Oil Blog

OPEC in the News 6/7/06

OPEC boss not comfortable with oil prices
El Financiero (México) - Mexico
Mexico City, June 7th.- The president of the Organization of Petroleum Exporting Countries (OPEC), Edmund Daukoru, reiterated Wednesday that the current prices ...

UAE Oil Min: OPEC Concerned Over Rising Oil Stocks
CattleNetwork.com - Stanley,KS,USA
... Hamli, speaking ahead of a meeting between OPEC and the European Union in Brussels, added, "I and other ministers are watching this and it is a concern.". ...

Energy Watch - June 6
Monsters and Critics.com - Glasgow,UK
OPEC leaders held informal talks last week to consider admitting Angola, Ecuador and Sudan into the cartel as it seeks to regain influence over global oil ...

EU praises OPEC's 'responsible' position
Islamic Republic News Agency - Tehran,Iran
The third meeting of the EU-OPEC Energy Dialogue ended in Brussels Wednesday evening with an agreement on a number of initiatives aimed at boosting cooperation ...

Inflation could hit oil demand: OPEC
Sydney Morning Herald - Sydney,New South Wales,Australia
OPEC's president said on Wednesday that rising inflation could hit demand for oil but, with prices above $70, the producer group would be best advised to keep ...

EU sets OPEC minds at ease over oil demand
EUPolitix.com - Brussels,Belgium
... The delegation from OPEC met with EU energy commissioner Andris Piebalgs to discuss a wide range of issues, including the European commission’s green paper ...

Country to Boost Output By 1.5 million Barrels Per Day By 2007
AllAfrica.com - Washington,USA
... will increase its oil output by 1.5 million barrels per day by next year, contributing to Organisation of Petroleum Exporting Countries' (OPEC's) spare capacity ...

OPEC in the News 5/23/06

OPEC can do little to lower oil prices: Bodman
Reuters - USA
NEW YORK (Reuters) - OPEC can do nothing to lower oil prices from current levels and has ceded much of its oil-pricing power to traders, US Energy Secretary ...

OIL FUTURES: ICE Brent Up Over $1/Bbl; Hurricanes, OPEC
CattleNetwork.com - Stanley,KS,USA
The rally in crude prices followed on the heels of Monday's advance after the US National Oceanic and Atmospheric Administration, or NOAA, said there was an 80 ...

Economic boom in Algeria
News24 - South Africa
... and 8% in 2008. Energy revenues in the OPEC member would likely go beyond $50bn, up from $45.6bn in 2005. The statistics were impressive ...

Venezuela supports OPEC production cut: minister
People's Daily Online - Beijing,China
... Ramirez said on Monday that Venezuela supports the idea of an oil production cut at the next meeting of the Organization of Petroleum Exporting Countries (OPEC ...

Oil jumps above $70 on hurricane forecast
Business Day - Johannesburg,South Africa
SYDNEY - Oil surged above $70 today as commodities staged a modest recovery from last week’s sell-off, Venezuela mooted Opec oil production cuts and the US ...

OPEC: OPEC and IMF hold first high-level joint meeting in Vienna
noticias.info - Spain
/noticias.info/ OPEC and the International Monetary Fund (IMF) held their first high-level joint meeting in Vienna, Austria, today (22 May). ...

NYMEX crude edges above $70 on weather, OPEC talk
Reuters - USA
... government forecast an active hurricane season that could threaten rigs and refineries again this year and Venezuela talked of the need for an OPEC output cut. ...

OPEC in the News 5/22/06

Tapping into Libya's oil
CNN International - USA
... Just this past week Chavez traveled to fellow OPEC nations Algeria and Libya to sign trade agreements and hold talks with their leaders. ...

Opec to maintain output: Iran
Gulf Times - Doha,Qatar
OSLO: Opec’s June 1 meeting is likely to keep oil output unchanged though supply and demand figures suggest it should cut by up to 1.2mn bpd, Iran’s Opec ...

Falsehoods are par for the course when it comes to Venezuela's ...
VHeadline.com - Worth,IL,USA
Oil Wars Blogspot: You would think having watched Chavez revitalize OPEC and oil revenues increase the opposition would have learned something and would be in ...

US crude futures end sharply higher
Sydney Morning Herald - Sydney,New South Wales,Australia
... Meanwhile, oil market fundamentals would indicate an OPEC production cut, Venezuelan Energy Ministry Rafael Ramirez told reporters Monday in Caracas. ...

Venezuela supports OPEC production cut
Seattle Post Intelligencer - USA
CARACAS, Venezuela -- Venezuela will recommend cutting oil production at an upcoming OPEC meeting on June 1, Venezuela's oil minister said Monday. ...

OPEC in the News 5/17/06

‘Rig shortage’ weighs on Opec expansion: Attiyah
Gulf Times - Doha,Qatar
AMMAN: Oil expansion plans by members of Opec, which pumps 40% of the world’s oil, may be delayed because of a shortage of drilling rigs, Qatar’s Second ...

Iraq's oil: A neo-con dream gone bust
Asia Times Online - Kowloon,Hong Kong
... These states are, respectively, the largest and second-largest oil producers in the Organization of Petroleum Exporting Countries (OPEC), a group dominated by ...

Iraq export boost takes OPEC above 30 million barrels per day in ...
Strategiy - United Arab Emirates
Higher volumes from Iraq and Nigeria pushed total OPEC crude production in April back above 30 million barrels per day (b/d) for the first time since November ...

Lofty oil fails to slow China fuel demand: OPEC
Daily Times - Lahore,Pakistan
LONDON: Costly oil has failed to slow energy-hungry China’s expanding fuel use and is only tempering global demand growth, producer group OPEC said on ...

OPEC Anticipates Decline in Oil Demand
Prensa Latina - Havana,Cuba
Vienna, May 17 (Prensa Latina) OPEC´s monthly report on oil market forecasts, published Wednesday, predicted a slight decline in the world´s demand for oil ...

WEF canvasses reform of OPEC-based energy security paradigm
Xinhua - China
... WEF) on Wednesday urged the global energy producers, consumers and policy-makers to urgently consider how the traditional oil and OPEC-basedenergy security ...

