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OPEC on Saturday faces its third test in as many months of its ability to engineer a rebound in prices hammered by plummeting crude demand amid a global economic meltdown ... "There is total confusion" among OPEC's 13 members, said Fadel Gheit, managing director of oil and gas research at Oppenheimer & Co. in New York ... And, down they have gone, in a financial avalanche triggered by demand destruction, itself sped along by a world financial meltdown that also threatens to cut deeply into OPEC... (International Herald Tribune -- Travel)
Russia praises US on Nato decision Nov 28, 2008
Whatever the reasons, European pressure or whatever else, the main thing is that they [Washington] no longer push ahead with their previous ferociousness and senselessness," he said in Havana, where he held talks with Cuban leaders. The comments came a day after Condoleezza Rice, the US secretary of state, decided not to offer Georgia and Ukraine a formal roadmap to join Nato. Washington led a push for the alliance to allow them in through a so-called Membership Action Plan, or MAP. Britain has... (Aljazeera.net)
European markets lower ahead of Wall Street return Nov 28, 2008
Oil prices fell below $54 a barrel as investors eyed a possible production cut by OPEC this weekend amid a gloomy global demand outlook. Light, sweet crude for January delivery was down $0. (Yahoo News)
No News Is Good News, But Rally on Pause Nov 28, 2008
Crude retreated below $54 a barrel ahead of an OPEC meeting called to curb growing oversupply. Yields on U.S. and European government bonds fell to longtime lows, extending a weeklong rally as more investors piled in. (SmartMoney)
Base metals retreat as demand fears deepen Nov 28, 2008
Unless oil prices melt down this week, Opec will not cut production at this weekends informal meeting in Cairo, says Mike Wittner. - Nov-25. (FT.com -- Markets)
OPEC says oil stocks high but might delay cut until December Nov 28, 2008
The world oil market is over-supplied with inventories at their highest in five years, OPEC officials and ministers said on Friday, but a decision to cut output will likely be delayed until December. OPEC Secretary General Abdalla Salem El-Badri said ahead of a consultative meeting of the Organisation of Petroleum Exporting Countries in Cairo on Saturday that the "market is over-supplied." ... "Here we will prepare some data and maybe the final decision will be in Algeria," Iran's Gholam Hossein... (Sydney Morning Herald -- World)
Oil falls before OPEC meeting Nov 28, 2008
Oil fell in New York on speculation a potential OPEC production cut to support prices may not outweigh declining fuel demand amid a global recession. OPEC members may consider a reduction at their meeting this weekend in Cairo to stabilize the market, Shokri Ghanem, chairman of Libya's National Oil Corp., said yesterday ... "OPEC can only control one side of the equation and that is the supply side,'' Stephen Schork, president of Schork Group Inc. in Villanova, Pennsylvania, said in a Bloomberg... (Sydney Morning Herald -- Business)
Business Briefs Nov 28, 2008
Friday, November 28, 2008 Last Update: 09:15 AM EST. Last updated: 1:50 amNovember 28, 2008 Posted: 1:45 amNovember 28, 2008. (New York Post -- Business)
Gold dips on weaker oil Nov 28, 2008
SINGAPORE: Gold slipped to track lower oil prices on Friday, with speculators careful ahead of an OPEC consultative meeting which could support bullion if the group agrees to cut oil output ... "We are waiting for the outcome of the OPEC meeting and other economic news. I'd expect the market to hold around $808 to $818," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, referring to the current tight range ... Oil dropped more than $1 a barrel to below $54 on persistent... (India Times, India)
Asia stocks rise as bargains sought Nov 28, 2008
Oil prices fell toward $53 a barrel, ahead of a meeting of OPEC ministers in Cairo to discuss the possibility of more supply cuts as global recession reduces energy demand. "On a range of measures, there is undoubted value to be found in many of the worlds equity markets," said Sarah Arkle, chief investment officer with Threadneedle Asset Management. (India Times, India)
