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Oil ministers urge tougher rules on market speculation

Energy ministers from oil-producing countries called yesterday for tougher rules on speculation in commodities which they said were undermining investment to ensure energy supplies. “We are now encouraged to see some countries taking steps to introduce regulatory reforms to financial markets and commodity trading practices,” Ecuador’s Oil and Mines minister, Germanico Pinto, told a commodities […] [...more]

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OPEC Welcomes US Bid To Cap Oil Speculation

It will be 50 years in September since the Organization of Petroleum Exporting Countries was created in Baghdad with five founding member countries. The intervening years have seen it grow to 12 members and evolve from the sharply politicized organization of the 1970s to a broadly economic one in more recent years. The majority of […] [...more]

OPEC Comments Off on OPEC Welcomes US Bid To Cap Oil Speculation

Opec says oil supply increase ‘worrying’

Opec has told the BBC World Service that compliance with production targets fell to 50-56% last month compared to 80% a year ago. Secretary General Abdalla Salem El-Badri told the BBC’s Business Daily programme it is “worrying” and could lead to oversupply and price falls… He also said an oil price below $70 would hit […] [...more]

Fundamentals, OPEC Comments Off on Opec says oil supply increase ‘worrying’

BP Profit Slips in Quarter but Production Is Up

BP, the British oil company, on Tuesday reported a $4.3 billion fourth-quarter profit and said its production had outpaced expectations in 2009. The profit in the October-December period compares favorably with a year earlier, when the oil price collapsed at the height of the financial crisis, leaving BP with a $3.3 billion loss. But the […] [...more]

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Oil demand recovery ‘underway’: OPEC chief

A recovery in oil demand is underway but uncertainties persist after the global economic downturn had curbed the world’s appetite for energy, OPEC’s chief Abdalla Salem El-Badri said on Monday. “Demand recovery is underway but there are still (a) high (number of) uncertainties” about the outlook, the secretary-general of the Organization of Petroleum Exporting Countries […] [...more]

OPEC Comments Off on Oil demand recovery ‘underway’: OPEC chief

Exxon fourth-quarter profit drops less than estimated

Exxon Mobil Corp., the largest U.S. company, posted a smaller decline in fourth-quarter profit than analysts estimated as gains in oil prices and output cushioned the impact of slumping demand for diesel and gasoline. Net income fell 23% to US$6.05-billion, or US$1.27 a share, from US$7.82-billion, or US$1.54, a year earlier, Irving, Texas-based Exxon said […] [...more]

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USGS claims Venezuela sits on Earth’s largest oil reserves

Venezuela may have just become the center of an energy-starved world. The Orinoco Belt, situated squarely underneath the South American nation, may hold some 513 billion barrels of crude oil, according to a new report by the U.S. Geological Survey (USGS). That’s twice the size of Saudi Arabia’s oil reserves, placing Venezuela firmly atop the […] [...more]

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Comments by Qatar’s oil minister boost sentiment

Oil futures gained on Monday, recovering from their decline in Asian trading, as Qatar’s oil minister said that the OPEC oil cartel is unlikely to raise its output this year. Crude oil for February delivery rose 57 cents, or 0.7%, to $78.57 a barrel in electronic trading on Globex. Earlier in the session, the contract […] [...more]

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Oil price not too high, inventories falling-Kuwait

OPEC member Kuwait is content with an oil price above $80 a barrel, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah told reporters on Tuesday. “It’s very nice,” the minister said when asked if oil above $80 a barrel was too high. “It’s not too high.” U.S. crude traded at $81.78 on Tuesday, after closing at […] [...more]

Fundamentals, OPEC Comments Off on Oil price not too high, inventories falling-Kuwait

Revealed: Opec’s fears that rich countries’ appetite for oil is waning

The Opec oil cartel has repeated it through the year: as a contribution to the global economy recovery, it was supporting moderate oil prices. Saudi Arabia put numbers on the cartel’s words, describing the $70-$80 a barrel range as “excellent”. For sure, Opec’s aim of $70-$80 a barrel – the group avoid talking about a […] [...more]

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