UPI NewsTrack Business
TMCnet - USA
... OPEC, like IEA, cuts oil demand outlookVIENNA, May 17 (UPI) -- OPEC, the international oil cartel which is based in Vienna, trimmed its forecast Wednesday for ...

OPEC in the News 5/11/06

Indonesia gets OPEC help with refineries
Monsters and Critics.com - Glasgow,UK
JAKARTA, Indonesia (UPI) -- Indonesia`s state-run oil and gas company plans to build two refineries and upgrade several others with support from members of the ...

Just one minute
People's Weekly World - USA
... According to the oil companies it’s OPEC. Bunk. ... OPEC isn’t raising prices every day — they sell by contract with prices fixed in advance. ...

Oil Shock in Slow Motion
Wall Street Journal - New York,NY,USA
... despite rising oil prices. It had to do with the reason oil prices were up: OPEC wasn't choking off supply. The strength of the ...

OPEC can do little for high oil prices: Venezuela
Daily Times - Lahore,Pakistan
CARACAS: OPEC can do little at the moment to cool world prices as the market is affected by scarce refining capacity and jitters over the conflict over Iran ...

Iraq Export Boost Takes OPEC Above 30 Million Barrels Per Day in ...
Yahoo! News (press release) - USA
LONDON, May 11 /PRNewswire/ -- Higher volumes from Iraq and Nigeria pushed total OPEC crude production in April back above 30 million barrels per day (b/d) for ...

OPEC in the News 5/9/06

OPEC average crude prices keep dropping
Xinhua - China
VIENNA, May 8 (Xinhua) -- The average crude oil prices of the Organization of Petroleum Exporting Countries (OPEC) dipped to 65.06 US dollars per barrel last ...

The real reason why gas prices are increasing
Enter Stage Right - Sudbury,Ontario,Canada
... This is the first of four underlying reasons why the cost of gas has increased. OPEC manipulates the price of crude oil. OPEC member ...

Saudi sees oil prices holding strong this decade
Reuters - USA
... OPEC supplies about a third of the world's oil, but has been unable to rein in oil prices. Saudi Arabia, OPEC's top producer, holds ...

OPEC in the News 5/8/06

Hugo Chavez is a menace and a royal pain ... but at least he's ...
VHeadline.com - Worth,IL,USA
... In fact, Venezuela may be taking the lead in the OPEC cartel. ... If prices keep rising, Naimi asserts, it's never OPEC's doing ... ...

Iranian letter to Bush eases oil fears
National Business Review - New Zealand
Oil has fallen $US 1 on hopes tension over OPEC member Iran's nuclear ambition will ease after Tehran made an unprecedented move to contact Washington. ...

OPEC April oil output highest this year: survey
Daily Times - Lahore,Pakistan
LONDON: OPEC oil output rose 140,000 barrels per day (bpd) in April to the highest level this year as Iraq and Nigeria boosted exports. ...

Oregon Congressman Fights High Prices At The Pump
MedfordNews.com - Medford,OR,USA
... "I support a variety of measures to lower gas prices, like imposing a windfall profits tax on oil producers and refiners, and breaking up the OPEC cartel. ...

Oil Prices Continue Small Decline
Hawaii Channel.com - Honolulu,HI,USA
... Amid the continuing nuclear stalemate, concern has recently focused on the possibility of an interruption in supplies from Iran, OPEC's No. 2 producer. ...

Venezuela: There is little OPEC can do about oil prices
Resource Investor - Herndon,VA,USA
OPEC can do little at the moment to cool world prices as the market is affected by scarce refining capacity and jitters over the conflict over Iran's nuclear ...

Oil Prices Extend Gains Above $70 a Barrel
Hinesberg Journal - British Columbia,Canada
... nationalism in South America. But the most pressing source of anxiety stems from the possibility that Iran, OPEC ‘s No. 2 oil producer ...

Indonesia urges non-OPEC countries to boost supply
Xinhua - China
JAKARTA, May 8 (Xinhua) -- Indonesia urged non-OPEC member countries to raise their oil supply in a bid to decrease the spiraling oil price, Energy and Mineral ...

OPEC in the News 5/4/06

Oil Prices Continue Slide, Dip Under $72
FOX News - USA
... But the government statistics did nothing to remove concern about the shut-in of around a quarter of OPEC producer Nigeria's production because of militant ...

Two parties, no answers
San Francisco Chronicle - CA, USA
WHAT WOULD OPEC do if it wanted to keep America addicted to oil? That's easy. OPEC would urge Congress to deal with the current ...

OPEC oil price hits record high
Xinhua - China
VIENNA, May 3 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC)'s average crude oil price has hit a new record high of 68.40 US dollars per ...

Ramírez: OPEC cannot do much to ease oil prices
El Universal - Venezuela
The Organization of Petroleum Exporting Countries (OPEC) has little chance of maneuver in order to lessen oil prices because political tension, particularly in ...

OPEC daily basket price stood at $68.08 a barrel Wednesday, 3/5/06
noticias.info - Spain
/noticias.info/ The price of OPEC basket of eleven crudes stood at 68.08 dollars a barrel on Wednesday, compared with 68.40 dollars the previous day, according ...

Oil will fall when US fixes fuel problems - OPEC
Reuters India - Mumbai,India
... Reuters) - Lofty world crude oil prices will come down after the United States fixes problems related to new gasoline specifications, OPEC's acting secretary ...

Vijay Vaitheeswaran
Now - USA
... do not have access to the vast deposits of cheap and easy oil that are left in Russia and members of the Organisation of Petroleum Exporting Countries (OPEC). ...

Oil Falls Below $US70/B
newswire.co.nz - Havelock Nth,Hawkes Bay,New Zealand
... But the statistics did nothing to remove concern about the shut-in of around a quarter of OPEC producer Nigeria's production because of rebels and the nuclear ...

OPEC in the News 4/26/06

Larijani says US seeks nuclear OPEC in 20 years
MehrNews.com - Tehran,Iran
... on Wednesday, Supreme National Security Council Secretary General Ali Larijani said that the United States is seeking to establish a nuclear OPEC within twenty ...

PanAfrica: OPEC Pumps 29.76mb/d in March, Down 160,000 b/d
AllAfrica.com - Washington,USA
OPEC'S eleven members, including Iraq, pumped an average 29.76 million barrels per day (b/d) of crude in March, down 160,000 b/d from February's 29.92 million b ...