TRADING DAY: Thursday's markets Nov 28, 2008
79 US in electronic trading, ahead of this weekend's meeting of OPEC oil ministers in Cairo, where further production cuts are expected. Natural gas ended down 10 cents in electronic trading at $6. (Vancouver Sun)
Oil prices jump 7% despite rise in US stockpiles Nov 27, 2008
Also affecting prices was news that Russia, one the world's largest crude producers, may join OPEC in output cuts, Energy Minister Sergei Shmatko said in New Delhi on Tuesday, Press Trust of India news agency reported. Copyright 2008 Globe Newspaper Company. (Boston Globe)
Mukesh for stable oil pricing globally Nov 27, 2008
"One time (oil-cartel) OPEC had talked of maintaining crude oil price in a band of USD 25-30 a barrel. This would be necessary (for) economic prosperity," he added. To read business stories in. (India Times)
Nigeria: Mobil $3.5 Billion Investment Ups Oil Output, Reduces Flares Nov 27, 2008
Chaplin also disclosed that considering OPEC cuts and corresponding cuts in Nigeria's output, the new addition takes MPN's production to about 800,000 barrels per day. The NGL 11 includes the installation of an offshore gas-processing complex, more than 125 miles of new pipelines and the expansion of the joint venture's Bonny River terminal facilities. (allAfrica.com)
Oil rises as Russia threatens cut Nov 27, 2008
Russia has hinted it may cut output ahead of the Opec meeting. Oil prices have risen after Russia said it might join producers' cartel Opec in cutting output, and following a fall in the US dollar ... Opec, which accounts for about 40% of global oil production, cut output by 1. (BBC News -- Europe)
Gasoline, Oil and the Economy Nov 27, 2008
They are wary of the OPEC nations, who can throttle supply on political whim; and, they fear that, should they lose their job, how will they be able to buy food, gas, and pay for their home. Their worry is understandable. (Townhall.com)
As oil prices fall, tensions among OPEC members seem to deepen Nov 27, 2008
As the OPEC cartel meets in Cairo on Saturday, exporters are being pummeled by a triple whammy of lower prices, falling demand and declining revenue ... When oil prices collapsed to $10 a barrel in 1998, OPEC producers managed to set aside their squabbles to push prices back up ... Managing Globalization: Is Russia's star rising with OPEC. (International Herald Tribune)
On Your Mind Nov 27, 2008
Think of all of the high paid CEOs with big bonuses every year, the prices corporations and the auto industry charges, the price of gas, and OPEC charges. You can t blame one person for that. (Sierra Vista Herald, AZ)
Post a comment » Nov 27, 2008
Dixie wrote on Apr 28, 2007 9:37 AM:" I believe that the gas prices are based on two issues, our greed and thinking that "I have the money to use as much fuel as I want" and the manipulation of oil prices by OPEC. We need to start thinking about the future, try to conserve by car pooling, not going to the store for that gallon of milk, walking more, etc. The common everyday person is the one that will suffer. I have to drive to work everyday just like everyone else, except I choose to car pool.... (Canton Daily Ledger, IL)
Canada Stocks Gain on Oil, Takeover Speculation; Nexen Rises, BCE Declines Nov 27, 2008 Oil falls towards $US53 Nov 27, 2008 Wall Street rallies | Oil rebounds Nov 27, 2008 Fat cat bosses paid top dollar to walk Nov 27, 2008 Grants, rate cuts boost house sales Nov 27, 2008 Nigeria may reject OPEC oil cut Nov 27, 2008 Nigeria: Country, Angola to Be Highest-Earning Oil Producers By 2030 Nov 26, 2008 Report: Russia may work with OPEC on output cut Nov 26, 2008 Emirates president downplays oil price concerns Nov 26, 2008 NPP Blowing Hot And Cold On Islamic Nerves!