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, 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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Crude oil prices slip as traders take profits

From: www.afp.com

World oil prices slid Thursday on profit-taking after a strong rally the previous day on the back of positive US data and the weak dollar, analysts said. New York's main contract, light sweet crude for January delivery, retreated 99 cents to 76.97 dollars a barrel. Brent North Sea crude for January delivery sank 77 cents to 77.67 dollars a barrel. Crude futures had surged higher on Wednesday, boosted by positive US economic data signalling recovery from recession that would spur demand, as well as the falling value of the greenback. Fresh US data showed jobless claims fell in the week ending November 21 to ... Read Full Story

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OPEC likely to maintain output level: Algeria

From: www.afp.com

The OPEC oil exporting group is likely to maintain its production levels when cartel ministers meet in Luanda, Angola December 22, the Algerian energy minister said on Wednesday. "We are going to keep the same output level until we have a clearer vision of the world economic situation," Chakib Khelil said in a report carried by the APS news agency. "Any decision by OPEC will depend on developments in the world economy ... I think everyone agrees that we don't as yet have a clearer picture of the world economy. "It is better to stay with the current situation, that is, maintaining production quotas," ... Read Full Story

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Crude oil prices slip as traders take profits

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pcorp2008 on

From: www.timesoftheinternet.com

LONDON (AFP) -- World oil prices slid Thursday on profit-taking after a strong rally the previous day on the back of positive US data and the weak dollar, analysts said. New York's main contract, light sweet crude for January delivery, retreated 99 cents to 76.97 dollars a barrel. Brent North Sea crude for January delivery sank 77 cents to 77.67 dollars a barrel. Crude futures had surged higher on Wednesday, boosted by positive US economic data signalling recovery from recession that would spur demand, as well as the falling value of the greenback. Fresh US data showed jobless claims fell in the week ending ... Read Full Story

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World oil demand growth to outpace supply in 2010: poll

From: www.reuters.com

LONDON/NEW YORK (Reuters) - Growing world oil use will likely outpace the rate of new supplies in 2010, eroding the huge stockpiles of crude which have mounted around the world since the start of the global economic crisis. According to a Reuters poll of ten top oil-tracking analysts and organizations, oil demand is predicted to rise by 1.3 million barrels per day (bpd) next year to 85.9 million bpd. At the same time, the rise in production from outside the Organization of the Petroleum Exporting Countries and output of natural gas liquids (NGLs) from OPEC members is seen growing by just 800,000 bpd in ... Read Full Story

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Oil prices mixed amid demand concerns

From: www.afp.com

World oil prices diverged within a narrow range on Tuesday on lingering concerns about weak energy demand. New York's main contract, light sweet crude for January delivery, rose 28 cents to 77.74 dollars a barrel. Brent North Sea crude for January delivery dipped four cents to 77.42 dollars. "We still expect resurfacing demand concerns to cap the upside in oil," said VTB Capital commodities analyst Andrey Kryuchenkov. Oil prices slumped from record highs of above 147 dollars reached in July 2008 to about 32 dollars in December last year, as the economic downturn hit world demand for energy. Crude futures have slowly won back ... Read Full Story

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