OPEC nations, American profligacy and politicians' posturing all ...
Houston Chronicle - United States
Many factors contribute to the sharp rise in the cost of oil and gasoline: Global demand is rising and occasionally overtakes supply. ...

Hydrocarbons Daily Record Report
Falkland Islands News Network - Stanley,Falkland Islands
... decline. Excuses for this are OPEC’s refusal to increase supply and rumours that oil reserves in the Middle East are past peak. ...

OPEC concedes it can't rein in oil prices
International Herald Tribune - France
DOHA, Qatar OPEC ministers conceded on Monday that there was nothing they could do to halt the rise in oil prices, which is threatening the economies of ...

High rates, input costs increase energy projects’ risk: Opec ...
Gulf Times - Doha,Qatar
... rates, rising input costs and uncertainty over future demand have considerably increased the financial risk profile of energy projects in Opec countries as the ...

It will not be easy to impose sanctions on Iran
MehrNews.com - Tehran,Iran
“Iran has the longest coastlines in the Persian Gulf and the Oman Sea, it controls the Hormuz Strait, it is the second largest oil producer in OPEC, has the ...

Oil cheapest in US among G7: Opec
Peninsula On-line - Qatar
Doha: Opec has released figures that suggest that much of what the end-user pays for oil goes to the industry and the governments in the form of taxes. ...

OPEC President Applauds Quantapoint and Ariosh Work in Nigeria ...
Business Wire (press release) - San Francisco,CA,USA
ABUJA, Nigeria--(BUSINESS WIRE)--April 26, 2006--OPEC President, Dr. Edmund Daukoru was campaigning for companies working in Nigeria to embrace a local content ...

OPEC in the News 4/24/06

Oil falls on OPEC comments
Resource Investor - Herndon,VA,USA
Oil fell sharply on Monday after OPEC promised to keep pumping near maximum capacity but losses were limited as the cartel conceded that it was powerless to ...

5-Oil falls sharply, OPEC keeps output steady
Ninemsn - Sydney,New South Wales,Australia
LONDON, April 24 (Reuters) - Oil fell sharply on Monday after OPEC promised to keep pumping near maximum capacity but losses were limited as the cartel ...

Oil Prices Fall on OPEC Comments
AXcess News - Carson City,NV,USA
By Alan Fein. (AXcess News) New York - Crude oil for June delivery fell Monday following comments by OPEC members attending the 10th annual International Energy ...

Crude Oil Falls a Second Day After OPEC Says Supply Is Adequate
Bloomberg - USA
April 25 (Bloomberg) -- Oil fell for a second day after OPEC, whose members produce 40 percent of the world's crude, said it was providing adequate supplies. ...

OPEC POWERLESS TO DEFUSE OIL PRICES
Free Market News Network - Pompano Beach,FL,USA
OPEC has said it will not change its crude production levels, despite prices at record levels, after informal talks during an energy summit in Doha. ...

Corrected: OPEC says oil supplies not the problem
Reuters - USA
Mohammad Alipour-Jedi, head of the Petroleum Analysis Department of the OPEC Secretariat... instead of ...OPEC official Adnan Shihab-Eldin. . By Tim Ahmann. ...

OPEC says powerless to drive down $75 oil
Daily Times - Lahore,Pakistan
DOHA: OPEC ministers conceded on Monday there was nothing they could do to halt surging oil prices that threaten consumer nations’ economies and could ...

Dow Retreats From Metal and Oil
Washington Post - United States
... consumers are demanding. "We are giving them all they ask for and what they can process," said an OPEC official. "What they can ...

Crude on the boil; OPEC to hold informal talks today
Moneycontrol.com - Mumbai,India
The Organisation of Petroleum Exporting Countries or OPEC will hold informal talks today on the sidelines of the Doha Conference. ...

OPEC to keep output unchanged - Venezuela
Forbes - USA
DOHA (AFX) - OPEC will not change its crude production levels, the Venezuelan oil minister said after a meeting in Doha to discuss record prices. ...

OPEC in the News 4/20/06

Easy does it with petrol prices
The Age - Melbourne,Victoria,Australia
... OPEC (the Organisation of Petroleum Exporting Countries) is already producing at maximum output," said Abdullah al-Attiyah, Qatar's Oil Minister. ...

Opec’s April market report
MercoPress - Montevideo,Uruguay
... the world economy continues to experience strong growth, despite disappointing GDP growth in the final quarter of last year, according to the OPEC Monthly Oil ...

Gas pains
NorthJersey.com - Hackensack,NJ,USA
... It's easy to point fingers at OPEC or the American oil companies for taking financial advantage of a tight gasoline supply, especially when the Exxon Mobil CEO ...

DJ Iran Oil Min: OPEC Is Pumping Crude To Its Capacity -2-
TMCnet - USA
... However, he conceded that OPEC doesn't favor unusually high prices "because on the one hand they raise production costs and on the other hand they raise ...

Iran opposed to OPEC production hike
IranMania News - Iran
... April 20 (IranMania) - Iran's Oil Minister Kazem Vaziri-Hamaneh said Thursday the Islamic republic was opposed to any change in OPEC's production ceiling ...

Crude tops $73 a barrel as Iran dispute threatens to hit world ...
ic Birmingham.co.uk - Birmingham,UK
... OPEC ministers will consult informally next week on the sidelines of an energy forum in Qatar. But several of them have already ...

Oil prices hit record high of $72.49
EiTB - Euskadi,Spain
Traders are anxious that US-led efforts to stop Iran, OPEC's second-largest member, from pursuing a suspected nuclear weapons program could lead to a ...

Some callers ready to stage a gas revolt
Port Huron Times Herald - Port Huron,MI,USA
... up. That is unless, we, as consumers, let the oil companies know buyers control the market place, not OPEC or any oil company. They ...

Mass gas boycotts will not prevent high prices
Western Herald - Kalamazoo,MI,USA
... reason why the proposed gas boycott will never work is because it doesn’t factor in the fact oil prices are more controlled by how much OPEC supplies, not ...