* Nov 26, 2008 Opec production Nov 26, 2008 Markets mixed on growth fears, BHP bid Nov 26, 2008 Holiday Sales: Just How Bad? Nov 25, 2008 Metal, oil & gas up as commodity prices rise on $ fall Nov 25, 2008 US crude falls more than $1/bbl, below $53.50 Nov 25, 2008 Bush: Citi May Not Be Last Bailout Nov 25, 2008 Oil spikes 9 percent on another bailout Nov 25, 2008 Russian warships approach Venezuela... Nov 25, 2008 Columbia High Student Heather Whitehead, 16, tops off her mothers GMC Envoy at the B&B Food Store on U.S. Highway 441. Regular gasoline prices officially dipped below $2 per gallon in Florida this week. Hopefully gas prices stay like this when I get my own car, Whitehead said, pumping $1.98 per gallon fuel into her vehicle. Ill be happy with gas to stay around this price. JASON MATTHEW WALKER/Lake City Reporter Nov 25, 2008 Ukraine and Russias Gas Confrontation Advance Europe to New Partners Nov 25, 2008 * World Business Quick Take Nov 25, 2008 Bay Area seeks to become electric-car capital Nov 25, 2008 Oil price bounces back above $50 Nov 25, 2008 Chavez wins local polls Nov 25, 2008 Citigroup bailout and Darling plans lift markets Nov 25, 2008 Gold eases on stronger dollar Nov 25, 2008 Crude oil falls on demand concerns Nov 25, 2008 CA-BUSINESS Summary Nov 25, 2008 End of Gas Crash 'Here or Near' Nov 24, 2008 * Venezuelans local polls a popularity test for Chavez Nov 24, 2008 Citi rescue fails to dispel all concerns Nov 24, 2008 On Your Mind Nov 24, 2008 Test for Chavez Nov 24, 2008 Oil rises above $US50 Nov 24, 2008 Chavez and opposition share Venezuela election spoils Nov 24, 2008 Venezuela calls for OPEC production cut Nov 24, 2008 Business Briefs Nov 24, 2008 Oil Drops Below $50 on Speculation OPEC Output Cuts Won't Eliminate Glut Nov 24, 2008 Oil rises over $1, OPEC cut eyed Nov 24, 2008 Venezuelans vote in local election test for Chavez Nov 23, 2008 Gadhafi's son praises Libya-U.S. relations Nov 23, 2008 Post a comment » Nov 23, 2008 Socialism, consumerism rub shoulders in Tripoli Nov 23, 2008 Oil edges higher Nov 23, 2008 Libya wants Opec action Nov 23, 2008 Gold may follow suit if crude oil fall continues Nov 22, 2008 Anti-LNG column wasnt accurate Nov 22, 2008 Local gas prices dip below $2 a gallon Nov 22, 2008 Crude Oil Rises From Lowest Level Since May 2005 as Asian Equities Rebound Nov 22, 2008 Canada Stocks Rise, Pare Weekly Drop, as Barrick, EnCana Soar; Banks Fall Nov 22, 2008 Oil prices drift up, stay under $US50 Nov 22, 2008 Energy: Drill, Dems, Drill Nov 22, 2008 Local stocks soar as market enjoys surge Nov 22, 2008 THAT\'S INDEPENDENCE: Gas more than 30 cents a gallon lower. Nov 21, 2008 Oil price goes below $50 a barrel Nov 21, 2008 Tough months ahead for MISC Nov 21, 2008 Crude oil continues to slide Nov 21, 2008 Crude oil settles below 50 dollars Nov 21, 2008 OPEC grapples with production cuts, credibility Nov 21, 2008 Oil prices plunge below US$50 per barrel Nov 21, 2008 * Oil prices fall to US$49 a barrel, three-year low Nov 21, 2008 Ecuador Default-Talk May Force Restructuring Nov 20, 2008 Oil Falls Below $53 on Fears of Deep Recession Nov 20, 2008 Oil Falls Below $53 on Demand Drop Nov 20, 2008 PATSY R. BRUMFIELD:We can't let up on energy push Nov 20, 2008
19 a barrel in New York after China, the second-biggest energy-consuming country, cut interest rates to bolster growth, and on speculation that OPEC nations, the producers of more than 40 percent of the worlds oil, may cut output again. Futures have dropped 63 percent from a record in July. (Bloomberg -- Canada)
Gold steady as U.S. dollar weakens Nov 27, 2008
However, some support may come from a meeting of the OPEC oil cartel in Cairo on Saturday. Venezuelan oil minister Rafael Ramirez said OPEC may agree to cut production at the talks ... With all eyes on OPEC's extraordinary meeting on Saturday, nobody wants to sell oil in case OPEC cuts production, Standard Bank analyst Walter de Wet said. (Globe and Mail -- Business)
"The global economic meltdown will continue to have a negative impact on demand, eventually pushing oil into the $US40s before the year-end,'' said Jonathan Kornafel, Asia director of Hudson Capital Energy. Oil has fallen by almost $US100 a barrel since hitting a record peak above $US147 a barrel in July as the global credit crunch dented demand in large consumer nations. US weekly crude stocks rose by a hefty 7.3 million barrels in the week ended Nov. 21, well above forecasts for an 800,000... (Sydney Morning Herald -- Business)
