OPEC

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Bush Asks OPEC for More Oil
Bush Asks OPEC for More Oil
Jan 15, 2008 9:32 AM CST

Bush Asks OPEC for More Oil

Warns even rogue Iranian attack would have 'serious consequences'

(Newser) - OPEC should start producing more oil, President Bush told Saudi Arabia’s King Abdullah today, or it risks damaging “consuming economies,” like the US. Bush said high oil prices were reducing consumer purchasing power, and said more supply “would be helpful.” He also warned Iran to...

Bombings Kill 45 in Algiers
Bombings Kill 45 in Algiers
Dec 11, 2007 7:20 AM CST

Bombings Kill 45 in Algiers

12 UN staffers are missing after blast

(Newser) - Two car bombs exploded in upscale districts of Algiers today, killing at least 45, the AP reports. One bomb exploded near the UN's refugee agency office, and the other near the Supreme Court. Twelve UN staffers are missing. No group has claimed responsibility, but Algerians believe the attack was one...

OPEC Declines to Boost Oil Output
OPEC Declines to Boost
Oil Output
Dec 6, 2007 10:33 AM CST

OPEC Declines to Boost Oil Output

$80 crude seems to be producers' new target; $3 gas isn't going anywhere soon

(Newser) - OPEC’s decision yesterday not to boost oil production, despite prices hovering around $90 a barrel, underscores a new reality, the New York Times observes: the oil producers aim to keep prices nearly that high—say around $80 a barrel—a target unthinkable a few years ago. In the US,...

Oil-Price Surge Fuels Global Investing Binge

Producers' deep pockets evident in Abu Dhabi's Citigroup outlay

(Newser) - Petrodollars have fueled an investing binge in companies ranging from chipmaker AMD to private-equity giant Carlyle Group to Citigroup. And, with nearly $5 billion in oil revenue gushing weekly into Persian Gulf nations, the spree won’t likely slow, the New York Times reports. “The oil-producing countries simply cannot...

All Eyes on OPEC for Oil Price Relief

Saudis expected to boost output as prices close in on $100

(Newser) - With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up...

Oil Tops $99 as Dollar Sinks
Oil Tops $99 as Dollar Sinks
Nov 21, 2007 4:05 AM CST

Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

(Newser) - The price of oil hit a record high mere pennies from $100 a barrel and the dollar sunk to a new low in early trading today. Oil hit $99.29 but slipped back to $98.64. With cold weather hitting the US, and OPEC supplies limited, some analysts think oil...

Greenback Assaulted at OPEC meeting
Greenback Assaulted at
OPEC meeting
Nov 18, 2007 9:52 PM CST

Greenback Assaulted at OPEC meeting

Dollar a 'worthless piece of paper,' Iran's president says

(Newser) - Calling it a "small and worthless piece of paper,” Iran’s president today urged OPEC's members to drop the depreciating US dollar as its official currency. Mahmoud Ahmadinejad blamed President Bush for the dollar’s decline and its adverse effects. The comments highlight mounting tension among OPEC members,...

Chavez Warns of $200 Oil if US Strikes Iran

But call to make OPEC 'geopolitical agent' rejected by Saudis

(Newser) - Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical...

Oil Drops to $91 as Rush to $100 Stalls

Saudi oil minister blames speculators, says $60 is more like it

(Newser) - After gushing toward $100 a barrel, oil traded as low as $90.13 yesterday, closing at $91.17. Analysts said the downward pressure could continue as demand for oil slows and OPEC increases production, reports the Wall Street Journal. Saudi Arabia's oil minister, meanwhile, told the Globe and Mail that...

Gas Prices Likely to Climb 20 Cents by Next Month

Even if OPEC increases production and oil gets cheaper, it'll cost you

(Newser) - Gas prices will go up at least another 20 cents in December, and they could climb further after that if OPEC doesn't increase production, says a top Energy Department forecaster. Gas prices will keep rising even if crude prices fall, says Guy Caruso, because the refiners haven't fully passed along...

Dow Dips Below 13K
Dow Dips Below 13K
Nov 12, 2007 3:38 PM CST

Dow Dips Below 13K

Markets seesaw, close down

(Newser) - The Dow closed below 13,000 today after seesawing on bad news from the financial sector and falling oil prices. The Dow finished at 12,987.55, down 55.19, after E*Trade said further mortgage-related write-downs might come—and its shares dropped 56%. The Nasdaq slid 43.81 to close...

