Stocks, oil and gasoline prices rose to new milestones to close out the week. The Dow hit the 14,000 for the first time since 2007, Brent crude futures are at a 4-month high, and gas prices at the pump on average are at the highest price on record for this time of year. CNBC's Sharon Epperson looks ahead to how far gas prices could climb over the next few weeks.
LONDON, Jan 31- OPEC crude oil output has fallen in January to its lowest in more than a year as Iranian exports dipped from December's unexpectedly high rate and top exporter Saudi Arabia cut output further, a Reuters survey found on Thursday.
BOGOTA, Jan 30- Ecuador's state-run oil company Petroamazonas expects output to increase 4 percent in 2013 to 325,000 barrels per day, its general manager Oswaldo Madrid told Reuters on Wednesday. Petroamazonas is Ecuador's largest oil company and its output accounts for about 60 percent of the crude produced in the OPEC- member country.
GENEVA/ DUBAI, Jan 30- Iran's crude oil exports in December leapt to their highest level since European Union sanctions took effect last July, analysts and shipping sources said, as strong Chinese demand and tanker fleet expansion helped the OPEC member dodge sanctions.
You're paying more at the pump -- and prices are likely to climb higher, particularly in the East. RBOB gasoline futures rose to a 15-month high on Monday after Hess announced it is closing its Port Redding, NJ, refinery by the end of the month. CNBC's Sharon Epperson explains what the closure of this key refinery in New York Harbor -- responsible for about 7.5 percent of gasoline production on the Eastern seaboard -- will be mean for drivers in the Northeast.
CARACAS, Jan 28- South American OPEC member Venezuela is modifying its windfall oil tax system to redistribute revenues and channel more dollars to the Central Bank, the energy minister said on Monday.
Fattouh and Mahadeva examine how the cartel's strategy and power over oil prices have varied over time depending on market conditions and the interaction among OPEC members.
*Concern over Libya output due to disruptive protests. BENGHAZI, Libya, Jan 18- Eastern Libya is rejecting a compromise proposal by the government to split the OPEC member's main oil body as popular pressure for more authority in the energy-rich region gathers pace, potentially threatening output through protests.
LONDON, Jan 18- World oil markets are tightening as Chinese fuel demand increases and OPEC supplies fall, draining inventories, the West's main energy agency said on Friday, in a trend that could put extra pressure on prices.
NEW YORK, Jan 17- Oil rose on Thursday as financial markets got a boost from improving U.S. economic data showing jobless claims fell to a five-year low and housing starts rose sharply. Meanwhile, the seizure by Islamic militants of a gas facility in OPEC country Algeria raised concern that regional turmoil could disrupt energy exports.
*Natural gas field attacked in OPEC- member Algeria. NEW YORK, Jan 16- Oil prices rose on Wednesday after an Algerian gas field came under attack from Islamist militants and as data showed crude stocks fell in the United States last week. Gains in the Brent contract were capped, however, by news of a restart of a North Sea pipeline system.