Also pushing up oil prices Wednesday was the news that one of the world's biggest crude exporters Russia might join OPEC in output cut. The President of OPEC Chakib Khelil told press on Wednesday that the cartel would consider production cuts in the unofficial meeting in Cairo this week, according to Bloomberg report. (Xinhuanet, China)
OPEC could cut oil output for the second time in as many months as weak demand and recession jitters drive prices down ... OPEC could cut oil output for the second time in as many months as weak demand and recession jitters drive prices down ... OPEC could cut oil output for the second time in as many months as weak demand and recession jitters drive prices down. (NEWS.com.au)
November 27, 2008 02:30pm. New home sales jumped 6. (NEWS.com.au)
UNLESS other member-countries of the Organisation of Petroleum Exporting Countries (OPEC) effect the cuts earlier agreed on by the body, Nigeria may not feel obliged to carry out any further cut in its daily crude oil production ... Nigeria had, following the last output cut by OPEC, reduced its daily crude oil production by 113,000 barrels per day (bpd) ... But the minister said that the reluctance by other member countries to obey OPEC directive on cut in output did not indicate a divided... (Guardian News, Nigeria)
com: Nigeria: Country, Angola to Be Highest-Earning Oil Producers By 2030 (Page 1 of 1). Enter your search terms. (allAfrica.com)
NEW DELHI - Russia's energy minister said the country may coordinate oil production cuts with OPEC to help stem the slide in crude oil prices, media reports said Wednesday ... "Russia will cooperate with OPEC to defend its interest," Russian Energy Minister Sergei Shmatko said at a conference in New Delhi on Tuesday, Press Trust of India news agency reported ... "In OPEC, they are actively discussing measures to protect current market of oil and reduce production.". (Anchorage Daily News)
The president of the United Arab Emirates is downplaying concerns about falling oil prices ahead of an emergency OPEC meeting later this week ... Khalifa says the Emirates is "closely monitoring" oil market dynamics and working with partners in OPEC "to face any negative impacts on the stability of world markets.". (International Herald Tribune)
And whilst we are at it, why not the OPEC. After all we've got the oil now. (Ghana Web, Ghana)
Unless oil prices melt down again this week, Opec will not cut production at this weekends informal meeting in Cairo and instead will wait until the cartels gathering in December to reduce output quotas by 1m to 1 ... Mr Wittner says that Opec simply does not have enough information on the effectiveness of the production cuts that it has already made, or sufficient feedback from its customers, to proceed with further reductions in output ... We see (a decision to maintain current... (FT.com -- Markets)
Opec ministers next gather in Cairo on Saturday, but that meeting has been called a consultative session, with its next policy-setting meeting scheduled for December 17 in Algeria. - Reuters. (Business Report, South Africa)
5% reading in 1974, which reflected the substantial impact of the 1973 Arab-Israeli war and OPEC oil embargo on public confidence in the economy. The big nominal sales drops this time around reflect plummeting prices as well as falling real sales, so the big nominal drops may overstate the hard luck falling on department stores and other holiday retailers. (BusinessWeek)
There is speculation that OPEC may cut output on Nov 29 by 1-1. 5 million barrels. (India Times)
1 per cent gains made on the back of an equity rally and expectations of another OPEC cut. US light crude for January delivery was down $1. (India Times)
The rise in oil prices comes in tandem with rallies in equities markets and also on hopes OPEC will further cut crude production at a weekend summit. Last week crude plummeted nearly $8, losing 13% of its value in its third consecutive weekly decline. (Fox News)
