International Organizations OPEC

  • Chavez said Thursday night that he has spoken to Argentine President Nestor Kirchner about the idea of forming "a kind of organization of gas exporting and producing countries in South America."

  • ** FILE**  In a file photo an E85 fuel pump is shown Friday, March 3, 2006, at the Ohio Department of Agriculture in Columbus, Ohio. The fuel consists of 85 percent ethanol and 15 percent petroleum.  After a spurt of good fortune, the fledgling U.S. ethanol industry is anticipating some growing pains that could bring it unwanted attention this summer.   (AP Photo/Kiichiro Sato)

    President Bush's call for increased use of ethanol is likely to increase fuel costs and greenhouse emissions because more fossil fuel will be required to produce the alternative fuel, say energy experts.

  • The International Energy Agency has raised its forecast for 2007 world oil demand growth following revisions to its outlook for China and told OPEC that any further supply cuts could markedly tighten the market.

  • Micron

    Falling oil and weaker global markets are the backdrop for a likely lower opening in U.S. stocks this morning. Saudi Arabia's oil minister Ali Naimi knocked the wind out of oil prices early today. In an interview with the Wall Street Journal, Naimi said he was satisfied with market conditions and that OPEC may not need to change output.

  • OPEC will wait until March to gauge the impact of an output cut implemented on Feb. 1 before deciding on any further action, Qatar's Energy Minister Abdullah bin Hamad al-Attiyah said on Monday.

  • It's all about the jobs report today, and stocks are tentative ahead of the number. The market is looking flat to positive, after a rousing performance yesterday that lifted the Dow to its 27th new record since October. Non farm payrolls are expected to increase by 167,000.

  • If you’ve been paying attention to the oil market lately, you’ve probably spent some time scratching your head. Crude oil prices seem to fluctuate on a day-to-day basis now, leaving investors to wonder when the volatility will end – and what’s behind it.

  • OPEC is preparing to implement another round of oil cuts from Feb. 1, satisfied its decision to curb supplies by 6% has succeeded in restoring market balance and arresting a $24 price fall since July.

  • The Dow is pointing higher this morning as investors focus on the Fed's two day meeting and a bunch of big earning reports. European markets are slightly weaker and Asian stocks were mixed overnight. The yen remains lower against the dollar.

  • CNBC's Melissa Francis reported today on "speculation" that the Saudi Oil Minister, Ali Al-Nami, might be replaced when the Saudi monarchy shakes up its cabinet in February. Al-Nami has held the post for 12 years. Also of noteon oil--the New York Times reported over the weekend that the Saudis are committed to keeping oil prices at $50 a barrel.

  • Stocks in the U.S. are looking for direction this morning as Europe trades mostly higher and Asian stocks were mixed overnight. Lots of deal news and earnings reports are making headlines  this morning, and investors await a heavy menu of economic data and a Fed meeting later in the week.

  • ** FILE**  In a file photo an E85 fuel pump is shown Friday, March 3, 2006, at the Ohio Department of Agriculture in Columbus, Ohio. The fuel consists of 85 percent ethanol and 15 percent petroleum.  After a spurt of good fortune, the fledgling U.S. ethanol industry is anticipating some growing pains that could bring it unwanted attention this summer.   (AP Photo/Kiichiro Sato)

    President Bush's call for increased use of ethanol is likely to increase fuel costs and greenhouse emissions because more fossil fuel will be required to produce the alternative fuel, say energy experts.

  • Yahoo and Sun Micro are giving a boost to the Nasdaq this morning but the picture for stocks is mixed as investors await today's earnings reports. Europe and Asian markets were mostly higher, and the dollar is recovering some ground against the euro and sterling, after hitting a 14-year low against the British pound. In addition to Iraq, President Bush's State of the Union puts...

  • Investors will be ducking earnings bombshells and hoping to make some gains this week in what promises to be the busiest couple of days of the fourth quarter earnings season. President Bush's State of the Union address Tuesday night and the Democratic response is the big political event of the week. Major economic reports include housing data and durable goods.  But we know it will be the Oscar nominations Tuesday that everyone will be talking about.

  • Oil producers outside OPEC will pump less oil than expected this year, the International Energy Agency said on Thursday, increasing the burden on OPEC just as the exporter group is trimming supply.

  • Pres. Hugo Chavez of Venezuela

    We've been mentioning the price of oil and Venezuela's President Hugo Chavez in the same sentence in some previous posts. This is in light of his moves to nationalize some of his country's utilities. It might be worth a look to see why he's popular-- for the most part--in Venezuela. CNBC's Michelle Caruso-Cabrera is on assignment in Venezuela...

  • pickens_boone_photo.jpg

    He's Boone Pickens--he's CEO of the private equity firm BP Capital--and he's a major "player" when it comes to oil (he has an estimated worth of $2.7 billion). He called in to "Squawk Box" this morning to talk about the falling price of crude. A little background before we get to what Pickens said.

  • Saudi Arabia's oil minister Ali al-Naimi said on Wednesday that there is no need to worry about oil prices because the market is healthy.

  • Nigerian oil minister Edmund Daukoru said on Tuesday OPEC should wait and see the effects of the February crude oil supply cuts before deciding on any deeper reductions.

  • Lots of corporate headlines are already getting attention ahead of the open. Stocks in the U.S. are lining up to open higher at this point, and earnings will be the big focus. After making gains yesterday, European stocks are mixed with a flattish performance, and Japanese stocks were little changed to the downside.