OPEC in the News 4/19/06

Iran opposes OPEC production rise: ministry
IranMania News - Iran
LONDON, April 19 (IranMania) - Iran is against an increase in OPEC production, an official was quoted as saying, arguing that the cartel did not have the ...

OPEC Fund’s $9m Loan To Upgrade Road In Niger
Nigeria Daily Independent - Ikeja,Lagos,Nigeria
The Organisation of Petroleum Exporting Countries (OPEC) Fund for International Development has signed a $9 million loan agreement with the Republic of Niger ...

OPEC should set aside cheaper oil for poor nations: President
Tehran Times - Iran
... He also maintained that the crude’s global price must be based on both market’s dynamics plus supply and demand forces. “OPEC members could set aside ...

OPEC should set aside cheaper oil for poor: Iran
IranMania News - Iran
LONDON, April 20 (IranMania) - Iran's hardline President Mahmoud Ahmadinejad has called on oil producers, in particular fellow OPEC members, to sell a part of ...

Oil revenues allow Hugo Chavez to reject US criticism of his ...
VHeadline.com - Worth,IL,USA
... in Europe this year. Oil producers' group OPEC says demand is up a million barrels a day over the past year ... a little more than ...

Iran says OPEC should set aside cheaper oil for poor
Lanka Business Online - Sri Lanka
TEHRAN, Iran, Apr.19 (AFP) - Iran's President Mahmoud Ahmadinejad has called on oil producers, in particular fellow OPEC members, to sell a part of their crude ...

Higher energy prices could curb global growth - Opec
Business Day - Johannesburg,South Africa
LONDON - Opec today warned that higher energy prices could curb global growth and trimmed its oil demand growth forecast, while crude prices hit a record high ...

OPEC in the News 4/17/06

No OPEC output cut in 06 if demand holds - officials
Reuters South Africa - Johannesburg,South Africa
DOHA/DUBAI (Reuters) - OPEC is pumping nearly flat out to tame oil prices, which the cartel believes are too high, and there are enough crude stocks and spare ...

3 options left for tax filers
Charlotte Observer - Charlotte,NC,USA
Are you sleepy, unable to think clearly, experiencing heartburn, cramps, diarrhea, stomach ulceration, exporting gas like an OPEC nation short on cash -- you ...

Oil numbers counter very large lies peddled by the Venezuela ...
VHeadline.com - Worth,IL,USA
... given by people who challenge the government numbers was that international organizations such as the International Energy Agency and OPEC supposedly pegged ...

OPEC in the News 4/11/06

IEA key to solving global energy crisis
Economic Times - India
Set up in the 1970s as a counterweight to Opec, then at the height of its influence, the IEA considers itself a collaborator as the producers’ cartel seeks ...

Nigeria's airfares jump due to fuel costs
United Press International - USA
ABUJA, Nigeria, April 11 (UPI) -- Nigeria, a leading oil producer within the OPEC cartel, has raised its domestic airfares by 20 percent because of rising ...

Oman to spend $10bn on oil, gas output boost
Trade Arabia - Manama,Bahrain
Oman plans to spend $10 billion within the next five years to increase its oil and natural gas output, the non-Opec state's oil minister said on Sunday. ...

Oil producers woo China
The Standard - Hong Kong
After just over three months, OPEC is making another courtesy call on China - only the second by the group's president in the organization's 46-year history. ...

Total "buy," target price raised
newratings.com - USA
In a research note published this morning, the analysts mention that there are limited signs of a potential slowdown in the US economy and non-OPEC supply is ...

MARKET WATCH May crude tops $68/bbl on NYMEX
Oil & Gas Journal - Houston,TX,USA
... 10. So far this year, OPEC's basket price has averaged $58.02/bbl, compared with an average $50.64/bbl for all of 2005. On Apr. ...

Report: OPEC production fell in March
Monsters and Critics.com - Glasgow,UK
... 'Even with oil prices well above $60/barrel, OPEC doesn`t appear to be trying to make up for the fall in Nigerian volumes, which supports the view that OPEC-10 ...

OPEC in the News 4/6/06

OPEC March output lowest this year
Daily Times - Lahore,Pakistan
LONDON: OPEC oil output fell 180,000 barrels per day in March as attacks on Nigeria’s oil industry left the members bound by formal supply limits pumping at ...

Senate bill would scrutinize oil mergers, OPEC
FXstreet.com The Futures Market - Barcelona,Spain
... "OPEC has America over a barrel, and we should fight back," said Sen. Patrick Leahy of Vermont, the judiciary panel's senior Democrat. ...

OPEC president rules out oil output cut
Reuters - USA
ABUJA (Reuters) - OPEC President Nigeria expects OPEC to keep output at near-maximum levels with the oil price at about $67 a barrel, Nigerian Minister of ...

3-Oil extends rally towards $68, OPEC powerless
Ninemsn - Sydney,New South Wales,Australia
... United Arab Emirates' Oil Minister Mohammed bin Dhaen al-Hamli said OPEC was powerless to bring down prices that are closing in on their record $70 a barrel ...

US senators unveil plan to rein in big oil, OPEC
Reuters - USA
... that could spur more federal scrutiny of future mergers between oil companies, and trigger a possible price-fixing lawsuit against the OPEC oil cartel. ...

Daily Commodities Comments for 4/06/2006
Schaeffers Research - Cincinnati,Ohio,USA
... With US unleaded prices seemingly on their way to the January highs and the OPEC basket price already hitting fresh all-time highs this week, it is clear that ...

OPEC president rules out oil output cut
Daily Times - Lahore,Pakistan
ABUJA: OPEC is likely to keep output at near-maximum levels, as oil prices are at about $67 a barrel, within sight of record highs, the producer group’s ...

Opec toothless to tame high oil prices : UAE
Financial Express - Bombay,India
PARIS, APRIL 6: Opec is powerless to bring down oil prices that are closing in on their record $70 a barrel high, United Arab Emirates’ oil minister Mohammed ...

Consumers must work with oil powers to tackle crisis
Reuters.uk - UK
... Set up in the 1970s as a counterweight to OPEC, then at the height of its influence, the IEA now considers itself a collaborator as the producers' cartel seeks ...

Bill would increase scrutiny of oil mergers, OPEC
FXstreet.com The Futures Market - Barcelona,Spain
... Pa., formally introduced legislation Thursday that he said would allow price-fixing lawsuits against the Organization of Petroleum Exporting Countries, or OPEC ...