Phil Flynn, an analyst at Alaron Trading Corp., said oil initially seemed like it was heading downward, even amid talk about possible production cuts by OPEC.. OPEC President Chakib Khelil said Monday in Vienna, Austria, that if the organization met today, a cut of 1 million barrels would not be enough to support oil prices ... Venezuelan Oil Minister Rafael Ramirez said Sunday that OPEC should cut oil production by 1 million barrels per day at an informal meeting Nov. 29 meeting in Cairo. (Anchorage Daily News)
The US has expressed concern, however, about Russian arms supplies to the oil-rich OPEC country. The two countries have signed 4. (The Drudge Report)
I hope the prices keep going down but that depends on what OPEC does, I guess ... 5 million barrels per day, effective Nov. 1, according to a EIA report, noting that OPEC is hoping to stabilize oil prices ... OPEC members plan to meet in Algeria on Dec. 17 to review market conditions. (Lake City Reporter, FL)
Is the establishment of Gas OPEC a political or economic step. - more likely economic. (Trend News Agency)
Prices gain in Asian trade Oil prices gained slightly in Asian trade yesterday, remaining near US$50 a barrel as the market prepared for an expected OPEC production cut next weekend, dealers said. New Yorks main futures contract, light sweet crude for January delivery, rose US$0. (Taipei Times, Taiwan -- World)
While we are doing the happy dance around the pumps with the lower prices OPEC is planning yet more production cuts and will not quit until they achieve their desired price per barrel. The record high prices this past year have done serious damage to our economy and society. (Christian Science Monitor)
Recent price falls have led to speculation that Opec could cut output. The cartel meets on 29 November and Venezuelan oil minister Rafael Ramirez has said that Opec should cut production by a million barrels a day ... Opec, which accounts for 40% of global oil production, already cut output by 1. (BBC News -- Business)
The results shake up the political landscape of the Opec nation, reducing the broad dominance of the fiercely anti-liberal Chavez and his party. "The symbols won by the opposition are more than expected: they won the capital and states representing the economic and political heart of the country," said Luis Vicente Leon from Datanalisis. (iAfrica.com)
As crude oil prices rose above $51 a barrel before expected production cuts from Opec this weekend, BP and Royal Dutch Shell accounted for much of the advance of the FTSE 100. Related Links. (Times Online)
It rose nearly 10% in the previous session after a rebound in equity markets and expectations of another OPEC cut helped the market score its biggest two-day gain in two months ... Gold was likely to trade in a narrow range before an OPEC informal meeting in Cairo later this month, said Kazuhito Saito of Interes Capital Management in Tokyo. (Sydney Morning Herald -- Business)
OPEC's decision to trim output by 1 ... "Either very late this year or early next, we might see the oil price improve, because we've yet to see the full impact of the OPEC's changes to their production targets and possible changes that could come at the December meeting,'' said Commonwealth Bank's Moore. "In that context, oil might find a firmer underpinning. (Sydney Morning Herald -- Business)
Crude rose more than 8 percent as investors considered the prospect of a further OPEC supply cut and as stock markets rallied on the Citigroup news. Petro-Canada may look for U.S. refining space. (ReportonBusiness.com)
Lundberg said it is world demand and not OPEC, the Organization of Petroleum Exporting Countries that drove prices of crude near $150 a barrel in July and it is demand that will call the bottom on crude prices ... Venezuela's oil minister Rafael Ramirez urged his fellow OPEC members on Sunday to agree to lower crude oil output by 1 million barrels per day at a forthcoming emergency meeting in Cairo on November 29. (Fox News)
Observers say that opposition gains in symbolic areas of the oil-rich OPEC country such as Caracas or big states his allies have controlled for years would do the most damage. Famous for his fiery language, Chavez has threatened to imprison opponents, or even send tanks onto the streets if his party loses in the populous northwestern state of Carabobo. (Taipei Times, Taiwan -- World)
