Obamas unsound energy plan Aug 23, 2008
Supply is controlled by OPEC, domestic production, and U.S. refineries. To increase supply we have to increase domestic oil production and build refineries. (WWalker County Messenger, GA)
Oil falls sharply and stocks gain on Lehman hopes Aug 23, 2008
Oil's slide added to a more than 20 percent fall in prices since mid-July and could increase the chance oil cartel OPEC will cut official production limits when the group meets in Vienna on September 9. U.S. crude fell $6. (International Herald Tribune)
Oil price down as dollar rebounds Aug 23, 2008
Another factor pushing down prices is speculation that oil producer group Opec could increase supplies. Geopolitical tensions - such as the missile shield deal agreed earlier in the week between Poland and the US - had fuelled concerns about oil supply, buoying prices. (BBC News -- Business)
Futures:• Crude Tumbles 5.4%, Erasing Gains From Previous Session; Dollar Revives Aug 23, 2008
Friday's decline was encouraged by two separate reports Friday showing an uptick in OPEC crude oil output and an expected decline in U.S. travel over the Sept. 1 Labor Day holiday weekend. With Europe and other economies now weakening along with the U.S., demand concerns were back in focus after Thursday's $5. (Investors Business Daily)
Oil Sparked All Over Again Aug 23, 2008
Oil prices were also galvanized by a weaker U.S. dollar and worries about tightening output from OPEC countries are also supporting prices. Light, sweet crude for October delivery jumped $5. (Forbes -- Business)
Oil Falls 5.4 Percent in Biggest Drop Since 2004 Aug 23, 2008
The slide adds to a more than 20 percent fall in the price of crude since mid-July and could increase the chance oil cartel OPEC will cut official production limits when the group meets in Vienna on September 9 ... The declines Friday were encouraged by two reports -- one showing an uptick in OPEC crude oil output and another showing an expected decline in U.S. travel over the September 1 Labor Day holiday weekend as high fuel prices hit consumers ... Industry consultant Petrologistics said on... (Newsmax)
Oil rises on Russia tensions Aug 22, 2008
Traders focused on supply threats, including OPEC supply cut ... A weaker U.S. dollar and worries about tightening output from OPEC countries are also supporting prices ... Venezuelan Oil Minister Rafael Ramirez said he might propose an output cut at the next OPEC meeting. (CNN -- International)
Oil futures suddenly come back to life Aug 22, 2008
"The question becomes, what number would OPEC defend?" she said ... In its August monthly oil report, OPEC noted that in recent weeks, oil prices have reflected weakening economic growth in the U.S., Europe and Japan, as well as lower U.S. gasoline demand ... OPEC said it has pumped 780,000 more barrels a day since April, reaching 32. (Houston Chronicle)
Oil prices higher after major gains Aug 22, 2008
Venezuela, a member of the Organisation of the Petroleum Exporting Countries (OPEC), said it would ask the cartel at its September meeting to cut production if downward price pressure continued. To read business stories in. (India Times)
Do you expect oil to head back to $140 per barrel? Aug 22, 2008
Oil prices had closed up by more than one dollar on Tuesday after OPEC member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continued ... Traders said interest was rising about what position the Organization of the Petroleum Exporting Countries (OPEC) would take at its September meeting ... OPEC, which is steered by Saudi Arabia, produces about 40 percent of the world's crude. (India Times)
Cornyn speaks about energy at forum Aug 22, 2008
If we would resume production and exploration along our continental shelf and utilize our reserves, we could produce three million barrels of oil a day that we wouldn t have to buy from OPEC countries, he said. Alternative fuel sources would also have to be explored further, Cornyn said. (Brenham Banner, TX)
OPEC mulls move toward euro for its pricing of crude oil Aug 22, 2008
CALGARY -- OPEC is considering a move away from using the U.S. dollar -- and to the euro -- to set its price targets for crude oil, the highest-profile manifestation of the debilitating effect of depreciation on the greenback's standing as the currency of international commerce. The full text of this article has 605 words. (Yahoo News -- Euro and the EMU)
Supply concerns send oil surging Aug 22, 2008
Another factor pushing up prices was speculation that oil producer cartel Opec might reduce supply in an attempt to prevent prices from falling. While prices have risen lately, they are still far off the record of more than $147 a barrel which was hit in July. (BBC News -- Business)
Crude spikes again Aug 22, 2008
