OPEC

Thu, Feb 2 2012 10:00 IST | 1 Views | Add your comment SHARE: Ecuador has signed contracts for $1.7 billion in investment - the biggest to date in the country's oil sector - to boost output at a pair of mature Amazon fields. Non-Renewable Natural Resources Minister Wilson Pastor, speaking at a signing ceremony at the presidential palace in Quito, described the fields as Ecuador's "crown jewel". The 15-year incremental production contracts with two consortiums are aimed at...Read Full Story

The agency, which provides energy advice to the world’s most industrialised nations, cut its global oil demand growth forecast for this year by 250,000 barrels per day (bpd) to 800,000 bpd. “This month’s report dwells on recent economic downgrades, and resultant weaker oil products demand growth for 2012,” the IEA said. “This is providing a ceiling for otherwise stubbornly-high crude prices.” The IEA cited a cut by the International Monetary Fund (IMF) in its economic projections with the...Read Full Story

<p>Due to various factors such as; the continuing economic crisis in Europe; the delicate situation in Iran and the uncertainty over its oil supplies; the economic worries currently being experienced by, and still facing, the US; and the general high prices of retail petroleum, the Paris-based agency, the Organisation of the Petroleum Exporting Countries (OPEC), have predicted that world oil demand will slow in 2012. In a monthly report the forecast for overall growth in demand has been cut...Read Full Story

Kuwait News AgencyOPEC Cuts 2012 Oil Demand Forecast as Global Recovery Faltersvia Elite Group9 (- Elite Group Press-) -- The Organization of Petroleum Exporting Countries cut its forecast for global oil demand in 2012 as the economic recovery struggles to gain mome...Read Full Story

(December 2nd 2011) The December OPEC meeting in Vienna is coming and the picture of the oil market is mixed at best: 1) China PMI below 50 for the first time since Feb 2009. Global manufacturing PMIs remain weak as the table below shows, particularly in Europe. 2) Bearish US DOE weekly with high inventory build and very low implied demand. The EIA’s monthly revised oil demand numbers for September came in at 18.8m bpd, which was down from 19.05m bpd. It was also down 0.7m bpd y-o-y. 3) OPEC...Read Full Story

The speed of sanctions on Iranian oil exports has been gaining moment as Geithner visited China and Japan this week. According to Japanese news sources the Japanese government has now started coordinating with their domestic oil industry on cutting back significantly the country’s imports of Iranian oil. It is unlikely Japan will ban all imports as time is require for the Nation to secure other sources of oil. Iranian oil accounts for approximately 9% of Japanese imported oil. China on the...Read Full Story

OPEC oil output in January has hit its highest in more than three years, a Reuters survey found on Tuesday, as Gulf Arab producers showed little sign yet of lowering output to make way for rising Libyan supply. Supply from all 12 members of the Organization of the Petroleum Exporting Countries totalled 30.95 million barrels per day (bpd), up from 30.74 million bpd in December, the survey of sources at oil companies, OPEC officials and analysts found. The survey suggests OPEC is producing...Read Full Story

VIENNA ( Reuters ) - OPEC oil producers on Wednesday sealed their first new production limit in three years in a deal that settles a 6-month-old argument over output levels firmly in Saudi Arabia 's favor. The Organization of the Petroleum Exporting Countries agreed a supply target of 30 million barrels daily, roughly in line with current production. It did not discuss individual national quotas. The agreement caps output for all 12 OPEC members for the first half of 2012 but will keep supply...Read Full Story

The plans for the first gas crisis started in August of 1973 as the Arab Nations would prepare for war with Israel. On October 17, 1973 the OAPEC (Organization of Arab Petroleum Exporting Countries) who were the Arab members of OPEC (Organization of Petroleum Exporting Countries) announced they would no longer ship oil to countries that supported Israel, like the United States. Around this time OPEC members agreed to use their power over the world and become the world price setting instrument...Read Full Story

VIENNA ( Reuters ) - OPEC began negotiations on Monday on a new production deal aimed at healing the rift caused by a bad-tempered failure to agree an output target when it last met in June. At stake for the Organization of the Petroleum Exporting Countries at its Wednesday meeting is a credible output policy heading into a year when sluggish global economy could undermine fuel demand and bring down oil prices that now are over $107 a barrel. "I think they have to agree this time because they...Read Full Story