Jordan's Ambassador to Kuwait meets Kuwaiti officials and OPEC ...
Jordan News Agency (Petra) - Jordan
The Ambassador also discussed with Organization of the Petroleum Exporting Countries (OPEC) Secretary General Abdul Aziz Al Turki OPEC's efforts to prepare for ...

OPEC in the News 3/30/06

Peace Brings Business to Algeria
The Moscow Times - Russia
... Nowadays, it can be hard to get a seat on a plane to the capital, Algiers, as the giant OPEC oil and gas producer embarks on one of the continent's biggest ...

Crude oil prices will remain high, while foreign experts said ...
ThaisNews - Bangkok,Thailand
... Mr. Songphop added that the crude oil price will remain high due to the OPEC’s inability to invest to increase production capabilities. ...

Gulf of Guinea is key world oil province, OPEC president tells OWA ...
Oil & Gas Journal - Houston,TX,USA
... world, with oil and gas discoveries of more than 10 Bbbl and tremendous potential beyond that level, said Dr. Edmund Daukoru, president of OPEC and Nigeria's ...

OPEC in the News 3/29/06

Petrol price hike likely next month
Business Day - Johannesburg,South Africa
... The rand has been weakening since it touched R5,90 per US dollar on January 19, while the Organisation of Petroleum Exporting Countries (Opec) basket price of ...

Kuwait eyeing budget surplus of $24 bilion
Gulf Daily News - Manama,Bahrain
... The budget is calculated on an average $21 per barrel and oil accounts for up to 90pc of state revenue in the Opec producer which controls nearly a tenth of ...

CORRECTED - CORRECTED-UPDATE 6-Oil rises near $66, Nigeria to take ...
Ninemsn - Sydney,New South Wales,Australia
... 2.5 percent to a seven-week high on Tuesday as Nigeria moved to tackle a deepening supply crisis sparked by militant attacks on the OPEC member's pipelines and ...

Crude prices on Tuesday - rally
Polymerupdate.com (subscription) - Bandra,India
Crude oil prices on Tuesday rallied, surging as concerns regarding growing militant threats in OPEC member country Nigeria prompted supply disruption fears. ...

Kuwait revenues soar to record $43 billion
Gulf Daily News - Manama,Bahrain
... has topped $50. Kuwait has been pumping around 2.6 million barrels per day, above its Opec quota of 2.247m bpd. Non-oil revenues ...

Sector movers: Oil gains strength, Mobile steps back
Life Style Extra - UK
There are concerns that Iran, OPEC's second biggest oil producer, could reduce supplies of oil if the UN imposes sanctions on the country. ...

OPEC in the News 3/22/06

Morocco : OPEC Fund loans Morocco $10Mn for rural development ...
African News Dimension - Johannesburg,South Africa
OPEC Fund for International Development loaned Morocco USD 10Mn to finance the oriental Middle Atlas rural development project, said the Moroccan embassy in ...

Oil prices drop as OPEC trims back demand forecast
Taipei Times - Taiwan
Oil prices slipped on Friday after OPEC lowered its demand forecast for this year and amid signs that US crude oil inventories are growing. ...

OPEC to meet in June in Caracas: Venezuelan president
Xinhua - China
CARACAS, March 21 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet in Caracas on June1, Venezuelan President Hugo ...

OPEC March output falls 300,000 bpd vs Feb - consultant
Reuters South Africa - Johannesburg,South Africa
LONDON (Reuters) - OPEC pumped 300,000 barrels per day (bpd) less crude oil in March than February after attacks hit supply from Nigeria, tanker-tracking ...

OPEC March output falls 300,000 bpd vs Feb - consultant
Reuters South Africa - Johannesburg,South Africa
LONDON (Reuters) - OPEC has pumped 300,000 barrels per day (bpd) less crude oil in March than in February after militant attacks hit supply from Nigeria, tanker ...

OPEC March output seen down 350,000 barrels a day
MarketWatch - USA
LONDON (MarketWatch) -- OPEC is expected to pump 29.7 million barrels a day of crude in March - a drop of 350,000 b/d on the revised total for February as ...

Accord For Construction Of Five Schools Signed
AngolaPress - Angola
Luanda, 03/22 - Angola and the OPEC Fund for International Development signed on Tuesday in Viena (Austria), an accord for the construction of five secondary ...

OPEC in the News 3/20/06

Update 2: Oil Prices Drop on OPEC Demand Forecast
Forbes - USA
... OPEC, which cited lower consumption in the US and Asia, said its prediction comes after signs of larger oil inventories in the US, along with higher demand in ...

Major Averages Choppy In First Half Of Monday's Trading - US ...
Trading Markets - Los Angeles,CA,USA
... In the first half of Monday's session, a decline in oil prices helped support stocks. The decline came after OPEC lowered its demand forecast for the year. ...

OPEC's Long-Term Strategy: Basics and Challenges
Dar Al-Hayat - Saudi Arabia
A report was released this month summing up an exhaustive study on "OPEC's Long-Term Strategy." This project goes back to decades ago, when the cartel tried to ...

Saudi's Naimi not worried by US crude stock build
Deepika - Kottayam,India
... for consuming countries to build stocks,'' Naimi told a news conference, referring to concerns about the security of supplies in some OPEC producers such as ...

Why oil prices will keep rising
Firstrung - London,UK
... So production from them was fast built up and Opec consequently cut back its own production until it was only running at about 60% of capacity. ...

OPEC in the News 3/16/06

A New Spike at the Pump?
BusinessWeek - USA
... Online reporter Alex Halperin about why the government is changing the rule, how events in Iran and Nigeria could affect prices, why OPEC is losing influence ...

Dow, Nasdaq Post Gains on Economic Data
Ely Times - NV, USA
... to 2,316.72. Crude oil futures rose despite US oil inventories and signs from OPEC OPEC that it expects prices to stabilize. A barrel ...

OPEC output increased last month
Alarab online - London,UK
... The latest estimates show the OPEC-10 producing just 130,000 barrels per day in excess of their 28 million barrel per day output ceiling.