A weaker U.S. dollar and worries about tightening output from OPEC countries also are supporting prices. After days of brushing off geopolitical flare-ups and a tropical storm, oil spiked above $122 a barrel as traders became rattled over increasingly hostile Russian rhetoric toward a U.S.-Poland deal to install a missile defense system in Eastern Europe -- a move Moscow views as a threat. (NJ.com -- Times)
Post a comment » Aug 22, 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)
Oil prices edge higher after overnight rally Aug 22, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Are Oil Prices Rigged? Aug 22, 2008
Controlling the supply as in the 1973 OPEC embargo has become less effective with more sources of oil worldwide ... Hedge funds, oil companies, OPEC the very people who profit from massive, consistent increases in prices. (Time.com)
Oil jumps $5 on U.S.-Russia tensions, sliding dollar Aug 22, 2008
A weaker U.S. dollar and worries about tightening output from OPEC countries are also supporting prices ... Venezuelan Oil Minister Rafael Ramirez said he might propose an output cut at the next OPEC meeting ... U.S. energy consultancy Cameron Hanover noted in its daily market report that some members of the oil group were terrified of allowing Western countries to build any kind of cushion for the unexpected, because it has the potential to return prices to normal or sustainable economic levels... (San Diego Union-Tribune)
Stocks sag as oil climbs past $119 on Russia-U.S. tension Aug 21, 2008
45 million in June, far above the country's informal OPEC target. OPEC meets Sept. 9 to review output policy. (USA Today -- Money)
Rodriguez favors varied approach on energy Aug 21, 2008
" But Rodriguez cautioned that offshore drilling wouldn't likely yield any help for at least seven to 10 years. For more immediate relief at the pump, Rodriguez said, we need to look to legislation on price gouging by oil companies and Justice Department action against companies doing business with OPEC at prices disadvantageous to the U.S.A release of oil from strategic reserves would also help bring down the pump price, Rodriguez said. And he said the U.S. needs to look at increasing its... (Fort Stockton Pioneer, TX)
Falling petrol stocks lift oil price Aug 21, 2008
Traders said interest was rising about the Organisation of the Petroleum Exporting Countries' (OPEC) position at its September meeting. OPEC, which is steered by Saudi Arabia, produces about 40% of the world's crude ... A leading British energy consultancy, CGES, said Monday that OPEC might decide to cut output next month should the price of crude fall below $US100. (Sydney Morning Herald -- Business)
Oil prices slide as US crude inventories jump Aug 21, 2008
Thursday, August 21, 2008. " onclick="Next();" src="/images/butt_next. (Channelnewsasia.com)
Venezuela's call for cut heats up oil price Aug 21, 2008
Singapore - World oil prices rose in Asian trade on Wednesday on fresh supply concerns after key producer Venezuela indicated it could ask Opec to cut output, dealers said ... Venezuela's Energy and Petroleum Minister, Rafael Ramirez, on Tuesday said his country will propose production cuts at the next Organisation of the Petroleum Exporting Countries (Opec) meeting if oil prices continue to fall ... "This is the position that we will take at the next Opec meeting," he said. (Business Report, South Africa)
Speculation nation Aug 21, 2008
" Fair enough. As for Point 1, I was taken aback by that a British energy consultancy was predicting that the Saudis might soon cut crude oil production because "OPEC member-countries, facing increased government spending and rising inflation, will not be happy to see prices fall far below $100 per barrel. " The idea that $100-per-barrel oil is now seen as a possible floor for prices rather than a heretofore unimaginably high benchmark just shows how differently the world views oil prices now... (Salon)
Oil Rises a Second Day on Dollar's Slide, Expected U.S. Fuel-Supply Drop Aug 20, 2008
OPEC, which is responsible for more than 40 percent of global oil production, is scheduled to meet next on Sept. 9 in Vienna. We'll probably only get some rhetoric out of the meeting but the tone of the rhetoric is going to be watched,'' said Hudson Capital's Kornafel. (Bloomberg -- Germany)
Double car bombing in Algeria kills 11 Aug 20, 2008
The bloodiest week in nearly a year in the OPEC member state recalled the horrors of the 1990s, the height of an Islamist rebel insurgency in the north African country of 34 million. There was no immediate claim of responsibility for the bombings on Wednesday at Bouira, 150 km (90 miles) east of Algiers. (International Herald Tribune -- Technology)
Budget Crisis Looming in Nigeria Aug 20, 2008
