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OPEC on Wednesday cautioned that a sustained increase in oil prices above their current level could erode crude demand next year amid a shaky global economic recovery.
A rebounding global economy spurred on mainly by China and other developing nations is expected to boost world oil demand by slightly under 1 percent next year, OPEC said Tuesday while cautioning that the pace of recovery remains far from certain.
OPEC is leaving its production quotas unchanged, opting to take a cautious approach in a market awash in crude and a global economy still in the early stages of recovery.
OPEC says that demand for its crude has fallen so sharply because of the world recession that it will take another four years to recover to 2008 levels.
OPEC oil ministers on Thursday kept output targets unchanged in hopes a recovering world economy will raise prices through increased demand — and thus eliminate the need for them to cut back production.
OPEC is unlikely to cut output at its upcoming meeting, Saudi Arabia's oil minister said in comments published Tuesday, as indications mounted that the oil producing bloc would resist a temptation to tighten the taps despite wanting higher crude prices.
CARACAS, Venezuela — Venezuela increased oil shipments to the United States in January, despite President Hugo Chavez's anti-U.S. rhetoric and a promise to OPEC to cut output, the U.S. Department of Energy said Wednesday.
OPEC's secretary general on Monday blamed the U.S. and other leading industrialized countries for the global economic mess and challenged them to clean it up, saying his organization has already done its share.
OPEC tried on Sunday to nudge oil prices up by urging its members to stop overproducing, but the cartel decided not to cut current output levels which could have driven prices sharply higher.
Flash back to December 17 when OPEC met in Algeria and announced a record 2.2 million barrel per day production cut. The global economy was in shambles, oil demand was in free fall, the price per barrel had just dipped into the $30s and oil-producing states were complaining about plummeting oil prices.
Energy Secretary Steven Chu said Wednesday that if OPEC cuts production and adds to oil price volatility, it could severely hamper any global economic recovery.
Iraq's oil minister said Tuesday that OPEC is "of course" weighing fresh output cuts to prop up prices, and, also underscored his government's expectation that contractors start work quickly or risk losing lucrative oil deals.
Free-flowing global capital and speculation are competing with supply and demand, the polar forces that have dictated energy markets for more than a century, Saudi Arabia's oil minister said Tuesday, as he warned of price volatility in coming years.
Venezuelan President Hugo Chavez says OPEC could further reduce oil production to boost low prices.
Venezuelan President Hugo Chavez says OPEC could further reduce oil production to boost slumping prices.
Angola's oil minister said the turmoil in Gaza is no reason for an early OPEC meeting.
Venezuela says it is reducing oil output by 189,000 barrels per day under new OPEC production cuts.
Iran's state television says OPEC countries have decided to hold an extraordinary meeting on falling oil prices in Kuwait in February.
Libya has asked oil companies to slash production by 270,000 barrels per day from Jan. 1, the latest such reduction by an OPEC member as the producer group struggles to boost faltering oil prices.
Venezuela says it will slash oil output by 189,000 barrels per day under new OPEC production cuts.
Oil-rich Azerbaijan is ready to slash crude output by more than one-third to try to help boost prices, the energy minister said Wednesday as OPEC members decided to cut world production by a record 2.2 million barrels a day.
Russia proved only a half-hearted helper to OPEC at a key meeting Wednesday aimed at boosting oil prices, and distanced itself from talk of a closer union with the oil producers' club.
OPEC on Tuesday forecast world oil demand will fall in 2009, offering the latest dire look at how the global financial meltdown was pummeling world economies and keeping crude prices at stubbornly low levels.
Even before a single barrel of oil is pulled from the world market, OPEC's strategy of talking about global oversupply appears to be working.
Here's how bad things are for OPEC these days: It announced its largest-ever production cut Wednesday and oil prices promptly slumped to $40 a barrel, the lowest level in more than four years.
Suadi Arabia Would Like To Be Paid To Not Pump OilSaudi Arabia is trying to enlist other oil-producing countries to support a provocative idea: if wealthy countries reduce their oil consumption to combat global warming, they should pay compensation to oil producers.
Gas prices fall below $2.50 a gallon- Market Dispatches - MSN MoneyThe average price of gasoline fell 4 cents over the past two weeks, according to the Lundberg Survey, a survey that evaluates pump prices at 5,000 gas stations across the country.
