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World oil demand is projected to grow higher by 900,000 barrels per day in 2010, OPEC said on Wednesday, and supply is expected to increase along with the rise in demand, especially in non OPEC countries like Russia and Brazil.
OPEC member countries supply of about 35 percent of the world’s crude oil, raised its demand [...]
Crude oil prices edged up by the middle of Monday’s trading session when Mohammad Ali Khatibi, one of the OPEC governors said $100 per barrel would be preferable.
By 16:30 Moscow time, the price of Light crude oil futures on the NYMEX had risen 1.1 percent, reaching $82.41 per barrel, while in London, a barrel of [...]
OPEC member countries are likely to leave oil output targets unchanged when OPEC meets later in March 2010, Libya’s top oil official Shokri Ghanem, the chairman of Libya’s National Oil Corporation said on Monday.
“You cannot take a decision based on this volatility,” he said of oil prices. “It is not a real trend, it is [...]
OPEC oil output has hit a 14 month high in February 2010 led by OPEC member countries Angola and Saudi Arabia, a Reuters survey showed on Friday, further reducing compliance with oil output targets.
Supply from the 11 members of OPEC with output targets, all except Iraq, is averaging 26.80 million barrels per day (bpd), up [...]
Ecuador’s minister for oil policy Germanico Pinto said Tuesday that world oil prices should stay in a range between $70 and $80 for 2010 and OPEC has no need to change oil output policy at its March 2010 meeting.
Ecuador has the rotating presidency of OPEC this year. Asked by Reuters if he was standing by [...]
US Energy Secretary Steven Chu, will travel to the Middle East next week to meet top OPEC member country officials from several nations, including Saudi Arabia, Qatar and the UAE.
Chu’s visit will come just three weeks before OPEC’s March 17th meeting in Vienna where the major producers will review oil market conditions and consider whether [...]
OPEC member country Iran has begun drilling its first exploratory oil well in the Caspian Sea, in a bid to explore energy resources in the oil reach waters. “The Amir-Kabir semi-submersible drilling rig has started exploration drillings in the Caspian Sea. It will drill the country’s first exploratory well at a depth of 1,550 meters [...]
In its latest monthly report, OPEC trimmed its forecast for global oil consumption growth in 2010 to 800,000 barrels a day, OPEC also warned that the slow pace of global economic recovery in 2010 would lead to a subdued improvement in oil demand in 2010.
OPEC’s view suggested significantly more pessimism among the cartel’s members [...]
OPEC member countries will call for further compliance before considering any oil output cut if oil falls below $70 US dollars per barrel, a member of Kuwait’s Supreme Petroleum Council said Tuesday.
“If oil goes into a sustainable decline below $70 for five to six weeks OPEC will consider cutting but first they will demand compliance,” [...]
OPEC has told the BBC that compliance with oil production targets by the OPEC member countries fell to bewteen 50 and 56% in January 2010 compared with 80% a year ago.
Abdalla Salem El-Badri the Secretary General of OPEC told the BBC’s Business Daily programme the move was “worrying”. “The risk is you see a lot [...]
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Light oil price near $81 in busy market tradingThe NYMEX Light oil price dropped to near $81 a barrel in trading on Tuesday in Asia, losing a little momentum although the market is seeing alot of activity and many analysts see prices going higher.
US Light crude oil futures for April delivery was down 68 cents to $81.19 a barrel at late afternoon Singapore [...]
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