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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.
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."
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.
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.
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."
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'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.
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.
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.
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.
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 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.
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.
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.
The string of poor economic headlines in the U.S. continued unabated last week. The S&P/CaseShiller Housing Indices and the May jobs report bookended another grim week; a week that issued daily telltales that the pace of the U.S.’ economic recovery is in serious doubt. Home values (the largest single investment for most consumers) are down and job creation is stagnant.
Commodities will weaken in the short term as the Chinese economy starts to slow, but prices could once again move higher from this fall boosted by power constraints in China, Jim Lennon, head of commodities research at Macquarie Bank told CNBC on Monday.