European shares were set to gain 4-5 percent at the open, while oil prices rose on hopes that OPEC will cut output as early as this week to shore up crude prices that have tumbled to their lowest in more than three years. But earlier gains on global markets following the Citigroup announcement faded, while so-called safe-haven assets such as the yen held firmer, signalling that concerns about the broader financial sector and the global economy are likely to remain. (International Herald Tribune)
Think of all of the high paid CEOs with big bonuses every year, the prices corporations and the auto industry charges, the price of gas, and OPEC charges. You can t blame one person for that. (Sierra Vista Herald, AZ)
Opposition gains in key areas of the Opec country would shake Chavez's bid to extend his "21st century socialism.". Chavez, a friend to Iran, Russia and Cuba's Fidel Castro, has signaled he still seeks a mandate to push for support to abolish term limits to try to win a third six-year term in 2012. (iAfrica.com)
3% to above $US50 a barrel on Monday, giving up early gains, as worries over the global economy returned to the fore centring on Citigroup's ability to survive, but hopes OPEC might cut output again as early as this week helped buoy prices. US light crude for January delivery rose 67 cents to $US50. (Sydney Morning Herald -- Business)
President Hugo Chavez's left-wing party and the growing opposition shared the spoils of Venezuela's local elections as they jostled for political momentum in the OPEC nation Monday. Chavez's socialist allies won a clear majority of state races but the multi-party opposition dented his dominance of regional posts, wrenching from him control over some of Venezuela's most populous areas including the capital Caracas. (International Herald Tribune -- Arts)
CARACAS, Venezuela (AP) - Venezuela is calling on OPEC to slash oil output by 1 million barrels per day to boost falling prices. Oil Minister Rafael Ramirez says OPEC should make the cuts at its Nov. 29 meeting in Cairo, and carry them out before the year's end. (The Star Online, Malaysia -- Business)
Venezuela will call on OPEC to reduce oil out put by 1 million barrels before year-end, Energy and Oil Minister Rafael Ramirez said. The coun try also wants to ensure that all members are complying with the pro duction cut of 1. (New York Post -- Business)
Oil Drops Below $50 on Speculation OPEC Cut Wont Boost Prices ... OPEC is not having a lot of leverage on prices, , senior commodity strategist at Australia & New Zealand Banking Group Ltd. in Melbourne, said in a Bloomberg Television interview ... 8 percent decline in OPEC shipments this month and the Standard & Poors 500 Index climbed from an 11-year low. (Bloomberg -- Japan)
Oil rises over $1, tops $51; OPEC cut eyed-Intl Business-Business-The Times of India ... Oil rises over $1, tops $51; OPEC cut eyed24 Nov 2008, 0648 hrs IST, REUTERS ... Analysts said growing expectations that the Organization of Petroleum Exporting Countries (OPEC) might cut output again as early as this week also helped lift oil prices. (India Times, India)
CARACAS (Reuters) - Venezuelans vote Sunday in state elections where President Hugo Chavez aims to consolidate his grip on the OPEC nation to re-energize his drive toward socialism a year after he suffered a referendum defeat. Still popular among the majority poor for spending oil wealth on schools, clinics and subsidized food, Chavez needs his allies to score a decisive win to build a platform to push reforms that would allow him to seek re-election in 2012. (Reuters)
The crisis, he said, is larger than what the Organization of the Petroleum Exporting Countries (OPEC) is used to dealing with. "We are concerned, of course, because we are exporting oil to Western states, and whether it is a depression or a recession, it is going to effect oil prices," Gadhafi said. (CNN -- US)
