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NEWS ABOUT: OPEC

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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 »

Oil Hits $90 a Barrel

Weakening dollar and Mideast tensions bust a new record

(Newser) - After five straight days of record-breaking, oil prices smashed the $90-a-barrel mark in after-hours trading overnight, pumped up by the weakening dollar and fears that Turkish military strikes across the border in Iraq could disrupt supplies. Investors pushed the price of light, sweet crude to $90.02 before it fell... More »

Turkey's Threats Send Oil to Record High Near $88

Many fear disruption of Kurdish pipelines

(Newser) - Crude oil hit yet another record today, trading near $88 a barrel over fears that a looming Turkish attack on Northern Iraq would disrupt pipelines in the world’s third-largest oil producer. Turkey’s PM said he expected parliament to approve an incursion to root out PKK militants in the... More »

Supply Worries Send Oil Near $80 a Barrel

US inventory drops, and OPEC production boost won't cover shortfall

(Newser) - Crude oil hit nearly $80 a barrel today—its highest price ever—thanks to dwindling supply. US inventories fell by 7M barrels last week, much more than the 2.7M analysts predicted. OPEC announced a production increase of only 500K barrels, which Bloomberg reports will not meet seasonal demand increases.... More »

OPEC Surprises Market With Boost in Oil

Lends hand to world economy dragged by US credit-market crisis

(Newser) - OPEC surprised traders today by boosting oil production for the first time in a year, Bloomberg reports. Concerns over the U.S. market crisis dragging down the world economy inspired the spike of 500,000 barrels a day. The US reportedly prodded Saudi Arabia to overcome the opposition of other... More »

Mind the Gaffe, Prez!

Word to Bush: It's APEC, not OPEC, and the troops are Australian, not Austrian

(Newser) - As usual, President Bush didn't mind the gaffe and stumbled again—and again—this weekend on the eve of the Asia-Pacific Economic Cooperation gathering in Sydney. He referred to Australian troops as Austrian troops and called the APEC summit the OPEC summit., Reuters reports. "Thank you for being such... More »

Oil Prices Approach All-Time High

Hopes set on sign from OPEC meeting that production will increase

(Newser) - The price of oil approached a record high yesterday, hiking interest in next week’s OPEC meeting in Vienna, where observers hope the association will give some positive sign that production will increase. OPEC, however, seems divided on the matter, with the group’s president calling the market “very... More »

Washington: 'Do As I Say, Not As I Do'

Bush asks others to cut back emissions as US bankrolls high-emission projects

(Newser) - While Bush asks others to reduce emissions, Washington is promising to pay for a state-of-the-art oil refinery in India that will pump out 9 million metric tons of carbon dioxide a year. The Los Angeles Times says that this is only some of the smoke covering Washington’s tracks, as... More »

OPEC Members May Seek More Foreign Funding

Soaring world demand breaks down resistance to international deals

(Newser) - OPEC's new secretary-general says cartel members may be forced to attract more foreign investment to meet the world's expanding oil needs, the Wall Street Journal reports, a reversal of some countries' traditional opposition to cooperation with major Western producers. Oil-rich nations, currently riding high, may find themselves at a disadvantage... More »

Nothing We Can Do About Those Prices, Says OPEC

It's not us, it's those stingy refiners

(Newser) - Gas prices are soaring, but OPEC says that there's nothing it can do. Historically, the cartel has made big efforts to increase production when prices spike, but not his time, the Wall Street Journal reports. Members of OPEC say that there's plenty of crude being pumped; instead, the price increases... More »

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