American oil companies are telling our U.S. state department they don't want a full-scale financial sanctions war, explains CNBC's Larry Kudlow. He makes the case for raising the value of the U.S. Dollar by 15 percent which he says will kill the price of oil.» Read More
NEW YORK, Dec 4 (Reuters)- U.S. crude oil futures rose more than $1 on Wednesday as government data showed an unexpected draw in U.S. stockpiles in the world's largest oil consumer.
CNBC's Sharon Epperson reports on the high levels of oil prices and how high Brent crude may go.
Abdalla Salem El-Badri, OPEC secretary general, says that even though some countries, such as Libya and Iran, are re-entering the oil market, the market will be able to "rebalance itself".
Bijan Namdar Zangeneh, Iranian oil minister, explains that in the event of Iranian production coming back on stream, OPEC will be able to maintain capacity and oil prices levels.
Jason Schenker, president and chief economist at Prestige Economics, discusses the decisions taken at Wednesday's OPEC meeting, including a renewal of the production ceiling and what it implies for oil prices in 2014.
CNBC's Steve Sedgwick reports on details of the OPEC meeting, and if there is a threat to western oil prices.
*OPEC leaves output target for first half of 2014 unchanged. LONDON, Dec 4- Brent crude oil slipped below $112 a barrel on Wednesday as OPEC left its output target for the first half of 2014 unchanged, although the U.S. benchmark rose almost $1 to a five-week high.
Through the hustle and bustle of OPEC's meeting in Vienna on Wednesday, Iranian Oil Minister Bijan Namdar Zangeneh sent out an invite to global oil majors.
*OPEC leaves output target for first half of 2014 unchanged. LONDON, Dec 4- Brent crude oil slipped below $112 a barrel on Wednesday as OPEC left its output target for the first half of 2014 unchanged, although the U.S. benchmark rose by almost $1 to a five-week high.
VIENNA, Dec 4- What is Saudi Arabia's bottom line for propping up oil prices unilaterally before it leans on the rest of OPEC to help share the burden? But Iraq and Iran, second and third in the OPEC league table, made clear they have no interest in taking part in a collective cut should one be required next year.
OPEC agreed on Wednesday to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said.
VIENNA, Dec 4- OPEC agreed on Wednesday to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said. The 12- member Organisation of the Petroleum Exporting Countries is enjoying oil prices at $112 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel.
OPEC oil ministers are widely expected to hold oil output to nearly 30 million barrels daily after Iran announced it will increase its oil output, reports CNBC's Steve Sedgwick.
Bijan Namdar Zangeneh, Iranian oil minister, explains to CNBC that Iran plans to produce four million barrels of oil a day "immediately" after sanctions are lifted.
Ali Al Naimi, Saudi Arabian oil minister, tells CNBC that shale oil is a "welcome addition" to the world's energy reserve.
Bill Farren-Price, CEO of Petroleum Policy Intelligence, explains that it would take "at least a year" for Iranian oil production to come back on stream after the second phase of negotiations are agreed.
*Keystone XL pipeline may relieve Cushing supply bottleneck. LONDON, Dec 4- Brent crude oil slipped towards $112 a barrel on Wednesday, while the U.S. benchmark rose more than $1 to a five-week high after news of the scheduled start of a key pipeline expected to relieve a glut at the country's main oil storage hub.
Richard Mallinson, geopolitical analyst at Energy Aspects, discusses the 2014 outlook for the oil market and expects U.S. supply to grow strongly and Saudi Arabia to make "a big cut."
Nigeria is aggressively tackling oil theft in the country, oil minister Diezani Alison-Madueke told CNBC on Wednesday in a TV interview.
Daniel Lacalle, senior portfolio manager at Ecofin, and Didier Duret, CIO at ABN AMRO, discuss potential problems in the oil price and Chinese economy.