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OPEC

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  • Iran Sees No Need for OPEC Oil Output Hike: Report Tuesday, 29 Jan 2008 | 3:51 AM ET

    Iranian Oil Minister Gholamhossein Nozari said in remarks published on Tuesday that the market was sufficiently supplied with crude and he saw no need for OPEC to raise production.

  • Iraq Sees Higher Oil Output in 2008 Friday, 25 Jan 2008 | 3:33 AM ET

    Iraq's oil minister said on Friday he expected his country's output to rise by as much as 400,000 barrels per day in 2008, reflecting improved security in the oil sector.

  • OPEC: US Recession Fears Cloud Oil Demand Outlook Tuesday, 22 Jan 2008 | 6:27 AM ET

    Mounting concerns over a U.S. recession have obscured the demand outlook for OPEC's oil this year, the producer group said on Tuesday, adding that high prices could inflict further pain on consumers.

  • UAE Oil Minister: OPEC to Consider All Options Monday, 21 Jan 2008 | 5:38 AM ET

    OPEC will examine all options when its ministers meet in February, the UAE oil minister said on Monday, adding that there was a disconnect between market fundamentals and high oil prices.

  • High Oil Prices Tough on U.S. Economy, Bush Says Tuesday, 15 Jan 2008 | 4:27 AM ET

    U.S. President George W. Bush said on Tuesday oil prices were "very high" and tough for theU.S. economy to bear.

  • Oil prices have pulled back from the century mark, but supply worries could help to keep oil prices near these heights. I’m keeping a close eye on the global hot spots that were major factors in crude surging nearly 60 percent last year--because they could be the catalysts for oil prices to pop or drop in 2008.

  • Oil Prices: They're Actually Going To Go Down? Thursday, 3 Jan 2008 | 11:17 AM ET

    Oil has everyone ajar on Wall Street, but today Stratfor--a respected global geopolitical consultant--has put out a thought-provoking piece arguing that oil prices are likely to go DOWN, not up, in the coming months. A massive reduction in global demand due to a softer global economy? No, though that is the usual suspect the oil bears argue.

  • 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.