He regretted that Nigeria, the sixth biggest oil producer in the world and Africa's biggest oil producer, is now rated low, among other members of the Organisation of Petroleum Exporting Countries (OPEC) in terms of production volume, and lamented that a lot of projects had been put on hold owing to funding and security challenges. "Again, if oil prices drop and we don't have the income for new projects, we will have budget crisis. We need to fund the industry properly. Also, there has to be... (allAfrica.com)
China and Iraq ready to sign $1.2 billion oil deal... Aug 20, 2008
But with prices high, Iraq -- an OPEC member with the world's third largest oil reserves -- has been negotiating from a position of strength. Iraq is negotiating six short-term oil service contracts worth about $500 million each with foreign firms or consortiums, but those deals have been long delayed. (The Drudge Report)
The Idiocy of Energy Independence Aug 20, 2008
OPEC is certainly manipulating the market every time they cut back on production. OIL is a huge sanction tool. (Townhall.com)
Oil prices dip before US energy data Aug 20, 2008
Crude oil prices had closed up by more than one dollar on Tuesday after OPEC member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continues ... The Organization of Petroleum Exporting Countries (OPEC), which is steered by Saudi Arabia, produces about 40 percent of the world's crude ... A leading British energy consultancy, CGES, had on Monday said that OPEC might decide to cut output next month should the price of crude fall under... (Yahoo News -- Top Stories)
Oil rises as the dollar weakens Aug 20, 2008
Meanwhile last week's figures from Opec hinted that global demand for oil is set to slow. The oil cartel's monthly report predicted global oil demand would grow by one million barrels a day in 2009 - 30,000 barrels lower than its previous forecasts, and its lowest growth since 2002. (BBC News -- Business)
Beer, happiness, and academic productivity Aug 20, 2008
As for Point 1, I was taken aback by that a British energy consultancy was predicting that the Saudis might soon cut crude oil production because "OPEC member-countries, facing increased government spending and rising inflation, will not be happy to see prices fall far below $100 per barrel." The idea that $100-per-barrel oil is now seen as a possible floor for prices rather than a heretofore unimaginably high benchmark just shows how differently the world views oil prices now than it did four... (Salon)
* Crude prices rise on worries Storm Fay may disrupt supply Aug 19, 2008
A forecast from OPEC on Friday of lower global oil demand growth helped to keep prices from rising higher ... Demand growth from the major industrialized countries will actually decline, OPEC said, with non-OECD countries accounting for all oil demand growth next year. (Taipei Times, Taiwan -- World)
Energy majors awash in money but not oil Aug 19, 2008
This imbalance between supplies and demand will be one thing that OPEC ministers will consider when they meet next month to decide whether or not to increase their production. OPEC has about 2 million barrels a day in untapped capacity that its members control. (International Herald Tribune)
Relax trade barriers and reap rewards, Prentice tells Americans Aug 19, 2008
Oil tumbled last week to its lowest price in three months after the U.S. greenback surged and OPEC forecast demand for oil will slump next year its lowest point since 2002. On Monday, crude oil for September delivery fell to $113. (Globe and Mail -- National)
Oil remains choppy amid storm threat Aug 19, 2008
Traders wonder if crude oil could fall to $100 a barrel before the next Opec meeting in September and what reaction that might provoke from the cartel. The Centre for Global Energy Studies said: The much-needed downward correction in oil prices could prove short-lived, if Opec overreacts and cuts its output too sharply ... It also warned that the cartel was being over-optimistic in its forecast for non-Opec output to rise 1. (FT.com -- Markets)
Venezuela to push OPEC cut if oil falls Aug 19, 2008
GUANTA, Venezuela Venezuela will propose an oil production cut at the next OPEC meeting in September if prices continue to fall, energy minister Rafael Ramirez told Reuters Tuesday ... He said OPEC should avoid allowing undue increases in oil inventory levels ... In OPEC we always insisted that (the quick price movement) was fundamentally a product of speculation, and these abrupt changes in price show that we were right, Mr. Ramirez said. (Globe and Mail -- Business)
Economic Watchdog, August 18 Aug 18, 2008
Over the weekend, there were comments by an OPEC leader saying that production cuts might be needed at the September 9 meeting. OPEC governor Mohammad Ali Khatibi stated that the market is oversupplied by about 1 million barrels a day. (Forbes)
Oil prices rise on storm worries Aug 18, 2008
