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OPEC

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  • CARACAS, June 3- Dissenting and former members of Venezuela's ruling Socialist Party on Wednesday requested the government investigate alleged multi-billion dollar frauds they say have flourished under the South American OPEC country's strict currency controls. Marea Socialista, a small group of leftist intellectuals, as well as fringe members of the...

  • *OPEC expected to keep output target unchanged on Friday. OPEC, which pumps more than a third of the world's oil, is expected to reject any calls for output cuts, continuing to produce about 2 million barrels per day above demand. Crude oil futures, already volatile from the combination of a flighty dollar and the bearish mood over OPEC, briefly cut losses on the EIA...

  • *OPEC expected to keep output target unchanged on Friday. OPEC, which pumps more than a third of the world's oil, is expected to reject any calls for output cuts, continuing to produce about 2 million barrels per day above demand. Oil prices, already volatile from the combination of a flighty dollar and the bearish mood over OPEC, briefly cut losses on the EIA report...

  • VIENNA, June 3- Venezuela sought to open a new front in its months-long verbal assault on the U.S. shale oil industry on Wednesday, suggesting it posed a grave threat to water supplies. "This does not seem to raise any concerns among the governments promoting it or the companies involved," he told an OPEC seminar in Vienna attended by chief executives of some of the...

  • UPDATE 6-Oil drops in volatile session as OPEC gathers Wednesday, 3 Jun 2015 | 10:22 AM ET

    *OPEC expected to keep output target unchanged on Friday. LONDON, June 3- Oil prices fell in volatile trade on Wednesday as investors adjusted positions ahead of a key meeting of OPEC oil producers. "There is consensus among Gulf OPEC countries, and others, to keep the ceiling unchanged," the OPEC delegate told Reuters in Vienna.

  • VIENNA, June 3- The top oil officials of Iraq, Venezuela and Angola said on Wednesday that $75 to $80 a barrel was now a "fair" price for oil, reflecting an emerging consensus on a possible new equilibrium for volatile markets. "The equitable price will be between $75 and $80," Iraqi oil minister Adel Abdel Mahdi told an OPEC seminar in Vienna. "We share the same opinion of...

  • VIENNA, June 3- Six months after OPEC upended oil markets and sent prices crashing, the head of U.S. oil giant ExxonMobil has an unusual message for the cartel: thanks. The price collapse has helped shine a sharper light on the highest-cost producers, Rex Tillerson, head of the world's largest publicly traded oil company, told a rare meeting of oil executives and OPEC...

  • *OPEC expected to keep output target unchanged on Friday. LONDON, June 3- Oil prices fell in volatile trade on Wednesday as the dollar rose and investors adjusted positions ahead of a key meeting of OPEC oil producers. "There is consensus among Gulf OPEC countries, and others, to keep the ceiling unchanged," the OPEC delegate told Reuters in Vienna.

  • VIENNA, June 3- OPEC is set to carry on pumping oil nearly flat-out for months more, content that last year's shock market therapy has revived demand and knocked back growing competition. With oil prices having stabilized at around $65 a barrel, some $20 above their January lows, there's little appetite within the Organization of the Petroleum Exporting...

  • Iraq, Venezuela see $75-80 as "fair" price for oil Wednesday, 3 Jun 2015 | 7:23 AM ET

    VIENNA, June 3- The top oil officials of Iraq and Venezuela said on Wednesday that $75 to $80 a barrel was now a "fair" price for oil, reflecting an emerging consensus on a possible equilibrium for volatile markets. Asked for his view while speaking at an OPEC seminar in Vienna, Iraqi oil minister Adel Abdel Mahdi said he believed $75 to $80 was fair.

  • UPDATE 2-OPEC to continue pumping oil at current rate Wednesday, 3 Jun 2015 | 6:04 AM ET

    VIENNA, June 3- OPEC is set to carry on pumping oil nearly flat-out for months more, content that last year's shock market therapy has revived demand and knocked back growing competition. That marks a change in tone from OPEC's last meeting in November 2014, when Venezuela and others mounted an unsuccessful bid to convince Saudi Arabia and its Gulf allies to...

  • VIENNA, June 3- OPEC is set to carry on pumping oil nearly flat-out for months more, content that last year's shock market therapy has revived moribund demand and knocked back growing competition. That marks a change in tone from OPEC's last meeting in November 2014, when Venezuela and others mounted an unsuccessful bid to convince Saudi Arabia and its Gulf...

  • BP CEO sees oil price "softness" in second half of 2015 Wednesday, 3 Jun 2015 | 5:18 AM ET

    VIENNA, June 3- BP Chief Executive Bob Dudley said on Wednesday he sees "some softness" in oil prices in the second half of the year as global supplies continue to grow. "Supply growth continues to go up. We are at a balance with the supply and demand right now, "he said on the sidelines of the Organization of the Petroleum Exporting Countries seminar.

  • Total CEO: Volatility is embedded in oil market   Wednesday, 3 Jun 2015 | 5:05 AM ET
    Total CEO: Volatility is embedded in oil market

    Patrick Pouyanné, CEO of Total, says that oil price is not just a question of supply and demand, but of geopolitics, especially with turmoil in the Middle East.

  • OPEC needs 'unanimity' for oil progress   Wednesday, 3 Jun 2015 | 4:40 AM ET
    OPEC needs 'unanimity' for oil progress

    Charles Whall, portfolio manager at Investec Asset Management Global Energy Fund, explains why there's "no discipline within OPEC" and if it chooses to do nothing, price volatility will continue.

  • UPDATE 3-Oil prices drop on dollar, oversupply Wednesday, 3 Jun 2015 | 4:27 AM ET

    *OPEC expected to keep output target unchanged on Friday. LONDON, June 3- Oil prices fell on Wednesday as the dollar strengthened and as oversupply weighed on markets ahead of a key meeting of OPEC oil producers. "There is consensus among Gulf OPEC countries, and others, to keep the ceiling unchanged," the OPEC delegate told Reuters in Vienna.

  • OPEC finds oil output consensus: "Don't rock the boat" Wednesday, 3 Jun 2015 | 3:39 AM ET

    VIENNA, June 3- OPEC is set to carry on pumping oil nearly flat-out for months more, content that last year's shock market therapy has revived moribund demand and knocked back growing competition. That marks a change in tone from OPEC's last meeting in November 2014, when Venezuela and others mounted an unsuccessful bid to convince Saudi Arabia and its Gulf...

  • Expect OPEC to stay on course: BP CEO   Wednesday, 3 Jun 2015 | 1:15 AM ET
    Expect OPEC to stay on course: BP CEO

    BP CEO, Bob Dudley, tells CNBC he expects OPEC to stay on its course, despite likely internal debate between its members.

  • *OPEC not expected to cut output at Friday meeting. *Some analysts say OPEC quota could rise. SINGAPORE, June 3- Crude oil prices fell on Wednesday as oversupply weighed on markets, with OPEC not expected to announce a production cut at its meeting on Friday.

  • Oil prices fall as oversupply weighs on markets Tuesday, 2 Jun 2015 | 8:34 PM ET

    SINGAPORE, June 3- Crude oil prices fell in early Asian trading on Wednesday as oversupply weighed on markets, with OPEC not expected to announce a production cut at its meeting on Friday. Core Gulf members of the Organization of the Petroleum Exporting Countries, which controls over 40 percent of the world's crude production, have a consensus to keep the group's...