UNODC, OPEC Fund launch $4 million HIV/AIDS prevention project in ...
Harold Doan and Associates (press release) - Rocklin,CA,USA
The United Nations Office on Drugs and Crime (UNODC) and the OPEC Fund for International Development are launching a four million dollar project to improve HIV ...

Oil Prices Slip on OPEC Official Remarks
Brocktown News - NV, USA
VIENNA, Austria - Oil prices slipped Thursday after an OPEC official said he expected prices to stabilize at between $50 and $60 per barrel. ...

Oil prices slip on OPEC official remarks
BusinessWeek - USA
MAR. 16 12:07 PM ET Oil prices slipped Thursday after an OPEC official said he expected prices to stabilize at between $50 and $60 per barrel. ...

UN, OPEC launch joint $4 million HIV/AIDS prevention project in ...
UN News Centre
16 March 2006 – The United Nations Office on Drugs and Crime (UNODC) and the Organization of Petroleum Exporting Countries (OPEC) Fund for International ...

OPEC in the News 3/15/06

High oil prices weaken demand
Purchasing.com - Newton,MA,USA
... On the supply side, IEA expects non-OPEC oil production to average 51.3 million barrels/day in 2006, or 200,000 less than previously expected. ...

In the Senate: Big Oil, Bad Theater
RedState - Mclean,VA,USA
... really -- is a bill that would limit oil company mergers, make it a crime to manipulate gas prices by limiting supply, and allow the US to sue OPEC (Still with ...

OPEC output increased last month
Monsters and Critics.com - Glasgow,UK
NEW YORK, NY, United States (UPI) -- A recovery last month in Iraqi volumes hiked output from the world`s oil producing cartel by 240,000 barrels per day to ...

Gas OPEC and Russian-Algerian gas agreements
RIA Novosti - Moscow,Russia
... it. It is possible that natural gas exporters will soon turn into a kind of gas OPEC, which will be indisputably led by Russia. ...

Oil falls on growing US crude stockpiles
Reuters - USA
... the shut-in of 556,000 barrels per day (bpd) of crude, an upward adjustment of nearly 100,000 barrels since violence flared last month, the OPEC member's top ...

The Beginning of the End of the Petrodollar: What Connects Iraq to ...
Mathaba.Net - London,UK
... accepting only US dollars for its oil. Saudi Arabia has been the largest oil producer and the leader of OPEC. It is also the only member ...

OPEC in the News 3/13/06

Markets may be jumping gun over Gulf dollar sales
Reuters - USA
... The Bank for International Settlements says investors from the OPEC oil cartel have become increasingly sensitive to changes in interest rate differential ...

Supply Dynamics In Support Of A Higher Oil Price
Australasian Investment Review - Sydney,Australia
... In conjunction with OPEC’s announcement it would maintain production at near maximum levels, the weakness in demand has seen the oil price fall to around US ...

Iran's oil industry self-sufficient: Official
IranMania News - Iran
... Iran is the world?s fourth largest oil producer and the second biggest exporter within the Organization of Petroleum Exporting Countries (OPEC). ...

Oil Rises After Iran Threatens to Retaliate Against UN Steps
Bloomberg - USA
... 13 (Bloomberg) -- Oil rose above $60 a barrel in New York after Iran threatened to retaliate if the United Nations imposes sanctions on OPEC's second-largest ...

Oil tops $60 after 6 pct one-week slide
The Kindred Times - Utah,USA
... Prices have fallen four of the last five sessions as OPEC ‘s decision to carry on pumping at near maximum capacity and a rise in weekly US crude stocks to ...

Why Iran's Oil Bourse can't break the Buck
Energy Bulletin - USA
... of state Henry Kissinger was deeply involved, in the wake of the 400% oil-price hike orchestrated by the Organization of Petroleum Exporting Countries (OPEC). ...

Oil edges below $60, big fuel stocks weigh
Reuters - USA
... levels since May 1999. Prices then fell to less than $17 a barrel and prompted OPEC to rein in production. This time the situation ...

Nigeria plans summit of cocoa producing nations
The Tide - Port Harcourt,Niger Delta,Nigeria
He told participants in the second National Cocoa Day Celebration in Calabar at the weekend that the summit would be similar to OPEC. ...

OPEC in the News 3/9/06

Venezuela seeks output cut against all other OPEC members
El Universal - Venezuela
... quota unchanged until June," said the Qatari official upon his arrival in the hotel where the representatives of the 11 member countries of OPEC and observers ...

OPEC to forgo production cut; Kuwaiti predicts price drop in ...
Miami Herald - FL,USA
VIENNA, Austria - (AP) -- OPEC was expected to keep its production level unchanged Wednesday, and Kuwait's oil minister predicted prices would fall below the ...

OPEC To Keep Production Quota Steady
Hartford Courant - United States
VIENNA, Austria -- OPEC said Wednesday that it would keep pumping at current levels to ensure adequate supplies as extremists target oil facilities from the ...

Oil stabilises after plummeting on bulging US crude stocks, OPEC ...
Forbes - USA
LONDON (AFX) - Oil prices stabilised after losing some 6 pct of their value this week as bulging US crude stockpiles and OPEC's decision to keep pumping at ...

Oil prices fall ahead of OPEC meeting
People's Daily Online - Beijing,China
Oil prices fell Tuesday as OPEC oil ministers, gathering in Vienna for the cartel's meeting this week, indicated they would keep output levels intact. ...

Blue tarps boost Raven OPEC to continue pumping oil
Sioux Falls Argus Leader - Sioux Falls,SD,USA
... VIENNA, Austria - OPEC said Wednesday it would keep pumping at current levels to ensure adequate supplies as extremists target oil facilities from the Middle ...

Oil Prices Hold Steady at $60 a Barrel
Herald News Daily - Williston,ND,USA
SINGAPORE - Crude oil prices held steady at just over $60 a barrel in Asian trading Thursday after OPEC ‘s president said the group will keep output ...

OPEC to maintain oil output to cool down prices
Xinhua - China
VIENNA, March 8 (Xinhuanet) -- The consensus among OPEC's energy ministers was to keep the official production quota at their meeting later to cool down the ...

Iran Majlis backs bid to cut petrol consumption
IranMania News - Iran
... The shortfall has up to now been met by spending blns of dollars each year on imported petrol, something of an irony for OPEC's number-two crude exporter.

