At the 14th International Oil Summit in Paris, the head of OPEC, Abdullah al-Badri, tells France 24 that current oil prices are "comfortable" for both producers and consumers, claiming that the current price is high enough for producers to invest but not too high to hinder the world economy.
The 14th International Oil Summit is under way in Paris. It brings together energy ministers and oil executives from all around the world. What is the future of oil and where is the world’s energy going to come from? Those are the questions taking centre stage. Markus Karlsson speaks to one of the key players of the summit: Maria Van Der Hoeven, the Executive Director of the International Energy Agency.
The head of OPEC said Thursday that current oil prices are 'comfortable' for both producers and consumers, claiming that the current price is high enough for producers to invest but not too high to hinder the world economy.
OPEC is deliberating a boost in oil supplies since unrest in Libya nearly shutdown the country's crude output Kuwait's oil minister said Tuesday. Oil prices took a tumble on global markets in response.
Should we be worried about Saudi Arabia? With dissent at the doorstep of the world’s largest oil producer, the Kingdom may be rich but it still has the same problems as its neighbours – high inflation and high youth unemployment coupled with demands for more freedom. Will it be reform or revolution inside the home to Islam’s holiest sites? Uncertainty is already weighing worldwide on prices at the pump.
Should we be worried about Saudi Arabia? With dissent at the doorstep of the world’s largest oil producer, the Kingdom may be rich but it still has the same problems as its neighbours – high inflation and high youth unemployment coupled with demands for more freedom. Will it be reform or revolution inside the home to Islam’s holiest sites? Uncertainty is already weighing worldwide on prices at the pump.
Iraq has announced a 24 percent leap in its proven oil reserves to 143 billion barrels, meaning the country trails only Saudi Arabia and Venezuela in terms of known resources.
Key OPEC member states say the organisation does not need to respond to increasing oil demand by raising its official output target, claiming current oil production levels are "balanced".
The Organisation of Petroleum Exporting Countries said Wednesday that its demand forecasts through 2010 remain mostly unchanged but warned of risks if economic recovery remains sluggish. Crude prices rose slightly but remained under $80 a barrel.
