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OPEC

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  • OPEC: Don't Blame Us for $100 Oil Thursday, 3 Jan 2008 | 8:09 AM ET

    OPEC officials lined up to say the exporter group could do little to tame oil prices that hit $100 a barrel for the first time on Wednesday and world markets had enough crude oil.

  • OPEC Leaves Oil Production Unchanged Wednesday, 5 Dec 2007 | 10:22 AM ET
    Abu Dhbai

    OPEC agreed on Wednesday to keep exports unchanged, rebuffing consumer country calls for more crude to rein in $90-a-barrel oil.

  • OPEC May Consider Boost In Oil Output Wednesday Tuesday, 4 Dec 2007 | 5:25 PM ET
    Abu Dhbai

    OPEC's big Gulf producers are keeping the door open for higher oil exports when the group meets Wednesday in Abu Dhabi.

  • OPEC's Big Guns Keep Options Open on Oil Increase Tuesday, 4 Dec 2007 | 6:31 AM ET
    Oil Pipeline in Germany

    OPEC's big Gulf producers are leaving open the option of an oil supply increase that could influence whether crude prices head back towards $100 a barrel or not.

  • OPEC Reluctant to Add Oil Output as Prices Ease Monday, 3 Dec 2007 | 12:52 PM ET
    Oil Pump

    OPEC oil producers may decide not to raise supplies after a fall in crude prices from record highs, ministers from the cartel said on Monday.

  • Chavez Ups The Ante Friday, 30 Nov 2007 | 5:50 PM ET
    Hugo Chavez

    A constitutional referendum in Venezuela on Sunday is expected to significantly consolidate the power of President Hugo Chavez -- paving the way for a lifetime presidency and possibly an era of strong-man socialism -- but is not expected to fundamentally alter economic relations with the U.S., which are dominated by oil trade, analysts said Friday.

  • Saudi Oil Minister Confirms Production Boost Tuesday, 27 Nov 2007 | 9:25 AM ET

    Saudi Oil Minister Ali al-Naimi on Tuesday gave no sign whether OPEC would agree this year's second output rise when it meets next week, but confirmed that the kingdom had boosted production to 9 million barrels per day (bpd).

  • Oil May Hit $100 Next Week Friday, 23 Nov 2007 | 9:18 AM ET

    US crude has been flirting with the $100-a barrel milestone for the past month. It got the market excited on Wednesday, when it briefly surged to a lifetime high of $99.29 a barrel, before settling lower. The market clearly wants to hit the benchmark – and will try again next week.

  • US Energy Sec: Not Worried by OPEC Dollar Debate Tuesday, 20 Nov 2007 | 5:25 AM ET

    U.S. Energy Secretary Sam Bodman said on Tuesday the United States was not concerned about the debate within OPEC on whether it should seek an alternative to the dollar in pricing oil.

  • OPEC Summit Ends in Division Over Weak US Dollar Monday, 19 Nov 2007 | 9:53 AM ET
    Oil Barrels

    An OPEC summit ended on Sunday in sharp political division over whether to take action over the weak dollar, as heads of state vowed to keep providing Western consumers with an "adequate" supply of oil.

  • OPEC to Discuss Falling Dollar before Dec. 5 Meeting Sunday, 18 Nov 2007 | 3:23 PM ET

    OPEC states agreed their finance ministers would meet before Dec. 5 to discuss the sliding dollar's impact on their economies after Iran and Venezuela recommended pricing oil against a currency basket.

  • OPEC Vows "Adequate, Timely and Sufficient" Supplies Sunday, 18 Nov 2007 | 10:40 AM ET
    Oil Barrels

    OPEC pledged to provide "adequate, timely and sufficient" oil supplies to the market and voiced concern about global climate change.

  • Oil Barrels

    A statement to be issued at a meeting of OPEC leaders this weekend will emphasise the role of the exporter group in helping to combat climate change, delegates from the producer group said on Friday.

  • OPEC Lowers World Oil Demand Growth Forecast Thursday, 15 Nov 2007 | 11:11 AM ET
    Oil Barrels

    OPEC said on Thursday it sees a modest downturn in the U.S. economy in the fourth quarter due in part to record high oil prices, but booming growth in China and the Middle East will keep world oil demand strong.

  • Gasoline To Rise Another 20 Cents Per Gallon: EIA Monday, 12 Nov 2007 | 2:46 PM ET
    Gas Pump

    The average price U.S. consumers pay for gasoline should rise by another 20 cents a gallon over the next two to three weeks, because not all of the recent jump in crude oil prices has been passed on to consumers at the pump, the EIA said.

  • Talk of OPEC Output Boost Premature: Saudi's Naimi Sunday, 11 Nov 2007 | 10:50 AM ET

    Saudi Arabia, the world's top oil exporter, said on Sunday that it was premature to talk about an OPEC increase in oil output but group members would discuss the issue at an upcoming meeting.

  • OPEC Raises Oil Output in October : Reuters Survey Friday, 2 Nov 2007 | 9:53 AM ET

    OPEC raised oil production last month in response to record-high prices above $90 a barrel and in advance of a formal deal to lift supply, a Reuters survey showed on Friday.

  • Oil 'Bubble' Will Burst: Iran Oil Minister Wednesday, 31 Oct 2007 | 7:43 AM ET
    Oil Pipeline

    An oil price "bubble" was not due to any shortage but was fuelled by global political tensions, a leading Iranian oil official told the state broadcaster.

  • OPEC Minister: 'The Market Is Out of Control' Tuesday, 30 Oct 2007 | 7:49 AM ET
    Oil Barrels

    OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.

  • OPEC Sec-Gen Says Cartel Implementing Output Rise Wednesday, 24 Oct 2007 | 6:19 AM ET

    OPEC Secretary-General Abdullah al-Badri said on Wednesday the group was implementing a decision taken in September to increase production by 500,000 barrels per day (bpd).