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Light oil futures are trading back above the $81 mark on Tuesday as energy traders meanwhile followed events Monday in Geneva, where leading OPEC ministers warned against financial speculation on oil markets. US Light crude oil futures climbed 57 cents to $81.25 a barrel on the NYMEX.
The president of OPEC and ministers from Qatar and [...]
Oil prices are trading nearer to their 2010 highs as OPEC agrees to keep to its existing oil output quota unchanged, which was widely expected.
US Light crude oil futures is currently trading around one percent higher at $82.43 a barrel on the NYMEX, while in London, Brent crude oil futures on the ICE Futures Exchange [...]
OPEC member countries will probably decide to keep oil output levels unchanged when members officially meet today in Vienna, according to news reports citing oil ministers from Qatar and Saudi Arabia.
OPEC members will also call for better compliance with each country’s current quota, Dow Jones Newswires reported, quoting a Nigerian energy minister. Saudi Arabia’s [...]
OPEC is concerned that its grip on the global supply of oil is being threatened by the rising output of Iraq’s oil fields which could affect future oil prices.
Iraqi oil exports in February were at their highest for two decades, at an average of 2.08 million barrels per day, and the country plans to lift [...]
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 [...]
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