Oil above $60 after fall on US stockbuild, OPEC
Resource Investor - Herndon,VA,USA
Oil hovered just over $60 on Thursday after losing nearly 6 percent this week on OPEC's decision to keep pumping at near full rates and as US crude stocks ...

OPEC holds output quota steady
Alarab online - London,UK
The Organization of Petroleum Exporting Countries decided Wednesday to keep its output at 28 million barrels per day. The cartel's ...

Global Oil prices drop by 2 dollars after OPEC announces it will ...
ThaisNews - Bangkok,Thailand
Global oil prices are to drop, following announcements by OPEC that it will continue with its current production quota, even though it is producing over its ...

Oil market recovers a little from price plunge
RTE.ie - Ireland
World oil prices recovered a little ground this morning, a day after plunging on news of ample US supplies and an OPEC decision to keep pumping at a near 25 ...

OPEC pledge helps oil futures drop
Philadelphia Inquirer - Philadelphia,PA,USA
NEW YORK - Oil prices fell to about $60 a barrel yesterday after OPEC's president said the group would keep production stable and the US Department of Energy ...

US crude off after falling for third day on stocks
Reuters - USA
... US crude futures dipped below $60 a barrel on Thursday, extending this week's rout on news of a big build in US crude stockpiles and as OPEC affirmed plans to ...

World oil market recovers a little
Sify - Taramani,Chennai,India
London: World oil prices recovered a little ground today, a day after plunging on news of ample US supplies and an OPEC decision to keep pumping at a near 25 ...

World : OPEC keeps production quota at current levels
African News Dimension - Johannesburg,South Africa
The Organisation of the Petroleum Exporting Countries (OPEC) confirmed on yesterday it would keep oil production at the current level, as Iran attempted to ...

Oil stabilises after plummeting on bulging US crude stocks, OPEC ...
FXstreet.com The Futures Market - Barcelona,Spain
... trading below Jan 1 levels, with yesterday's falls coming on the back of a massive 6.8 mln barrel build in US crude stocks and the decision by OPEC to maintain ...

OPEC set to maintain quota amid Iran, Nigeria concerns
Zee News - Noida,India
Vienna, Mar 08: OPEC was set to keep crude production at near capacity at its meeting here today in a bid to cool off stubbornly high oil prices caused by ...

OPEC's output is status quo - for now
Cincinnati Enquirer - Cincinnati,OH,USA
VIENNA, Austria - OPEC said Wednesday that it would keep pumping at current levels to ensure adequate supplies as extremists target oil facilities from the ...

OPEC in the News 3/8/06

Crude slips as OPEC meets
MarketWatch - USA
NEW YORK (MarketWatch) -- Crude oil futures dipped in electronic trading early Wednesday to extend losses for the week, as traders awaited news from a meeting ...

Crude prices decline sharply as OPEC agrees to keep output ...
Polymerupdate.com (subscription) - Bandra,India
Crude oil prices on Wednesday witnessed a steep decline on news that OPEC had agreed to keep pumping near full capacity levels despite the high crude stocks in ...

OPEC holds on daily quota
Bangkok Post - Thailand
Vienna (dpa) - The President of the Organization of Petroleum Exporting Countries (Opec) conference said on Wednesday that ministers of member states had ...

OPEC news helps trim value of oil (1st Update)
Monsters and Critics.com - Glasgow,UK
NEW YORK, NY, United States (UPI) -- News that the world`s oil cartel will keep its production quota steady at a high level Wednesday cut into energy commodity ...

OPEC to keep production at high levels
newratings.com - USA
NEW YORK, March 8 (newratings.com) – The OPEC Wednesday said that it would keep oil output close to the limit to bring prices within the consumers' comfort ...

Stock market indicators head lower, oil prices ease as OPEC meets
CJAD - Canada
... The loonie, sometimes considered a petro-currency, was also hurt by falling oil prices. -Oil prices fell Wednesday as OPEC oil ministers appeared ready to keep ...

OPEC to stick with output ceiling - delegate
Reuters.uk - UK
VIENNA (Reuters) - OPEC has agreed to leave its oil output ceiling at a near-maximum 28 million barrels per day, an OPEC delegate said on Wednesday. ...

OPEC won't cut production to help stabilize markets
9NEWS.com - Denver,CO,USA
... uncomfortably high. Many OPEC members have said repeatedly that oil prices ideally should be in the $40-to-$50 range. Kuwait's oil ...

OPEC set to maintain quota
Sify - Taramani,Chennai,India
Vienna: OPEC is set to keep crude production at near capacity in a bid to cool off high oil prices caused by uncertainty in key cartel members Iran and Nigeria ...

OPEC focus on fear factors
CCTV - Beijing,China
OPEC is holding a regular meeting on Wednesday. Worries over Iran's nuclear ambitions, militant threats in Nigeria and attacks on ...

Oil Trades Near Three-Week Low on US Stockpiles, OPEC Output
Bloomberg - USA
... OPEC agreed yesterday to to keep production quotas at 28 million barrels a day amid violence in Nigeria and the threat of sanctions against Iran. ...

OPEC holds oil output steady
Daily Journal (subscription) - Caracas,Venezuela
VIENNA, Austria (AP) – OPEC said on Wednesday it would keep pumping at current levels to ensure adequate supplies as extremists target oil facilities from ...

OPEC Won't Cut Oil Production
Boston Channel.com - MA, USA
VIENNA, Austria -- OPEC has formally agreed to stick with current production targets amid fears of political instability and terrorism unnerving global markets ...

DOKUMENTATION/OPEC-Kommunique zur Ministerkonferenz in Wien
Vereinigte Wirtschaftsdienste - Germany
Dow Jones Newswires sendet im Anschluss das OPEC-Kommunique zum Treffen der Ölminister im Wortlaut. "The 140th (Ordinary) Meeting ...

OPEC: Will Maintain Current Output Quota
Stratfor - USA
The Organization of Petroleum Exporting Countries will maintain current output levels despite disruptions in Nigeria and tensions with Iran, a Kuwaiti oil ...

