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May 2008
- OPEC May Boost Oil Output to Ease Prices
  
  newser | New York Times | May 9, 08 7:39 PM CDT
  
  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 options the possibility of increasing output as a way to ensure market stability,” Libya's top oil official said. More »
  
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  oil price • gas prices • Saudi Arabia • OPEC • Libya • oil production • investment • speculation • supply and demand
March 2008
- Oil Hits $104; OPEC Won't Budge
  
  newser | Wall Street Journal | Mar 5, 08 3:57 PM CST
  
  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 on “tremendous speculation,” the Wall Street Journal reports. Oil futures were up $5 on the day. More »
  
  Tags
  
  US economy • oil price • recession • oil • Saudi Arabia • OPEC • oil supply • commodities exchange • supply and demand

2 Stories

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