Prices fell at the end of last week after the OPEC cartel lowered its forecast for oil demand growth, citing the weak global economy. The Organisation of the Petroleum Exporting Countries (OPEC), which produces about 40 percent of the world's oil, revised its global demand growth forecast for 2008 down to 1. (India Times)
Cooling oil prices: India breathing easy financial scene Aug 18, 2008
Reportedly, the world s largest oil producer along with a few other OPEC countries has as much interest in preventing a further steep escalation in oil prices as the big consumers. That primarily arises from a belief that demand for hydrocarbons will come down if prices stay high. (Hindu)
Udall's U-turn on oil exploration Aug 18, 2008
Declare oil cartels like OPEC to be in violation of U.S. antitrust law, even though most high school seniors - not to mention Members of Congress - are smart enough to know that our laws do not apply to foreign oil companies. Oppose making abandoned military bases available for construction of new oil refineries, oblivious to the reality no new American oil refineries have been constructed since 1976, increasing our dependence on foreign refineries. (Townhall.com)
Storm worries push up oil price Aug 18, 2008
Last week's forecast by the Opec cartel of oil producing nations that demand would grow more slowly than previously thought in 2008 and 2009 also helped to prevent prices from rising. Bookmark with. (BBC News -- Business)
Saudi Arabia's oil policy is unresolved Aug 18, 2008
SIGNIFICANCE: Saudi oil policy is key to what OPEC may or may not do to influence price trends in a world of highly volatile oil prices ... From 1999, in order to achieve higher revenue, the Saudis -- with help from OPEC as well as dramatically rising demand, especially from Asia -- restrained production to keep oil inventories at relatively low levels ... As the price breached 100 dollars, the consuming countries, especially the United States, began to express concern, and when it got close to... (Globe and Mail -- Business)
Iraq likely to abandon short-term oil contracts: U.S. Aug 18, 2008
The deals would give global oil companies the first major foreign involvement in the OPEC member state's oil sector in nearly four decades. The deals should have been signed earlier this year, but have been held up, in part due to disagreement over terms. (Globe and Mail -- Business)
Storm pushes oil above $US115 Aug 18, 2008
"Oil prices also fell to the lower end of the recent trading range on Friday, so some traders in the market probably saw that as a buying opportunity.'' Royal Dutch Shell and Marathon Oil have pulled non-essential workers from the eastern and central Gulf of Mexico due to the storm threat, but offshore production was unaffected, the companies said on Sunday. On Sunday local time, Fay was expected to bypass most of the offshore production areas in the Gulf and instead strike the Gulf Coast of... (Sydney Morning Herald -- Business)
Drive 55 campaign gaining speed Aug 18, 2008
"There is no need for OPEC or the oil companies to help us out," Speier says. "Every driver can affect change simply by easing up on their right foot.". (USA Today)
Demand worries bring commodity market to its knees Aug 18, 2008
Opec on Friday lowered its forecast for world oil demand growth, citing the weak global economy ... "The softening economic situation has led to a further slowdown in oil demand growth," the Organisation of Petroleum Exporting Countries (Opec) said in its latest monthly forecast ... Opec, which produces about 40 percent of the world's oil, revised its global oil demand growth forecast for 2008 down to 1. (Business Report, South Africa)
OPEC official says output cuts may be needed Aug 17, 2008
OPEC official says falling oil price could trigger output cuts - MarketWatch ... "The market is oversupplied by at least 1 million barrels a day. If OPEC would like to remove this additional oil out of the market, then OPEC has to cut some production," OPEC governor Mohammad Ali Khatibi told Dow Jones in a telephone interview ... "There will be maybe two options. One option is maintaining the level of production. It means OPEC will roll over the production. The other option will be some decrease... (MarketWatch)
Has the worst market scenario been discounted? Aug 17, 2008
On the crude price front also, Opec has further cut its forecast for global oil demand growth in 2008 and expects production more than adequate, signalling a more comfortable supply and demand balance scenario. It is expected that during this week, one could witness a small knee-jerk reaction initially due to several negative macro headwinds but thereafter, there is a strong possibility of some sustained value buying coming in from funds and long term investors, since it seems that the worst... (India Times)
Your views: Beating the oil drum Aug 17, 2008
OPEC oil is a necessity. Mexico will cease to be a net exporter of oil in two to four years if current decline rates continue. (Florida Today)
