Nigeria: Oil Companies Must Build Refineries, Says Govt Nov 13, 2009
67 million barrels per day imposed by the Organisation of Petroleum Exporting Countries (OPEC). The DPR boss also disclosed that production deferment for the third quarter of 2009 was as follows: June, 634,371bpd, July, 827,517bpd, and August 2009: 893,523 Barrels per day. (allAfrica.com)
Oil Hovers Above $79 Ahead of US Supply Report Nov 12, 2009
Oil prices ticked higher Wednesday as OPEC said the world would consume more crude in 2010 than previously expected, and China said its economy improved. Benchmark crude for December delivery added 23 cents to settle at $79. (ABC News -- Business)
World oil demand to fall 1.63% in 2009: OPEC Nov 12, 2009
63% in 2009: OPEC _English_Xinhua ... 31 million barrels per day (bpd), the Organization of the Petroleum Exporting Countries (OPEC) said in its latest monthly report released on Wednesday ... OPEC forecast that crude oil demand of next year would grow 3. (Xinhuanet, China)
OPEC Predicts Greater Oil Demand in 2010 Nov 12, 2009
(AP) Oil prices ticked higher Wednesday as OPEC said the world would consume more crude in 2010 than previously expected, and China said its economy improved ... But OPEC also warned that higher oil prices "could dampen world oil demand in the coming year.". (CBS News)
Destiny Resource Services Corp. Announces Q3'09 Results Nov 12, 2009
The oil market is influenced by global supply and demand considerations and by the supply management practices of OPEC. The natural gas market is primarily influenced by North American supply and demand and by the price of competing fuels. The risks associated with external competition are minimized by concentrating Company activities in areas where it has demonstrated technical and operational advantages and by employing highly competent professional staff. (CCNMatthews Press Releases)
Oil prices up in Asian trade Nov 12, 2009
Meanwhile in Vienna Wednesday, the OPEC cartel of oil producers left broadly unchanged its forecasts for world crude demand growth this year and next year, warning of downside risks should the economic recovery remain weak. Read business stories in. (India Times)
Nigeria: Fuel Price Hike Looms Nov 12, 2009
Also, the Minister of Finance, Dr. Mansur Mukhtar, said it was unacceptable that Nigeria, a major oil producing country and a member of the Oil Producing Exporting Country (OPEC), was still importing petrol for domestic consumption ... Presenting labour's position, General-Secretary of the NLC, Comrade Odah wondered why Nigeria should be the only OPEC member that imports fuel. (allAfrica.com)
Oil above $79 on bullish China data Nov 11, 2009
A monthly report by producer group OPEC, due later in the day, could also offer clues on the outlook for global oil demand. US crude for December delivery rose 11 cents to $79. (India Times)
Hasan Warned Army about Muslim GI Morale Nov 11, 2009
Knowing that, in turn, makes me wonder if the reason that they are so eager to arouse hatred towards those of the Islamic faith is so that we can be convinced to crush the Islamic nations and regain control of the oil fields that they lost to OPEC thirty years ago. lollll. (CBS News)
Crude Oil Tops $80 as U.S. Equities Rebound, Signaling Fuel Use to Climb Nov 11, 2009
OPEC made a record 4 ... Asked whether OPEC should increase production at that meeting, , the executive director of the Paris-based International Energy Agency, said we have to watch carefully how the oil market will move ... Non-OPEC production of crude oil and other liquids will rise 1. (Bloomberg -- Canada)
Angle Announces 2009 Third Quarter Results Nov 10, 2009
Commodity prices are expected to remain volatile for the near future as a result of market uncertainties over the supply and demand of these commodities due to the current state of the world economies, OPEC actions and the ongoing global credit and liquidity concerns. Inherent Industry Risks - Risk of Failing to Discover Economic Reserves Additions. (CCNMatthews Press Releases)
OPEC weekly oil prices fluctuate wildly Nov 10, 2009
