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OPEC

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    A plan that would have tapped into the strategic petroleum reserves was one of many idea President Obama has considered to bring down the price of oil, Energy Secretary Steven Chu told CNBC Wednesday.

  • Schork Oil Outlook: Wrong Time for Bull Bandwagon Tuesday, 14 Jun 2011 | 12:45 PM ET

    Natural gas production in the Lower-48 U.S. rose for the first time this year to finish the first quarter. The net storage position finished March at a 4.68 Bcf/d surplus. That was the highest high in three seasons.

  • Schork Oil Outlook: OPEC vs Oil Bulls Monday, 13 Jun 2011 | 3:17 PM ET

    Before the bulls get carried away, they should keep in mind that given aforementioned fissures, what’s necessary for OPEC is no longer necessary for its members.

  • NY Stock Exchange Traders

    After six straight down weeks, stocks could get rocked in the week ahead amid a slew of economic reports. "Sentiment is still falling," one strategist said, though added that it "hasn't dropped into panic territory."

  • US Must Break OPEC Monopoly to Be Secure: Ex-CIA Head Friday, 10 Jun 2011 | 10:59 AM ET
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    The killing of Osama bin Laden was a fine CIA and Navy SEAL operation but unless it breaks OPEC's monopoly on oil the U.S. and its allies are still far from secure, warned former Central Intelligence Director James Woolsey.

  • Divided OPEC Losing Control of Oil Market Friday, 10 Jun 2011 | 2:27 AM ET
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    As OPEC ministers met in Vienna this week it became clear that the cartel is now divided between those wanting to raise output, like Saudi Arabia, and those wanting to hold it and keep prices high.

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    The bulls trotted gingerly back into the stock market and, if they stick around on Friday, the market could avoid a sixth week of losses. Still, one market strategist cautioned: "It is not the beginning of a new bull market rally."

  • Opec Breakdown Points to Power Shift in Cartel Wednesday, 8 Jun 2011 | 10:35 PM ET
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    The “old” politics of Opec, which split the cartel and marred its influence in the oil market of the 1990s, have made an unexpected return after a decade-long absence. The FT reports.

  • OPEC Split Unlikely to Have Major Impact on Oil Prices Wednesday, 8 Jun 2011 | 1:23 PM ET
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    OPEC's unusually high-profile public rift over whether to add oil to the world market should not drive oil prices higher or affect global crude supplies, energy experts say.

  • OPEC Fails to Get Decision Wednesday, 8 Jun 2011 | 1:05 PM ET
    OPEC Fails to Get Decision

    CNBC's Melissa Francis with details on OPEC's failure to reach a production decision.

  • A recovery in the US housing market and growth for the US economy are key to the global economic recovery, along with growth in China and further funding for Greece, Gary Baker, head of European equity strategy at BofA Merrill Lynch told CNBC.

  • OPEC's Oil Production Game: What to Watch Out For Tuesday, 7 Jun 2011 | 2:32 PM ET
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    So if OPEC trumpets a 1.5 million barrel rise in daily output, is this just an admission of what’s going on anyway or is this new oil? If it’s the latter, then that is meaningful. If it’s the former, don’t get too excited.

  • CNBC Senior Energy Correspondent Sharon Epperson shared her notes from the NYMEX Tuesday on an interesting divergence between Brent crude and WTI, ahead of OPEC's Wednesday meeting.

  • By all accounts — OPEC’s Monthly Report being one of them — the cartel called OPEC is producing around 29 MMbbl/d. OPEC calculates 2011 demand for its oil to average 29.9 MMbbl/d. Thus, in the simplest of terms, the Group needs to raise production by upwards of 1.0 MMbbl/d to balance demand.

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    The Organization of the Petroleum Exporting Countries plans to raise its oil production quota for the first time in several years, OPEC sources tell CNBC ahead of the cartel's meeting in Vienna on Wednesday.

  • With OPEC expected to increase production for the first time in years, the "Fast Money" traders reveal how they're trading the news.

  • Can OPEC Bring Oil Prices Down? Tuesday, 7 Jun 2011 | 11:22 AM ET
    Can OPEC Bring Oil Prices Down?

    Does OPEC have the power to reduce gas prices at the pump? Insight with Stephen Schork, The Schork Report; John Kilduff, Again Capital, and CNBC's Melissa Francis.

  • BP to Restart Talks on TNK-BP Stake Sale: Report Tuesday, 7 Jun 2011 | 3:05 AM ET
    BP headquarters in London.

    BP is to restart stalled talks with Russian state oil company Rosneft to sell part of its stake in TNK-BP, the Wall Street Journal reported citing people familiar with the situation.

  • Saudis Raise Oil Production to Curb Prices Monday, 6 Jun 2011 | 9:11 PM ET
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    Saudi Arabia has been quietly increasing its crude oil production ahead of Wednesday’s meeting of the Opec oil cartel, in a sign that Riyadh is trying to bring oil prices down to more comfortable levels for consumers in the US, Europe and China. The FT reports.

  • saudi_oil_200.jpg

    With oil-producing countries in turmoil and crude gushing to triple digits, OPEC finds itself after 50 years at a critical crossroads.  The group produces 40% of the world’s oil, but unrest and revolution in member countries has compromised output.