Syndicate content
OPEC
OIL
OPEC demand forecasts hold steady, prices remain under $80
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.
OPEC
Oil quota cuts being respected, Algerian minister says
OPEC countries are applying reduced oil production quotas "satisfactorily", according to the Algerian energy minister, suggesting that oil prices may soon rise to between 50 and 55 dollars a barrel.
OIL
Barrel slumps below $45 after Opec stays put
Oil prices dropped below 45 dollars a barrel in Asian trade after the Organisation of Petroleum Exporting Countries (OPEC) opted not to cut production during a weekend meeting in Vienna.
OIL
Opec keeps output steady to help stabilise economy
OPEC ministers agreed to leave existing output targets unchanged out of concern for the global economy, but promised to enforce those curbs more strictly and said they would meet again at the end of May to review progress.
OPEC
Algeria forecasts 'consensus' on oil output reduction
The 12-member Organisation of Petroleum Exporting Countries (OPEC) will reach a consensus to cut output by between 500,000 and 1,5 million barrels per day at a key meeting in Austria on Sunday, according to Algeria's energy minister.
OPEC
Cartel looks set to reduce output
OPEC members, meeting in Austria, appear set this weekend to trim output to energise weak oil prices. The International Energy Agency (IEA) - which represents oil consumers - has warned a further output would accelerate the global economic crisis.
ENERGY
IEA predicts a historic contraction in oil demand
According to the International Energy Agency, oil demand in 2009 should shrink for the second year in a row, for the first time since 1982-1983. In 2008, it fell 0.3%, and the IEA foresees a decline of 0.6% this year.
(1) comment
OIL
Unrest in Middle East sends oil prices climbing
The price of crude jumped to nearly 42 dollars a barrel in London as escalating violence in the Gaza Strip raised fears of a spillover in the oil-rich Middle East.
OPEC - petrol
OPEC countries feel the pinch
OPEC has agreed to dramatically slash output but many Gulf economies are worried about the flagging price of oil. Gulf states rely heavily on petrodollars and if oil prices don't pick up, the region could be facing budget deficits.
OIL
OPEC to cut output until price stabilises
The Organisation of Oil Exporting Countries will scale back production until the price of crude stabilises, the group's president says. An announced output cut earlier this week failed to halt falling prices, which reached four-year lows on Thursday.
(1) comment
Close