VIENNA, Nov. 9 (Xinhua) -- The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) showed a high frequency of price changes last week. On the five trading days from Nov. 2 to Nov. 6, OPEC oil prices fluctuated wildly, ranging from 74 ... It was the second time that OPEC weekly average oil prices had been maintained above 70 dollars a barrel for four consecutive weeks since August. (Xinhuanet, China)
Oil jumps on hurricane fears Nov 9, 2009
Underscoring the slim chance that OPEC would soon raise supplies, United Arab Emirates Oil Minister Mohammed al-Hamli said on Saturday that raising oil production was not currently on the agenda for the producer group. Oil settled down $US2. (Sydney Morning Herald -- Business)
Editorial: Technology gains while mpg drags Nov 9, 2009
The 1973-74 OPEC oil embargo then triggered a wave of innovation, and fuel efficiency of the U.S. fleet increased to 16. 9 mpg by 1991. (Sacramento Bee -- Opinion)
Dollar May Lose Reserve Status as Asian Economies Lead in Growth, ADB Says Nov 9, 2009
The weaker dollar adds to costs for OPEC members who use oil revenue to buy goods priced in other currencies. Criticism of the dollars role as the worlds main reserve currency has grown in the wake of the global financial crisis. (Bloomberg -- Asia)
Oil prices near $79 on US hurricane, weaker dollar Nov 9, 2009
Crude prices bounced above $80 per barrel once again on Wednesday, a level that even OPEC leaders have said is too high given the fragile state of the global economy. And again it is the U.S. currency that is getting most of the blame. (Fresno Bee -- Business)
Ministry: NATO Strike Kills Afghan Forces Nov 8, 2009
Congress could accuse him of collusion with OPEC to raise fuel prices. The Obama recession is caused by his allegiance to a blood thirsty oil cartel. (CBS News)
Elder Law: It's hard to tell when inflation will make appearance Nov 8, 2009
Then we had the oil embargo (OPEC I) and wage and price controls. Many significant events were made in that block of time, but the market reactions often blossomed years after. (The News-Press -- Business)
Hasan Reportedly Felt U.S. Attacked Islam Nov 7, 2009
" by bubbadubba November 6, 2009 8:39 PM EST Two words - Firing Squad.But of course our top military officials are politically correct chickens so that is not going to happen.The guy will get life if he gets anything at all.We would not want to offend our OPEC friends since that might hurt oil company profits. by RowlandP November 6, 2009 8:36 PM EST The gun used was a FN (Fabrique Nationale) Five-Seven. It fires a 5.7mm(.22 caliber) round. Given that the gun costs around $1,200, I doubt there... (CBS News -- Health)
Iraq oil deal puts pressure on Opec Nov 6, 2009
Financial Times FT.com. All times are London time. (FT.com -- Markets)
The geek in charge at the Department of Energy Nov 6, 2009
" Michael Casey reports: That campaign comes despite an International Energy Agency report released this week showing that OPEC revenues would still increase $23 trillion between 2008 and 2030 -- a fourfold increase compared to the period from 1985 to 2007 -- if countries agree to significantly slash emissions and thereby cut their use of oil.... The head of the Saudi delegation Mohammad S. Al Sabban dismissed the IEA figures as "biased" and said OPEC's own calculations showed that Saudi Arabia... (Salon)
Getting warm Nov 6, 2009
Opec and Saudi Arabia seeking financial aid for oil-producers if new agreement requires cuts of fossil fuels ... In 2007 Opec members pledged $750m to fund climate change research. (BBC News)
Should the president go to Cape Coast or to Elmina? Nov 5, 2009
Even when we finally begin drilling our own oil, Ghanaians will pay OPEC determined prices for crude oil. The arguments that the Mills Administration are making were the same arguments the Kufuor administration continuously made when they were in power. (Ghana Web, Ghana)
Oil is back to $80 per barrel as dollar slides Nov 5, 2009
NEW YORK (AP): Crude prices bounced above $80 per barrel once again on Wednesday, a level that even OPEC leaders have said is too high given the fragile state of the global economy ... OPEC isn't "telling you that oil is a good buy at these prices," analyst Stephen Schork said. (The Star Online, Malaysia)
Exxon, Dutch Shell Win Iraq Oil Contract Nov 5, 2009
