE ABOUT:
oil • Persian Gulf • OPEC • ExxonMobil • Morgan Stanley • Deutsche Bank • recession • crude oil • New York Mercantile Exchange • speculation • pension funds • Mercuria • Cushing, Okla. • Oppenheimer & Co.

$100 Oil Fuels Recession Fears

Speculation is driving oil up, and that's a concern for consumers, economists

Feb 21, 08 12:47 PM CST
(Newser) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per... More »

MORE ABOUT:
inflation • oil • OPEC • energy prices • recession • gas prices • oil price • crude oil • oil production • $100 a barrel oil

MARKETS

$100 Oil Extinguishes Rally

After three-digit gain, the Dow ends down

Feb 19, 08 4:11 PM CST
(Newser) - After three-digit Dow gains, today's record surge in oil prices knocked out a broad rally, and the major indexes closed in the red. Analysts say the market won't be able to sustain a prolonged rally for some time. "The rallies we're seeing now are just bounces, not a new... More »

MORE ABOUT:
oil • stock market • OPEC • oil price • $100 a barrel oil

Brazil Oil Data Stolen From State Company

Information said to concern huge new offshore fields

Feb 14, 08 4:35 PM CST
(Newser) - Petrobras, Brazil’s state-owned oil company, today announced that important information had gone missing, and one Brazilian site says the data concerns two large, important new gas and oil finds, the Associated Press reports. The new fields are so large, Terra reports, that they could earn Brazil a seat with... More »

MORE ABOUT:
oil • crime • Brazil • OPEC • gas fields • data theft • Petrobras

OPEC Holds
Oil Production Steady

As expected, consortium rebuffs
US call to boost supply

Feb 1, 08 1:00 PM CST
(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... More »

MORE ABOUT:
Iran • oil • Saudi Arabia • OPEC • recession • oil price • oil production

There's Plenty of Oil Left: Study

Researchers say new discoveries more than offset worked-out fields

Jan 17, 08 9:37 AM CST
(Newser) - New oilfields being brought online more than offset losses from depleted fields, says an optimistic report released today. Though it cited an Iran-sized 4.5% annual loss, key oil industry adviser CERA contends “there is no impending short-term peak in global oil production," reports the Wall Street Journal.... More »

MORE ABOUT:
Iran • Russia • oil • OPEC • crude oil • oil supply • oil exploration • CERA

Bush Begs Saudi King for Oil

Public plea rejected, Bush entreats Abdullah personally

Jan 16, 08 2:31 PM CST
(Newser) - After his public request for increased oil production and the resulting price drop was rejected yesterday, President Bush made a personal appeal to Saudi Arabia's King Abdullah to be more generous with his wells, ABC News reports. Only an hour after Bush’s public plea, the Saudi oil minister announced... More »

MORE ABOUT:
oil • Saudi Arabia • King Abdullah • OPEC • oil price • George W. Bush

Bush Asks OPEC for More Oil

Warns even rogue Iranian attack would have 'serious consequences'

Jan 15, 08 9:32 AM CST
(Newser) - OPEC should start producing more oil, President Bush told Saudi Arabia’s King Abdullah today, or it risks damaging “consuming economies,” like the US. Bush said high oil prices were reducing consumer purchasing power, and said more supply “would be helpful.” He also warned Iran to... More »

MORE ABOUT:
Iraq • Iran • oil • Saudi Arabia • King Abdullah • Nouri al-Maliki • Condoleezza Rice • OPEC • oil supply • Strait of Hormuz • George W. Bush

Bombings Kill 45 in Algiers

12 UN staffers are missing after blast

Dec 11, 07 7:20 AM CST
(Newser) - Two car bombs exploded in upscale districts of Algiers today, killing at least 45, the AP reports. One bomb exploded near the UN's refugee agency office, and the other near the Supreme Court. Twelve UN staffers are missing. No group has claimed responsibility, but Algerians believe the attack was one... More »

MORE ABOUT:
OPEC • Algiers • al-Qaeda

OPEC Declines to Boost
Oil Output

 $80 crude seems to be producers' new target; $3 gas isn't going anywhere soon

Dec 6, 07 10:33 AM CST
(Newser) - OPEC’s decision yesterday not to boost oil production, despite prices hovering around $90 a barrel, underscores a new reality, the New York Times observes: the oil producers aim to keep prices nearly that high—say around $80 a barrel—a target unthinkable a few years ago. In the US,... More »

MORE ABOUT:
Iran • oil • Saudi Arabia • Venezuela • OPEC • Qatar • gas prices • crude oil

21 - 40 of 60 Stories | << Prev 1 2 3 Next >>


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