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  • 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).

  • OPEC Oil Output Rises in October: Petrologistics Tuesday, 23 Oct 2007 | 5:58 AM ET

    OPEC is already raising oil supply in response to record prices and in advance of its deal to increase output from November, a consultant who tracks tanker movements said on Tuesday.

  • OPEC Says Has Done Enough to Cool Record Oil Price Tuesday, 16 Oct 2007 | 8:39 AM ET

    OPEC has done its utmost to satisfy the world's demand for fuel and pumping even more crude will do little to halt oil's rally towards $88 a barrel, officials said on Tuesday.

  • OPEC Raises Forecast, Optimistic About U.S. Monday, 15 Oct 2007 | 8:37 AM ET

    OPEC on Monday raised its forecast for demand for its oil this winter and said it appeared more likely that top consumer the United States would avoid a steep economic slowdown.

  • No Need for OPEC to Boost Oil Output: Qatar Monday, 1 Oct 2007 | 9:18 AM ET

    More crude supply from OPEC would do little to ease $80 oil as speculative investment flowing into the market from other assets is boosting the price, Qatar's oil minister said on Monday.

  • Oil Closes Up at $82.88 on Supply Fears, Fund Action Thursday, 27 Sep 2007 | 4:11 PM ET
    Oil Pipeline in Germany

    Oil rose sharply to $83 per barrel on Thursday, as a weak dollar and supply worries ahead of the winter heating season encouraged buying by financial investors

  • Oil Closes Above $80 on New Storm Fear Wednesday, 26 Sep 2007 | 4:10 PM ET
    Oil Refinery in California

    Oil prices, which briefly dropped below $79 per barrel on Wednesday, jumped back up late in the afternoon to close over $80, as traders weighed a U.S. government report showing a surprise increase in the nation's crude inventories against concerns that a new storm could be brewing in the Gulf of Mexico, threatening production.