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Wed, 02/23/2011 - 14:01 by Anter Prakash Singh
The Saudi Arabian oil minister Ali al-Naimi said that the Organization of the Petroleum Exporting Countries (OPEC) can increase its supplies to meet any shortage caused by the recent turmoil in oil producing countries of the Middle East.
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Sun, 12/12/2010 - 12:24 by David Lee Smith
There used to be a TV program called This Was the Week That Was, which looked for humor in the more off-the-wall events that had occurred during the past few days. As this week ends, it might be possible to put together such a show on the ups and downs of crude prices. |
Fri, 06/11/2010 - 10:14 by Pankaj Damin
New York -- Crude oil prices rose to nearly $76 per barrel in New York Thursday after the world's largest oil cartel said it would not need to increase production soon.
The Organization of Petroleum Exporting Countries June report said a predicted rise in demand for 2010 had not changed although a forecast of economic growth had improved.
OPEC said demand for oil would rise less than 1 million barrels per day this year. Global economic growth was revised up from 3.5 percent for the year in last month's report to 3.8 percent.
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Tue, 03/16/2010 - 15:34 by Jaspreet Virk
Amid rising concerns that China's possible credit tightening policy might curb energy demand, and pressured by strengthening of the dollar, oil prices on Monday fell nearly 2 percent below $80 a barrel.
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Mon, 12/21/2009 - 22:15 by Inderjit Singh
Luanda -- Oil ministers arriving in Luanda, Angola, and industry researchers said the world's dominant oil cartel would leave production levels unchanged for now.
Representatives of the Organization of Petroleum Exporting Countries are set to begin a summit meeting Tuesday. While arriving in Luanda, OPEC's Secretary-General Abdalla El-Badri said there was "consensus that there is no change. If you look at the price, it is very comfortable."
Representing OPEC's largest exporter, Ali Naimi of Saudi Arabia said, "the current prices is wanted by all. We are not alone … but also those with alternatives and oil difficult to extract," The Financial Times reported Monday.
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Sat, 09/12/2009 - 02:48 by Salinder Kumar
New York -- Crude oil prices slid below $70 per barrel Friday, ending a three-day run-up triggered by an OPEC meeting in Vienna.
Oil ministers from the Organization of Petroleum Exporting Countries elected to keep production quotas unchanged and expressed satisfaction with current prices, which have climbed from about $45 per barrel in January to a recent plateau of $70 per barrel.
But the decision was made the same week IHS Cambridge Energy Research Associates said demand for oil would rise in 2010 for the first time since 2007.
The price of light, sweet crude, jumped $4.95 from a week ago, then settled down Friday, dropping $2.84 to $69.27 per barrel Friday afternoon.
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Thu, 09/10/2009 - 04:36 by surajdogra
New York -- Crude oil prices rose Wednesday on reports that OPEC oil ministers meeting in Vienna would keep current production levels unchanged.
The Organization of Petroleum Exporting Countries last changed production quotas in September, cutting output by 4.2 million barrels a day to support price increases.
Recently, IHS Cambridge Energy Research Associates said demand for oil would rise in 2010 for the first time since 2007, the Financial Times reported.
In Saudi Arabia, however, the al-Hayat newspaper said Ali al-Naimi, Saudi Arabia's oil minister, described oil prices as satisfactory.
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Wed, 09/09/2009 - 17:50 by Jaspreet Kaur
Tokyo, September 9 -- The world’s highest oil exporter, Saudi Arabia, will maintain a steady crude oil supply to Asian countries throughout October. This means that the kingdom country will keep up with its official output target before the Organization of the Petroleum Exporting Countries (OPEC) meets.
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Fri, 06/19/2009 - 15:47 by preet_20
Vienna, June 19: The oil price of the Organisation of the Petroleum Exporting Countries (OPEC) rose above $70 again Thursday, the Vienna-based group said Friday.
The basket price for one barrel (159 litres) of OPEC-produced crude climbed to $70.28, $0.91 higher than on the previous day.
The cartel's 12 member countries produce over a third of global crude oil supplies.
-IANS
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Wed, 06/17/2009 - 14:51 by preet_20
Vienna, June 17: The basket price of the Organisation of the Petroleum Exporting Countries (OPEC) rose slightly Tuesday but stayed below the $70 mark, the cartel announced Wednesday.
One barrel (159 litres) of OPEC-produced crude oil settled at $69.68 Tuesday, inching upwards from $69.24 on the previous day.
The 12-member countries of the Vienna-based cartel produce some 34 percent of the world's oil.
-IANS
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Thu, 05/28/2009 - 20:16 by Inderjit Singh
Vienna -- OPEC oil ministers in Vienna agreed Thursday to keep current production quotas unchanged for the time being.
In a statement, the Organization of Petroleum Exporting Countries said it was "pleased to observe the positive effects," of its decision in September to cut production by 4.2 million barrels per day.
Oil prices fell from a peak above $147 per barrel in July to a low around $35 per barrel in mid-January. Prices have since risen, reaching $64.05 per barrel on the New York Mercantile Exchange Thursday.
OPEC said crude oil inventories remain high and "crude volumes entering the market are still in excess of actual demand."
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Wed, 04/08/2009 - 15:37 by rcrchauhan
Vienna, April 8 -- The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) stayed above the $50 mark Tuesday, but still fell by nearly $1, the oil cartel said Wednesday.
One barrel (159 litres) of OPEC crude stood at $50.96 Tuesday, $0.94 less than on the previous day.
The Vienna-based cartel calculates a basket price based on 12 brands produced by its members.
copyright 2009 by IANS.
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