Dixie wrote on Apr 28, 2007 9:37 AM:" I believe that the gas prices are based on two issues, our greed and thinking that "I have the money to use as much fuel as I want" and the manipulation of oil prices by OPEC. We need to start thinking about the future, try to conserve by car pooling, not going to the store for that gallon of milk, walking more, etc. The common everyday person is the one that will suffer. I have to drive to work everyday just like everyone else, except I choose to car pool.... (Canton Daily Ledger, IL)
Hotel rooms are in short supply as foreigners flock to the Mediterranean port city to seal business deals made possible by the OPEC member country's recovery from years of sanctions. As the sun sets and a cool breeze wafts through shady colonial-era arcades, Tripolitans stroll past shops laden with a growing array of imported goods, from veiled Barbie dolls to England football shirts, designer handbags and silk scarves. (Globe and Mail -- Business)
In Cairo we will not have the complete data about the market, OPEC president Chakib Khelil said ... OPEC will meet Dec. 17 in Oran, Algeria ... Industry consultant Petrologistics estimated OPEC oil production will fall by 1. (Globe and Mail -- Business)
Paris - Action should be taken to halt a decline in oil prices, Libya's Opec representative told AFP on Friday, after prices slipped below $50 a barrel and touched three year lows. Nevertheless, Shukri Ghanem - the head of Libya's national oil firm and its envoy to the Opec oil cartel - did not explicitly repeat his call for oil production to be cut when the organisation meets in Cairo on November 29 ... In August, Opec slashed 1. (Business Report, South Africa)
"Crude oil has breached the support of $50 a barrel and is heading to $45. We expect further production cuts from OPEC, but these are unlikely to succeed in reversing the downtrend as the global economy heads into recession. Failure of this support would see crude test the December 2004 low of $40/barrel, but the long term base could be as low as the 2003 low of $25," said Rajesh Shah, commodity analyst at Kreg and Borden Investment Advisory. "Spot gold formed a Pennant Continuation Pattern over... (India Times)
these clean inexpensive energy sources are available today vs this old polluting energy source of Lng, which only makes the USA more dependent on foreign countries for our future energy needs (Anyone remember the 1970's oil embargo of OPEC, where OPEC cut back selling oil to the USA & prices tripled in a very short period of time. . (Coos Bay-North Bend The World, OR)
Cowlitz1 wrote on Nov 21, 2008 9:30 AM:" Great. Now we can go back to buying large inefficient vehicles, continuing wasteful driving practices, maintain inefficient traffic control throughout Longview, and completely ignore mass transit. That is, until the OPEC production cuts reinflate gas prices and we all wonder why we didn't change when we could. Ignorance is bliss. ". MillCreekMommy wrote on Nov 21, 2008 9:45 AM:" re: Cowlitz1I don't think that will be the case. The use of gas is still... (Longview Daily News, WA)
Crude Oil Rises on Reported OPEC Supply Cut, Stimulus Packages ... Nov. 21 (Bloomberg) -- Crude oil rose for the first time in six days as OPEC members cut production and governments step up efforts to revive economic growth ... Shipping reports are showing that OPEC is starting to adhere to quotas, which is supporting prices, said , an analyst at Tradition Energy in Stamford, Connecticut. (Bloomberg -- Canada)
Oil rose the first time in six days on speculation that OPEC is readying production cuts. Energy Producers. (Bloomberg -- Canada)
Action should meanwhile be taken to halt the decline in oil prices, Libya's Organisation of Petroleum Exporting Countries (OPEC) representative told AFP on Friday. Nevertheless, Shukri Ghanem - the head of Libya's national oil firm and its envoy to the OPEC oil cartel - did not explicitly repeat his call for oil production to be cut when the organisation meets in Cairo on November 29 ... Last month, the Organisation of Petroleum Exporting Countries (OPEC) cut its official oil output quota by 1. (Sydney Morning Herald -- Business)
