OPEC

OPEC

A community portal about OPEC with blogs, videos, and photos. According to Wikipedia.org: The Organization of the Petroleum Exporting Countries is an international organization made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait... [more]

A community portal about OPEC with blogs, videos, and photos. According to Wikipedia.org: The Organization of the Petroleum Exporting Countries is an international organization made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Since 1965 its international headquarters have been in Vienna, Austria. It is considered to be a cartel by many observers .

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Oil prices rebound on hurricane threat

From:   www.afp.com
Oil prices climbed back above 78 dollars on Monday as deadly Hurricane Ida threatened to damage oil installations in the Gulf of Mexico despite being downgraded to a storm, analysts said. New York's main contract, light sweet crude for delivery in December, jumped 1.04 dollars to 78.47 dollars a barrel, also as the US currency weakened, they added. Brent North Sea crude for December delivery gained 95 cents to 76.82 dollars in London trading. Both contracts closed lower on Friday after official data by the Labor Department showed the US unemployment rate had jumped to 10.2 percent in October as 190,000 jobs were shed, ... Read Full Story

Exxon-Shell consortium wins West Qurna 1 deal

From:   www.ap.org
A consortium grouping U.S. and European oil giants Exxon Mobil Corp. and Royal Dutch Shell PLC won the right to develop one of Iraq's most prized oil fields, Iraq's Oil Ministry spokesman said on Thursday, as the OPEC nation looks to revamp its battered energy sector. The deal to develop the 8.6 million West Qurna Stage 1 field is the third such agreement in less than a week between a foreign oil consortium and Iraq, which sorely needs foreign company expertise and funding to revive an oil sector hammered by years of neglect, sanctions and, most recently sabotage. Assem Jihad told The Associated Press ... Read Full Story

IEA to cut long-term oil demand outlook next week: report

SINGAPORE (Reuters) - The International Energy Agency will "substantially" downgrade its long-term oil demand forecast in its annual energy outlook next week, the second cut in a row, the Wall Street Journal reported on Wednesday. Efforts to better manage expanding oil demand in the developed world have been more effective than first expected, the paper quoted a person familiar with the report as saying. It did not give any estimates on how deep the cut might be. While the IEA's outlook is unlikely to affect the prevailing short-term view that the global economy's recovery from recession is reviving oil use, it is an important ... Read Full Story

Iraq initials oil deal with Italian-led group

From:   www.afp.com
A consortium led by Italian energy giant ENI has initialled a contract with the Iraqi government to explore the Zubair oilfield in southern Iraq, an oil ministry spokesman said on Monday. "Yes, it was initialled today and it will go to the cabinet to be approved in the next few days," spokesman Assem Jihad told AFP. "After that, it will be signed and then implemented." Jihad said the contract was initialled by Abdul Mahdi al-Ameedi, the deputy director general of the ministry's contracting and licensing department, and added that Oil Minister Hussein al-Shahristani was also present. The ENI-led consortium, which also includes Occidental Petroleum ... Read Full Story

Russia 'to top record 2009 oil output' next year

From:   www.afp.com
Russia, which has surpassed Saudi Arabia as the world's largest oil producer, expects to top record 2009 output next year due to production from new oil fields, the deputy energy minister said on Tuesday. Sergei Kudryashov predicted 2010 production would be more than 490 million tonnes, the official output forecast for 2009: "This has been written into the budget," he was quoted by Interfax news agency as saying. With new fields in the Arctic and eastern Siberia, Russia's oil output has shot past 2008's yearly production of 488 million tonnes. The Russian government meanwhile relies on oil exports for about 40 percent of its ... Read Full Story
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OIL WORLD: The SauiArabians and Crude futures fal
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New climate taxes would affect OPEC: Algeria
OPEC is worried about the possibility of new taxes being imposed on oil and gas by world leaders at their summit on climate change scheduled for next month in Copenhagen, Algerian Energy and Mines Minister Chakib Khelil said on Sunday. "Imposing such ...  
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Opec fears Copenhagen tax on oil and gas: report
Khelil told the Algerian APS news agency that the Organization of Petroleum Exporting Countries (OPEC), a 13-member cartel of oil-rich nations, are worried any new taxes agreed in the Danish capital could have "a negative impact on their economies ...  
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Venezuelan does not agree to OPEC increase in oil production
It has been reported that Venezuelan Energy and Oil Minister Rafael Ramirez said that his country does not agree to increase the oil production of the Organization of Petroleum Exporting Countries (OPEC) despite a rise in world oil ...  
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OPEC oil output falls
The Organisation of Petroleum Exporting Countries' (OPEC) oil supply dropped in October, due to lower output from Nigeria, Saudi Arabia, and Iraq. Iraqi output slipped because of a one-week shutdown of Iraq's pipeline to Turkey. This drop marks the ...  
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UPDATE: Venezuela Says OPEC Should Keep Current Output Levels
PORLAMAR, Venezuela -(Dow Jones)- Venezuela reiterated Tuesday that the Organization of Petroleum Exporting Countries should keep its current production levels steady when the oil producers hold their next meeting in December. "Our position will be ...  
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