US Crude Eases Below $96
US Crude Eases Below $96
Nov 12, 2007 7:52 AM CST

US Crude Eases Below $96

Oil prices drop as Saudi Arabia says OPEC will discuss hiking output

(Newser) - Oil prices paused in their headlong rush to $100 a barrel today on news from the Saudis that OPEC will discuss raising output when the group's heads of state and oil ministers meet in Riyadh this week. US crude, which reached a record $98.62 Nov. 7, traded below $96...

Oil Rises to Record High, Again
Oil Rises to Record High, Again
Oct 29, 2007 6:28 AM CDT

Oil Rises to Record High, Again

Breaks $93 a barrel on news of Mexican storm

(Newser) - Oil prices topped $93 today, breaking another record on news that Mexican production would drop by 20% due to a storm. "This is on top of what has already been simmering,” said an analyst in Singapore. Prices have been breaking records for a week due to US-Iran tensions...

Oil Hits $92 on Iran Anxieties
Oil Hits $92 on Iran Anxieties
Oct 26, 2007 8:49 AM CDT

Oil Hits $92 on Iran Anxieties

Analyst: "The door is open to $100"

(Newser) - The price of oil surpassed $92 a barrel on US accusations that Iran supports terrorism and its attempt to apply pressure on other countries and companies to cut ties with the Mideastern nation. "The door is open to $100," an analyst tells Bloomberg, adding that the dispute will...

Oil Hits $90 a Barrel
Oil Hits $90 a Barrel
Oct 19, 2007 6:57 AM CDT

Oil Hits $90 a Barrel

Weakening dollar and Mideast tensions bust a new record

(Newser) - After five straight days of record-breaking, oil prices smashed the $90-a-barrel mark in after-hours trading overnight, pumped up by the weakening dollar and fears that Turkish military strikes across the border in Iraq could disrupt supplies. Investors pushed the price of light, sweet crude to $90.02 before it fell...

Turkey's Threats Send Oil to Record High Near $88

Many fear disruption of Kurdish pipelines

(Newser) - Crude oil hit yet another record today, trading near $88 a barrel over fears that a looming Turkish attack on Northern Iraq would disrupt pipelines in the world’s third-largest oil producer. Turkey’s PM said he expected parliament to approve an incursion to root out PKK militants in the...

Supply Worries Send Oil Near $80 a Barrel

US inventory drops, and OPEC production boost won't cover shortfall

(Newser) - Crude oil hit nearly $80 a barrel today—its highest price ever—thanks to dwindling supply. US inventories fell by 7M barrels last week, much more than the 2.7M analysts predicted. OPEC announced a production increase of only 500K barrels, which Bloomberg reports will not meet seasonal demand increases....

OPEC Surprises Market With Boost in Oil

Lends hand to world economy dragged by US credit-market crisis

(Newser) - OPEC surprised traders today by boosting oil production for the first time in a year, Bloomberg reports. Concerns over the U.S. market crisis dragging down the world economy inspired the spike of 500,000 barrels a day. The US reportedly prodded Saudi Arabia to overcome the opposition of other...

Mind the Gaffe, Prez!
Mind the
Gaffe, Prez!
Sep 9, 2007 7:44 AM CDT

Mind the Gaffe, Prez!

Word to Bush: It's APEC, not OPEC, and the troops are Australian, not Austrian

(Newser) - As usual, President Bush didn't mind the gaffe and stumbled again—and again—this weekend on the eve of the Asia-Pacific Economic Cooperation gathering in Sydney. He referred to Australian troops as Austrian troops and called the APEC summit the OPEC summit., Reuters reports. "Thank you for being such...

Oil Prices Approach All-Time High
Oil Prices Approach All-Time High
Sep 7, 2007 3:16 AM CDT

Oil Prices Approach All-Time High

Hopes set on sign from OPEC meeting that production will increase

(Newser) - The price of oil approached a record high yesterday, hiking interest in next week’s OPEC meeting in Vienna, where observers hope the association will give some positive sign that production will increase. OPEC, however, seems divided on the matter, with the group’s president calling the market “very...

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