We'd also point out that, thanks to OPEC and Congress, fewer people could afford to buy them even if they wanted to. Detroit didn't die just because corporate CEOs had a penchant for private jets. (Investors Business Daily)
So did word that OPEC will trim production, which lifted oil prices and hoisted energy stocks higher. The day s leap was the fifth-biggest Dow point gain of all-time. (Cincinnati Business Courier, OH)
dalejrbudride wrote on Nov 19, 2008 5:54 PM:" obviously, the skrewing we took at $4.00 per gallon wasn't enough for our greedy local opec dealers, they are bound and determined, to price gouge us for another 30 cents per gallon, just when we think their is hope on the horizon,, so sadd ". shinymcshine wrote on Nov 19, 2008 4:12 PM:" Its a simple case of price gouging. They can dance, zig, and zag around it, but there's no excuse for it. Local buisness oughta be ashamed. I fill up out of town... (Jefferson City News Tribune, MO)
Members of oil cartel Opec are to meet on November 29, after opting to cut output by 1. 5 million barrels per day. (BBC News -- Africa)
KUALA LUMPUR: OSK Investment Research sees tough times ahead for MISC Bhd following production cuts by Organisation of Petroleum Exporting Countries (OPEC) which will impact tankers rates while container shipping remain loss making ... With OPEC having announced a 1. (The Star Online, Malaysia)
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
OPEC may decide to take an another production cut at its meeting next week ... Libya's top oil official told press on Thursday that OPEC may decide to take an another production cut at its meeting in Cairo next week ... But many analysts doubt if the OPEC supply cut can stable the oil price as its previous decision to reduce output had little impact. (Xinhuanet, China)
CAIRO, Egypt (AP) - When OPEC announced late last month it was cutting crude oil output by 1 ... These are, in short, trying times for OPEC. ... It is a lack of demand, and no longer OPEC's ability to control supply, that is driving the price of oil. (The Star Online, Malaysia -- Business)
On Monday, the Organisation of the Petroleum Exporting Countries (OPEC), whose members produce 40 percent of the world's oil, said it was ready to intervene on a regular basis to help prop up prices. - AFP/de. (Channelnewsasia.com)
OPEC, which accounts for about 40 percent of global supply, may cut production before its next official meeting on Dec. 17, Rigby said. OPEC president Chakib Khelil has signalled the group may announce output reductions at the meeting, but some members, such as Iran, have called for earlier cuts ... OPEC lowered production quotas by 1. (Taipei Times, Taiwan -- World Business)
Viteri acknowledged that traditional credit flows may disappear if Ecuador does default, but said the country could turn to OPEC or even its own banking system to raise capital instead. Ecuador rejoined the Organization of Petroleum Exporting Countries in 2007 and will take advantage of that membership, Viteri said without giving details. (ABC News -- Wire)
A production cut by OPEC may keep prices from falling further ... OPEC President Chakib Khelil has signaled the group may announce production cuts at the December meeting, but some members, such as Iran, have called for earlier cuts. (ABC News -- Wire)
Oil has shed almost two thirds of its value since its July record above $147 a barrel as demand in big consumer nations slows, prompting some members of the Organization of the Petroleum Exporting Countries (OPEC) to call for further oil output cuts. OPEC ministers gather for informal talks on a further oil supply cut in Cairo on November 29, having already decided last month to reduce output by 1 ... But OPEC's President Chakib Khelil said in remarks published on Wednesday OPEC was unlikely to... (ABC News -- Wire)
But that's only for as long as the OPEC guys are sure that if gasoline prices don't stay low, Americans will become more determined than ever to break the addiction. This is a cycle that's been going on since the Oil Embargo of the 1970s. (Northeast Mississippi Daily Journal)
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