CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Oil extended its run today, while metals took it on the chin. Traders are watching Bernanke for indications that he'll taper sooner rather than later.» Read More
CARACAS, May 31- Venezuela's economy slowed sharply in the first quarter, the central bank said on Friday, auguring a difficult year for the OPEC nation that is already struggling with galloping inflation and shortages of basic consumer goods.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Oil prices have dipped below $92/barrel, a key technical breach, she says. Demand falls for gas, and so do prices. And gold tries to stay above $1,400.
*OPEC members leave output target unchanged. NEW YORK, May 31- Oil prices fell sharply on both sides of the Atlantic late on Friday, pulled down by declines in major U.S. equity indices, large supplies, a weak demand outlook, and by technical selling that developed when support levels were pierced.
OPEC Secretary General Abdullah al-Badri tells CNBC that OPEC's main concern is the fragile state of the world economy.
Neil Atkinson, director of energy research and analysis at Datamonitor, says OPEC is right in keeping its production quota unchanged, and that the oil price should stay at the same level for some time.
OPEC's twelve member countries agreed there is no need to make changes in current oil production levels, reports CNBC'S Stephen Sedgwick.
LONDON, May 31- If OPEC is eventually forced to trim its oil exports in response to the shale boom, Saudi Arabia will have to shoulder most of the production cuts.
*OPEC members agree leave output target unchanged. LONDON, May 31- U.S. oil prices fell below $93 a barrel on Friday, extending losses after another round of weak economic data, while OPEC oil exporters agreed to leave their output target unchanged as expected, with little impact on markets as a result.
*Echoes of 1980 s non- OPEC supply surge. VIENNA, May 31- OPEC's halcyon days of high prices and high production may be drawing to a close as soaring U.S. output opens a new era for world oil markets.
OPEC oil exporters agreed on Friday to leave output policy unchanged on Friday as oil held around the group's preferred level of $100 a barrel.
VIENNA, May 31- OPEC oil exporters, basking in the market's equilibrium, agreed to leave output policy unchanged on Friday as oil held around the group's preferred level of $100 a barrel.
VIENNA, May 31- OPEC oil ministers agreed at their meeting on Friday to keep the group's oil output target unchanged for the rest of this year, a delegate at the meeting said. The Brent crude oil price at close to $100 a barrel on Friday is at OPEC's preferred level to satisfy both producers and consuming countries.
*OPEC members agree over leaving output target unchanged. LONDON, May 31- Oil prices dipped below $102 a barrel as statements from OPEC delegates at Friday's ministerial meeting in Vienna indicated members were in agreement over keeping the output target at 30 million barrels per day.
OPEC's twelve member countries are meeting to discuss oil production levels, but are not expected to make changes to output policy, reports CNBC'S Stephen Sedgwick.
Ali Naimi, Saudi Arabia oil minister, tells CNBC he is not concerned about U.S. shale oil or of a slowdown in Asia.
Rafael Ramirez, Venezuela oil minister, explains why he is concerned about demand for oil due to slow growth in Europe and the U.S., and discusses OPEC production level.
Jason Schenker, president and chief economist at Prestige Economics, explains why US shale oil prospect is not a short term concern for OPEC, and how emerging markets demand for oil and gas will boom.
VIENNA, May 31- OPEC oil exporters, basking in the market's equilibrium, were on course to leave output policy unchanged on Friday as oil held around the group's preferred level of $100 a barrel.
Jose Maria Botelho de Vasconcelos, Angola oil minister, says the OPEC need to "analyze" the issue of non-conventional production from the U.S.
Bill Farren- Price, founder and CEO of Petroleum Policy Intelligence, tells CNBC that there are production problems within OPEC that could be a problem.