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...
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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 .
Think if you added Russia to this graph! Hello, I was drinking my second cup of delicious coffee after a long morning walk with the dog. I was thinking about OPEC and Russia! Why Russia was not part of OPEC? To answer that question, it looks like they may become part of OPEC soon. Russia is starting to lean toward that prospect and OPEC is showing open arms. Russia's daily oil output stands at around 10 million barrels, or about 12% of (world) global production, very close to the level of... Read Full Story
The OPEC oil producers’ cartel announced Thursday it would hold an emergency meeting in Vienna on November 18, as member countries worried over the effects of the global financial crisis on crude prices.
“The Organization is concerned about the deteriorating economic conditions,” the Organization of Petroleum Exporting Countries (OPEC) said in a statement.
“The subprime mortgage problems that have been observed for a long time have created a shock wave in financial institutions resulting in... Read Full Story
AP
VIENNA, Austria (AP) - OPEC oil ministers agreed Wednesday to trim
overall output by more than 500,000 barrels a day in a compromise meant
to avoid new turmoil in crude markets while seeking to bolster falling
prices.
The news sent oil prices rising. Light, sweet crude for October
delivery rose 97 cents to $104.23 a barrel in electronic trading on the
New York Mercantile Exchange.
The OPEC announcement reflected the organization's efforts to cover all
bases in an oil market that saw... Read Full Story
LONDON:Oil prices fell on Thursday as demand for energy decreased around the world owing to a global economic slowdown.
Prices had risen earlier in the day as Hurricane Ike headed toward key energy facilities on the southern US coast and after OPEC on Wednesday reduced output to curb falling prices, analysts said.
Brent North Sea crude for delivery in October dropped 56 cents to 98.41 dollars a barrel.
New York’s main contract, light sweet crude for October, slid 51 cents to 102.07 dollars... Read Full Story
Oil prices slumped to 102 dollars a barrel on Tuesday, the lowest level since the start of April, as the market waited to see whether Opec would announce a change to its crude output levels.
Brent North Sea crude for delivery in October hit exactly 102 dollars a barrel in electronic dealing on Tuesday.
It later rose slightly to stand at 102.26 dollars, a loss of 1.29 dollars from Monday’s close.
New York’s main contract, light sweet crude for delivery in October, shed 1.24 dollars to 105.10... Read Full Story
