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]
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 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]
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 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]
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]
Lacking better options, the Organization of the Petroleum Exporting Countries (OPEC) is likely to keep oil production quotas where they are, analysts said ahead of the cartel’s meeting in Angola’s capital Luanda on Tuesday. ‘There is no more OPEC can do. The price has risen,’ said British energy expert John Hall of John Hall Associates. [...] [...more]
Kuwait’s oil minister said Sunday OPEC probably won’t change its production levels when it meets next week. Sheik Ahmed al-Abdullah al-Sabah made the comments to state news agency KUNA, which paraphrased him as saying “it was unlikely the bloc would change output strategy” when it meets in Angola on Dec. 22. The 12-member Organization of [...] [...more]
Saudi Arabia’s oil minister said current global oil prices are “perfect,” as several key OPEC members indicated the group was unlikely to change output levels when it meets later this month. The Organization of the Petroleum Exporting Countries, which supplies roughly 35 per cent of the world’s crude, has held its quotas unchanged since last [...] [...more]
Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday the Organization of the Petroleum Exporting Countries (OPEC) will leave its production unchanged at its meeting next month, adding that current oil price was “comfortable.” “Nothing. [Quota will remain] as is,” the minister told reporters when asked if OPEC could alter its production quota at [...] [...more]
The Organization of Petroleum Exporting Countries is “happy” with crude oil prices between $75 and $78 a barrel, said the group’s president, Angolan Oil Minister Jose Maria Botelho de Vasconcelos. Current crude oil prices are at a “good level,” he said on Monday at a conference in Abu Dhabi. Global oil demand may rise by [...] [...more]
Analysts at the U.S. bank Morgan Stanley believe OPEC will not increase oil production quotas in the next two years. “We do not expect that OPEC will need to increase oil production quotas by late 2011,” the analysts said. Oil production by 11 OPEC countries (except Iraq) is 24.85 million barrels per day. At their [...] [...more]
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