OPEC maintains output ceiling at 28.0 mln bpd - Kuwait
Forbes - USA
VIENNA (AFX) - OPEC members have agreed to keep the cartel's official quota for oil production at 28.0 mln barrels per day, a near 25-year high, Kuwaiti Energy ...

OPEC output quota unchanged
El Universal - Venezuela
The Organization of Petroleum Exporting Countries (OPEC) Wednesday in Vienna agreed to keep its production quota unchanged at 28 million b/d to help ease high ...

OPEC will forgo production cut
Toledo Blade - Toledo,OH,USA
VIENNA, Austria — OPEC’s president confirmed today that the group will not change its production level amid the political instability and terrorism ...

Opec output ceiling
Calcutta Telegraph - Calcutta,India
Vienna, March 8: Opec has agreed to leave its oil output ceiling at a near-maximum 28 million barrels per day. Opec ministers, who ...

OPEC Output Throws Up Confusion
Australasian Investment Review - Sydney,Australia
Analysts at Barclays Capital report there is a lot of confusion at present surrounding OPEC oil output per day. Obviously this figure ...

OPEC confirms deal to stick with output ceiling
ABC News - USA
Mar 8, 2006 — VIENNA (Reuters) - OPEC President Nigeria confirmed on Wednesday that OPEC has agreed to leave its oil output ceiling at 28 million barrels per ...

OPEC scraps output cut, Kuwait sees price drop
Shanghai Daily - Shanghai,China
OPEC all but abandoned the idea of cutting production to ease stubbornly high oil prices at a meeting yesterday, and Kuwait's oil minister predicted prices ...

OPEC confirms deal to stick with output ceiling
Leading The Charge - Milton,Queensland,Australia
VIENNA - OPEC OPEC President Nigeria confirmed on Wednesday that OPEC has agreed to leave its oil output ceiling at 28 million barrels per day, unchanged since ...

OPEC in the News 3/7/06

Oil Prices Decline Ahead of OPEC Meeting
nwitimes.com - Munster,IN,USA
NEW YORK - Oil prices fell Tuesday as OPEC oil ministers, gathering in Vienna for the cartel's meeting this week, indicated they would keep output levels intact ...

= OIL FUTURES: ICE Brent Edges Higher; OPEC, IAEA In Focus
TMCnet - USA
... The catalyst for the reversal included expectations that OPEC will keep pumping close to capacity and hopes that Iran will strike a deal that would avert UN ...

Opec set to ignore calls for cut in output
Financial Times - London,England,UK
... Opec, which produces about 40 per cent of world oil supplies, has already seen production decline in the past month with Nigerian output falling following ...

Crude volatile as Opec output decision looms
Financial Times - London,England,UK
Crude oil prices partially recovered on Wednesday from a 2 per cent decline in the previous session, which had been triggered by expectations Opec would hold ...

Saudi Arabia sees no need for OPEC output cut-paper
Reuters - USA
DUBAI, March 6 (Reuters) - Saudi Oil Minister Ali al-Naimi said OPEC should not cut its oil production when it meets this week to avoid further price hikes ...

Early market signals negative ahead of OPEC meeting, possible rate ...
CBC News - Canada
TORONTO (CP) - Global indicators were mostly negative for North American stock markets early Tuesday as OPEC oil ministers gathered to set production quotas. ...

Oil prices firm before OPEC meeting
Daily Times - Lahore,Pakistan
LONDON: World oil prices rebounded slightly on Tuesday on the eve of a crucial OPEC meeting in Vienna which is widely forecast to keep production levels ...

Gold falls further as dollar firms
Reuters.uk - UK
... against the euro and Swiss franc after a Federal Reserve official said US interest rates could rise further, while oil slipped on expectations OPEC would hold ...

OPEC Leaders Won't Seek Output Cut
Hartford Courant - United States
VIENNA, Austria -- OPEC's key members said Monday that they would not seek a production cut this week, and that they expected oil prices, now hovering above ...

Oil falls on OPEC, Nigeria output fears
CNN International - USA
LONDON, England (Reuters) -- Oil slumped towards $61 a barrel on Tuesday on expectations OPEC would hold production at near-maximum levels and after Nigeria ...

US, world face lower oil demand growth to June: EIA
Reuters.uk - UK
... The projections of lower demand, particularly for the second quarter, come as OPEC ministers meet in Vienna this week to review their production policies and ...

Venezuela calls for OPEC to cut quota
RTE.ie - Ireland
The Venezuelan Energy Minister, Rafael Ramirez, has called for OPEC to cut its official production quota by 500,000 barrels a day when the cartel meets in ...

ENERGY STOCKS Oil stocks head lower Monday
MarketWatch - USA
... "Whether OPEC formally announces a cut at its upcoming meeting on March 8 or simply reins in production quietly, a reduction in output of 1 million to 1.5 ...

Oil extends losses on OPEC and Nigeria
Scotsman - United Kingdom
LONDON, March 7 - Oil fell further on Tuesday on expectations OPEC would hold production at near-maximum levels and after Nigeria said most of its output that ...

Commodities: Gold extends losses
ShareCast - London,UK
... Oil prices also fell against as traders continue to speculate that OPEC will keep production unchanged at its meeting on Wednesday. ...

OPEC Ministers Likely to Keep Output Steady
Los Angeles Times - CA,USA
With oil prices still above $60 a barrel, OPEC ministers probably will keep output steady when they meet this week to set strategies for the spring and early ...

OPEC unlikely to curtail production
Daytona Beach News-Journal - Daytona,FL,USA
VIENNA, Austria -- With oil prices still above $60 a barrel, OPEC ministers likely will keep output steady when they meet this week to set strategies for the ...

Opec to keep production levels
AME Info - United Arab Emirates
GCC energy and oil ministers say that Opec is likely to leave output at its current level when it meets on Wednesday, despite concerns of Q2 oversupply ...

UAE says OPEC ceiling already adequate
Forbes - USA
VIENNA (AFX) - OPEC's production ceiling, which has been set at 28 mln barrels per day for the past eight months, is already adequate, United Arab Emirates Oil ...

Opec set to pump its way out of ‘price danger zone’
Gulf Times - Doha,Qatar
VIENNA: Opec producers meeting tomorrow are almost certain to carry on pumping almost flat out to avoid pushing prices towards a $70 danger zone that could ...</