In another attempt to bring forth no lose American solutions, I'd like to highlight the initiative by T. Boone Pickens to move forward with new legislation to require all new heavy trucks (such as 18 wheelers) be powered by natural gas. The problem:
Bonds invested in Ghana's nascent oil industry rose sharply in value over the past year. They nearly doubled between November 2008 and July 2009. Ghana is working to broaden its exports beyond cocoa and gold.
Libya's General People's Committee decided on 09/09/2009 to invest 12.1 billion dinars ($9.92 billion) to develop and maintain 24 oil wells the government described as "technically, financially and economically proven productive fields", the cash will be borrowed from local b …
According to the latest reports coming in and especially the one coming in from Reuters in which confirms what I have written before about the resignation of Mr. Shokri Ghanem.
Opec's greed will herald the end of the oil age Proclamations of economic recovery in the past week in Japan, France and Germany, and soon in Britain and America too, may signal the end of the Great Recession of 2007-09, albeit bumpily.
The Billion Dollar Gram - Billions Spent on this. Billions spenton that. It's all relative right? [Infographic]The image really is the content so there's no meaningful lead-in text. This is simply an elegant graphical comparison of some of the large amounts of money we see tossed about on a daily basis.
After reading several articles regarding Sarah Palin's personal collapse and resignation, its obvious the articles are miscategorized, if they were placed under entertainment or a tabloid section then the "news" would be directed appropriately. Although I don't agree with Mrs.
Are You Happy With The Results Of The Stimulus Thus Far?In order for the US economy to thrive we have to immediately do two things which we are currently not doing: 1) Convince the Global Market that our commercial paper offered by Wall Street is sound and has value.
Gasoline has increased 20% at the pump in the last 30 days. Can you afford a cost of living increase? Probably not.
Oil falls on economic concerns, eyes OPEC meetingOil prices fell below $63 a barrel on Thursday, snapping three sessions of gains, as investor sentiment soured on worries that a potential recovery in the United States might be delayed due to the country's rising debt.
Nigeria's Oil War - A Distraction? For some reason, the Financial Times recently attributed Nigeria's fuel shortage to "[a] showdown between President Umaru Yar'Adua and powerful Nigerian oligarchs over his moves to break their grip on the lucrative fuel importation business..."
An improving economic outlook is driving the rise in oil prices and the rally is expected to continue, Libya's top oil official said on Tuesday as crude hit a six-month high.
Chávez seizures fuel Venezuela oil fearsA fresh round of expropriations in Venezuela has raised fears that the Opec producer's already declining oil output could sink to its lowest level in the past 20 years.
Prices likely to rise over fears of 'serious oil supply crisis'A prominent Arab energy analyst has warned of a serious oil supply crisis that could trigger a fresh price spike in the absence of sufficient investments in crude capacity development projects.
OPEC sees 'devastating contraction' in oil demandOPEC again revised down its estimate for world crude demand on Wednesday, saying a "devasting contraction" in consumption would keep prices under pressure in the months ahead.
Energy Opportunities: Major Oil Companies Are Circling Iraq With stability returning, Oil Minister al-Shahristani has big plans to make his country the fourth-largest oil producer.
Costly alternatives may drive up the price of oil"The Stone Age did not end for a lack of stone and the oil age will end, but not for a lack of oil."
Oil prices reach new high for 2009 as dollar fallsA weakened dollar and evidence that OPEC has significantly slowed production sent oil prices soaring to new highs for the year Thursday.
The New Reality? Dow Slides To 5,000, Oil Rises To $50And it just seems to be getting worse with some economists predicting a dramatic drop in the Dow Jones Industrial Average and an increase in the price of a barrel of oil in the coming weeks and months.
I was dismayed to read Stephen Power's Wall Street Journal report about Energy Secretary Steven Chu (February 20, 2009 ).
Venezuela's Chavez seizes U.S. food giant unitPresident Hugo Chavez seized a unit of American food giant Cargill on Wednesday and threatened to take over Venezuela's largest private company, renewing a nationalization drive as the OPEC nation's oil income plunges.
Saudi Oil Minister Warns Against "Overly Optimistic Expectations" from Renewable Energy"We must be mindful that efforts to rapidly promote alternatives could have a 'chilling effect' on investment in the oil sector," he said at the Cambridge Energy Research Associates oil conference, according to his prepared remarks.
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