OPEC

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Saudis May Boost Oil Supply Even Higher

But OPEC blames speculators and credit crisis for high prices

(Newser) - A hastily organized summit meeting in Saudi Arabia today offered little relief to oil consumers, Bloomberg reports. The Saudis did vow to increase production if needed, but OPEC blamed speculators and the credit crisis, not markets, for surging oil prices. "Saudi Arabia is prepared and willing to produce additional...

Make Lawsuits, Not War, Over OPEC Oil

President, states have standing in attempt to cap gushing prices

(Newser) - There’s no question OPEC’s price-fixing is illegal under American law, a former Reagan and Bush I adviser writes in the New York Times—so why not sue the oil cartel? US states are permitted to seek relief against aliens, and a joint suit by several attorneys general would...

Saudis Bumping Oil Flow 2% to Slow Soaring Prices

July increase adds 200,000 barrels a day to pipeline

(Newser) - Saudi Arabia, worried soaring prices could weaken the world's appetite for oil, will increase production by 200,000 barrels a day, beginning next month, the Saudi oil minister told UN chief Ban Ki-moon in a meeting yesterday. The move follows a May increase of 300,000 barrels, the AP notes.

Saudis to Boost Oil Output to Record Level

Kingdom aims to stabilize prices to protect oil market

(Newser) - Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the...

Oil Prices Threaten US-Saudi Relations

Washington loses leverage as Beijing gains clout with Riyadh

(Newser) - The weakening dollar and rising oil prices are marring more than just the American economy: It’s also eroding the long-standing friendly relationship between the US and Saudi Arabia, the Los Angeles Times reports. A bleak economic outlook has cost the US clout with its oil-producing ally. “There’s...

OPEC May Boost Oil Output to Ease Prices

Cartel may meet early and backpedal on current policy

(Newser) - 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...

OPEC Head Warns Oil Could Hit $200 a Barrel

Supply trouble, weak buck, speculation will keep price climbing

(Newser) - The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak...

Agency Cuts Oil-Demand Forecast
Agency Cuts Oil-Demand Forecast
Apr 11, 2008 10:21 AM CDT

Agency Cuts Oil-Demand Forecast

Projected growth worldwide at lowest level since 9/11 attacks

(Newser) - The projected growth in the demand for oil worldwide is at its lowest level since the Sept. 11 terrorist attacks, but don't expect any any price relief, reports the Wall Street Journal. The IEA pegs projected growth at 1.3 million barrels a day, down 35% from its projection in ...

Oil Expected to Stay Above $100 This Year

Fed agency ups forecast as world laps up Texas tea

(Newser) - A barrel of crude could end up averaging more than $100 this year, federal handicappers are predicting, just weeks after the triple-digit mark seemed like a troublesome anomaly. OPEC’s parsimony with its reserves, spiking demand worldwide and a dwindling supply outside the Middle East are conspiring to squeeze rates—...

WWII Mines Block Egypt's Access to Oil

4.8B barrels of crude lie under 22M mines, shells in desert

(Newser) - Millions of land mines and unexploded artillery shells left over from World War II are hampering Egypt's efforts to get at a treasure trove of oil and gas beneath the desert, der Spiegel reports. The ordnance is an unwelcome reminder of the North African conflict between Brits and Erwin Rommel’...

Gas Prices Hit Record High
Gas Prices Hit Record High
Mar 10, 2008 8:50 AM CDT

Gas Prices Hit Record High

$4 gallon of gas around the corner, experts warn

(Newser) - Gas prices rocketed 64 cents in the last year to a national average of $3.20 per gallon of regular, CNN reports.  A survey of prices at 5,000 gas stations found the highest price, $3.58, in San Francisco and the lowest, $2.99, in Cheyenne, Wyoming. The...

Oil Gushes to Record $105.96
Oil Gushes to Record $105.96
Mar 6, 2008 8:32 AM CST

Oil Gushes to Record $105.96

A weakening dollar and falling inventories of oil are pushing crude prices up

(Newser) - An ever-weakening dollar, an unexpected drop in US crude oil reserves, and a Wednesday OPEC decision not to boost production helped spur oil to a record $105.96 a barrel, Bloomberg reports. It's the third record this week, and the dollar’s $1.5345 against the euro is the lowest...

Oil Hits $104; OPEC Won't Budge
Oil Hits $104; OPEC Won't Budge
UPDATED
Mar 5, 2008 3:57 PM CST

Oil Hits $104; OPEC Won't Budge

Cartel president blames 'mismanagement' of US economy for rising prices

(Newser) - 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...

Oil Insanity Pinned to Speculators
Oil Insanity Pinned to Speculators
Feb 28, 2008 5:54 PM CST

Oil Insanity Pinned to Speculators

Observers call current market 'hysteria' — and 'bubble'

(Newser) - Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel, to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by...

$100 Oil Fuels Recession Fears
$100 Oil Fuels Recession Fears
Feb 21, 2008 12:47 PM CST

$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...

$100 Oil Extinguishes Rally
$100 Oil Extinguishes Rally
MARKETS
Feb 19, 2008 4:11 PM CST

$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...

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...

OPEC Holds Oil Production Steady
OPEC Holds
Oil Production Steady
Feb 1, 2008 1:00 PM CST

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...

There's Plenty of Oil Left: Study
There's Plenty of Oil Left: Study
Jan 17, 2008 9:37 AM CST

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....

Bush Begs Saudi King for Oil
Bush Begs Saudi King for Oil
Jan 16, 2008 2:31 PM CST

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...

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