'Come to the Fair, bring your dog' Aug 17, 2008
To date, her efforts have been noted in two areas: 1) File a lawsuit against OPEC. 2) A windfall profits tax on oil company profits. Both of these moves would obviously result in higher fuel prices. (Longview Daily News, WA)
Oil slips below $US114 on stronger US dollar Aug 17, 2008
" An OPEC forecast of lower demand also put downward pressure on prices. In its monthly oil report, the organisation forecast world appetite for oil this year overall will fall by 30,000 barrels a day. While forecasting demand growing by a daily 1 million barrels a day this year, and another 900,000 barrels in 2009, the report noted that world demand growth next year will also be "the lowest since 2002", with demand growth from the major industrialised countries actually declining. "They're... (Sydney Morning Herald -- Business)
Oil hits three-month low on stronger dollar Aug 17, 2008
OPEC predicted in its monthly report Friday that the global demand for oil this year will fall by 30,000 barrels a day and the world demand growth next year will be "the lowest since 2002.". The crude futures have lost more than 24 percent since the all-time peak of 147. (Xinhuanet, China)
Dollar rises against most major currencies Aug 17, 2008
Oil prices continued falling on Friday after OPEC lowered its forecast for global oil demand next year. Light, sweet crude for September delivery fell 1. (Xinhuanet, China)
Opec cuts demand forecast Aug 17, 2008
Vienna - Opec revised its world oil demand growth forecast for 2008 down to 1 ... Opec predicted that world oil demand would rise to 86. (Business Report, South Africa)
Greenback's value looking better Aug 16, 2008
Oil has fallen to its lowest price in three months, briefly touching the $111 level Friday after the dollar muscled higher and OPEC predicted the world's thirst for fuel next year will fall to its lowest point since 2002. CONTINUED 1. (OregonLive, OR -- Business)
US stocks close mixed as oil falls Aug 16, 2008
The market endured a volatile session after opening higher on news that crude prices were falling further after OPEC lowered its forecast for oil demand growth, citing a weakening global economy. "The softening economic situation has led to a further slowdown in oil demand growth," the Organization of the Petroleum Exporting Countries said Friday. (India Times)
Strong dollar drag oil to $111 a barrel Aug 16, 2008
NEW YORK: Oil prices sank more than $3 a barrel on Friday, dropping to the lowest level since early May after the dollar muscled higher and Opec predicted world demand for energy will keep falling ... An Opec forecast of lower demand also put downward pressure on prices ... The Opec report came two days after the US Department of Energy highlighted the ongoing drop in US demand for energy as Americans struggle with high costs for gasoline, food and other goods. (India Times)
Saturday Talk: Bilingualism Aug 16, 2008
India buys oil at any price to continue prospering, Russia intimidates Europe by controlling pipelines, and OPEC builds indoor ski slopes with oil profits. Why. (Atlanta Journal-Constitution -- Opinion)
Oil Prices Keep on Falling Aug 16, 2008
Oil fell to its lowest price in three months Friday, briefly touching the $111 level after the dollar muscled higher and OPEC predicted the world's thirst for fuel next year will fall to its lowest point since 2002 ... " An OPEC forecast of lower demand also put downward pressure on prices. Related In its monthly oil report, the organization forecast world appetite for oil this year overall will fall by 30,000 barrels a day. While forecasting demand growing by a daily 1 million barrels a day... (ABC News -- Wire)
* Nigerian militants MEND rescue two German hostages Aug 16, 2008
Nigerias most prominent militant group on Thursday rescued two German hostages seized by an armed gang, an unprecedented intervention by a group that has wrought havoc on the OPEC members oil sector. The German Foreign Ministry confirmed that the two workers have been released. (Taipei Times, Taiwan -- World)
OPEC mulls move toward euro for its pricing of crude oil Aug 16, 2008
CALGARY -- OPEC is considering a move away from using the U.S. dollar -- and to the euro -- to set its price targets for crude oil, the highest-profile manifestation of the debilitating effect of depreciation on the greenback's standing as the currency of international commerce. The full text of this article has 605 words. (Yahoo News -- Euro and the EMU)
Gold falls below to $800 an ounce Aug 16, 2008
Oil was also down, after oil producer group Opec forecast lower demand for the fuel. US sweet, light crude oil slipped $1. (BBC News -- Business)
Post a comment » Aug 16, 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)
Market ends flat, dollar continues rally Aug 16, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
