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 .
There are many ways Investors can gain exposure to Oil ranging from Oil stocks, Exchange traded funds through to Futures contracts .
Crude oil is the raw material that is refined to produce gasoline, heating oil, diesel, jet fuel and many other petrochemicals
Capital Spreads offer exposure through spread betting on the price of the “West Texas Intermediate ” (WTI) futures contract traded on the New York Mercantile Exchange (NYMEX) which is the most popular grade of crude oil... Read Full Story
Oil prices staged a remarkable rally in 2009 on the back of a weak dollar and a nascent economic recovery. In 2010, it's likely that these same factors will combine with an increase in global energy demand to push oil prices back up over $100 a barrel.
With stockpiles still high and energy demand rebounding sluggishly, most forecasts are calling for the "black gold" to edge up into the low-triple-digit price range. That's 40% higher than where oil is trading right now - but is still well... Read Full Story
The Abu Dhabi National Oil Company, the largest such company in the United Arab Emirates, has announced it will cut back its production from February, the official WAM news agency said Monday. The move is "in line with (an) OPEC decision to cut production," the report said without providing further details. The company will cut production by between 10 percent and 15 percent in four major oilfields in Abu Dhabi, which alone holds more than 95 percent of UAE oil reserves, estimated at around... Read Full Story
Oil prices extended gains Thursday from a larger-than-expected drop in US energy stockpiles and an intense cold snap in the United States, the world's biggest energy consumer. New York's main futures contract, light sweet crude for delivery in February, rose 1.38 dollars to 78.05 dollars. London's Brent North Sea crude for February delivery gained 86 cents to 76.31 dollars. The Christmas Eve market surge was largely driven by a fall in energy inventories in the United States that had been... Read Full Story
Oil prices rose on Thursday, extending a rally caused by a larger-than-expected drop in US energy stockpiles, traders said. New York's main futures contract, light sweet crude for delivery in February, rose 37 cents to 77.04 dollars a barrel. Brent North Sea crude for February delivery gained 25 cents to 75.70 dollars. The Christmas Eve market surge was largely driven by a fall in energy inventories in the United States -- the world's biggest consumer -- that had been far larger than... Read Full Story
Powerful oil countries voiced concern over lingering weakness in the world economy as they met in Angola on Tuesday to assess the crude market, which remains volatile despite strong prices. The Organisation of Petroleum Exporting Countries (OPEC) was set to hold output steady while cautiously looking for a strengthening in the market and playing down the prospect of a surge from Iraq's oilfields. "The economic recovery has gathered pace," said the group's president, Angolan Oil Minister Jose... Read Full Story
Oil prices rose sharply on Wednesday after the United States said its crude stockpiles dropped far more than expected last week, indicating a pick-up in demand across the world's biggest consumer. New York's main futures contract, light sweet crude for delivery in February, shot up 1.91 dollars to 76.31 dollars a barrel. Brent North Sea crude for February soared 1.59 dollars to 75.05 dollars in London afternoon trading. The US Department of Energy said crude stockpiles slumped by 4.9 million... Read Full Story
OPEC oil producers were set to hold output steady at their meeting on Tuesday, cautiously looking for a strengthening in the market and playing down the prospect of a surge from Iraq's oilfields. The cartel's most influential member, Saudi Oil Minister Ali al-Naimi, said it will hold output quotas unchanged, citing "excellent" crude price levels. "No change," Naimi told reporters in Luanda, where the ministers of the Organisation of Petroleum Exporting Countries were to meet Tuesday... Read Full Story
Oil prices fell on Tuesday as OPEC decided at a meeting against changing the cartel's official crude output levels, in a widely-expected move. New York's main futures contract, light sweet crude for delivery in February, dropped 34 cents to 73.38 dollars a barrel. Brent North Sea crude for February lost 30 cents to 72.69 dollars. The Organization of Petroleum Exporting Countries (OPEC) held its crude output quotas unchanged at its meeting in Angola on Tuesday, warning of lingering weakness... Read Full Story
LUANDA (Reuters) - OPEC producers are set to leave output limits unchanged at a meeting in Angola on Tuesday, officials from the cartel said, but look likely to call for improved compliance with existing curbs. "For this meeting -- no change," OPEC Secretary-General Abdullah al-Badri told reporters. "There is consensus that there is no change." "If you look at the price, it is very comfortable. If you look at fundamentals, inventories they are on the high side. We have to work to bring them... Read Full Story
