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NEWS ABOUT: OPEC

$100 Oil Fuels Recession Fears

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

(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 »

$100 Oil Extinguishes Rally

After three-digit gain, the Dow ends down

(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 »

Brazil Oil Data Stolen From State Company

Information said to concern huge new offshore fields

(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 »

OPEC Holds Oil Production Steady

As expected, consortium rebuffs US call to boost supply

(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 »

There's Plenty of Oil Left: Study

Researchers say new discoveries more than offset worked-out fields

(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 »

Bush Begs Saudi King for Oil

Public plea rejected, Bush entreats Abdullah personally

(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 »

Bush Asks OPEC for More Oil

Warns even rogue Iranian attack would have 'serious consequences'

(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 »

Bombings Kill 45 in Algiers

12 UN staffers are missing after blast

(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 »

OPEC Declines to Boost Oil Output

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

(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 »

Oil-Price Surge Fuels Global Investing Binge

Producers' deep pockets evident in Abu Dhabi's Citigroup outlay

(Newser) - Petrodollars have fueled an investing binge in companies ranging from chipmaker AMD to private-equity giant Carlyle Group to Citigroup. And, with nearly $5 billion in oil revenue gushing weekly into Persian Gulf nations, the spree won’t likely slow, the New York Times reports. “The oil-producing countries simply cannot... More »

All Eyes on OPEC for Oil Price Relief

Saudis expected to boost output as prices close in on $100

(Newser) - With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up... More »

Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

(Newser) - The price of oil hit a record high mere pennies from $100 a barrel and the dollar sunk to a new low in early trading today. Oil hit $99.29 but slipped back to $98.64. With cold weather hitting the US, and OPEC supplies limited, some analysts think oil... More »

Greenback Assaulted at OPEC meeting

Dollar a 'worthless piece of paper,' Iran's president says

(Newser) - Calling it a "small and worthless piece of paper,” Iran’s president today urged OPEC's members to drop the depreciating US dollar as its official currency. Mahmoud Ahmadinejad blamed President Bush for the dollar’s decline and its adverse effects. The comments highlight mounting tension among OPEC members,... More »

Chavez Warns of $200 Oil if US Strikes Iran

But call to make OPEC 'geopolitical agent' rejected by Saudis

(Newser) - Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical... More »

Oil Drops to $91 as Rush to $100 Stalls

Saudi oil minister blames speculators, says $60 is more like it

(Newser) - After gushing toward $100 a barrel, oil traded as low as $90.13 yesterday, closing at $91.17. Analysts said the downward pressure could continue as demand for oil slows and OPEC increases production, reports the Wall Street Journal. Saudi Arabia's oil minister, meanwhile, told the Globe and Mail that... More »

Gas Prices Likely to Climb 20 Cents by Next Month

Even if OPEC increases production and oil gets cheaper, it'll cost you

(Newser) - Gas prices will go up at least another 20 cents in December, and they could climb further after that if OPEC doesn't increase production, says a top Energy Department forecaster. Gas prices will keep rising even if crude prices fall, says Guy Caruso, because the refiners haven't fully passed along... More »

Dow Dips Below 13K

Markets seesaw, close down

(Newser) - The Dow closed below 13,000 today after seesawing on bad news from the financial sector and falling oil prices. The Dow finished at 12,987.55, down 55.19, after E*Trade said further mortgage-related write-downs might come—and its shares dropped 56%. The Nasdaq slid 43.81 to close... More »

US Crude Eases Below $96

Oil prices drop as Saudi Arabia says OPEC will discuss hiking output

(Newser) - Oil prices paused in their headlong rush to $100 a barrel today on news from the Saudis that OPEC will discuss raising output when the group's heads of state and oil ministers meet in Riyadh this week. US crude, which reached a record $98.62 Nov. 7, traded below $96... More »

Oil Rises to Record High, Again

Breaks $93 a barrel on news of Mexican storm

(Newser) - Oil prices topped $93 today, breaking another record on news that Mexican production would drop by 20% due to a storm. "This is on top of what has already been simmering,” said an analyst in Singapore. Prices have been breaking records for a week due to US-Iran tensions... More »

Oil Hits $92 on Iran Anxieties

Analyst: "The door is open to $100"

(Newser) - The price of oil surpassed $92 a barrel on US accusations that Iran supports terrorism and its attempt to apply pressure on other countries and companies to cut ties with the Mideastern nation. "The door is open to $100," an analyst tells Bloomberg, adding that the dispute will... More »

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