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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 [...]
Decisive action by OPEC will stabilise world oil prices as volatility in the oil market continues along expected lines. The rally in oil prices in the second half of December 2009 and the first ten days of January this year has fizzled out. Oil has followed a declining pattern to the end of January.
The highest [...]
The IEA is to meet with OPEC, banks and US and UK regulators in Tokyo in February 2010 to discuss limiting oil price speculation.
IEA Executive Director Nobuo Tanaka said today he has asked US Commodity Futures Trading Commission Chairman Gary Gensler, officials of the UK Financial Services Authority, and bank executives including Lawrence Eagles, head [...]
OPEC has not discussed changing oil output targets for its March 2010 meeting, Germanico Pinto, Ecuador’s minister in charge of oil policy, said Friday. Asked by Reuters if a change in output was under consideration, Pinto responded: “We have not spoken about that possibility.” Ecuador has the rotating presidency this year of OPEC member countries. [...]
The world will become more dependent on OPEC oil beginning in 2011 as the combined non-OPEC oil output from countries outside of the producer group begins to decline, the US government said on Tuesday.
The EIA said in its new monthly forecast that non-OPEC oil supplies will not sustain the 630,000 barrel-per day-increase experienced in 2009. [...]
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Brent oil trading at $75 mark, takes lead from US economyBrent oil prices are having a choppy ride on the market this week as steep falls in trading yesterday had Brent futures closing under the $75 mark, with investors eyeing high US oil supplies and a slowing US economy.
In London, Brent crude oil futures for October 2010 delivery was trading at $75.24, 07.15 GMT on [...]
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