(AP) A consortium grouping U.S. and European oil giants Exxon Mobil Corp. and Royal Dutch Shell PLC won the right to develop one of Iraq's most prized oil fields, Iraq's Oil Ministry spokesman said on Thursday, as the OPEC nation looks to revamp its battered energy sector. The deal to develop the 8. (CBS News -- Sci/Tech)
Why Big Oil Is Back in Iraq Nov 5, 2009
Global oil companies are finding it harder to resist the huge volume of crude in Iraq, but their change of heart could increase tensions in OPEC ... Shell, Exxon, and ConocoPhillips () also are in talks that could help boost Iraq's oil production to more than 6 million barrels per day behind only Saudi Arabia in OPEC. "This is the window in which if anything can happen it will happen," says Alex Munton, an Iraq specialist at Edinburgh-based energy consultants ... The change of heart among could... (BusinessWeek)
‘Crude’ taps into court battle involving Ecuadorans and oil giant Nov 1, 2009
Back then it was promoted by Ecuador s government, which later joined OPEC, and featured proudly in an old Texaco ad shown in Crude. On one side of the lawsuit are tens of thousands of indigenous people, represented by an appealing Ecuadoran, Pablo Fajardo, and the American Steven Donziger, who says he has moral as well as financial interests in the case. (Boston Globe)
Venezuela's Ramirez Says OPEC Should Maintain Production Amid Inventories Oct 31, 2009
Venezuela Wants OPEC to Maintain Output in December (Update2) - Bloomberg ... Venezuela Wants OPEC to Maintain Output in December (Update2) ... The level of OPEC production has to be maintained. (Bloomberg)
Canada Stocks Fall, Led by Oil Producers, as Economy Unexpectedly Shrinks Oct 31, 2009
The feeling is that OPEC still has room to increase their capacity as well, he said, referring to the Organization of Petroleum Exporting Countries. Seven of the countrys eight publicly traded banks declined. (Bloomberg -- Canada)
Energy Economics and Some Energy Myths for the 21st Century Oct 30, 2009
The title of this contribution is almost identical to the one I used for a paper that I published in the OPEC Bulletin ten years ago. During those wonderful days I eventually came to believe that -- where energy economics was concerned -- I was OPEC's fair-haired boy, since they published everything I sent them, regardless of its content or quality ... The OPEC Bulletin and the OPEC Energy Review also came to the conclusion that my work was a little too sophisticated for their readers, by which... (Energy Pulse, CO)
INTERVIEW-Nigeria's oil equity plan to help end militancy Oct 29, 2009
President Umaru Yar'Adua has asked parliament to approve legislation that would provide 10 percent of the OPEC member's oil joint ventures to the Niger Delta, his latest effort to halt years of unrest in the area. Many details still need to be worked out and it is unclear whether Yar'Adua will get enough political support from non-oil states to pass it through parliament. (AlertNet)
Public Information Notice: IMF Executive Board Concludes Article IV Consultation with Nigeria Oct 29, 2009
Constrained by security issues in the Niger Delta and, more recently, by Organization of the Petroleum Exporting Countries (OPEC) production quotas, oil production has averaged about 2 million barrels a day in recent months, about 20 percent below its 2005 peak. Lower oil prices have put pressure on the fiscal and external accounts. (IMF News)
Elder Law: Sorting through misinformation can be tough chore Oct 29, 2009
Energy is an area I've studied since OPEC I, in 1973. Unfortunately the former speaker and his friend revealed a lack of understanding of the concept. (The News-Press -- Business)
Oil price up ahead of inventory data Oct 28, 2009
Elsewhere, Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah said Tuesday that OPEC may have to call a special meeting if prices continue to rise. - Sapa-AFP. (Business Report, South Africa)
Boost in oil, only if shortage: OPEC Oct 28, 2009
KUWAIT: The Organisation of Petroleum Exporting Countries (OPEC) is ready to boost oil output if it sees a real shortage in supply and a fall in inventories, oil ministers from the group said as crude prices 00004000 traded near a one-year high. Some in the OPEC have since last week been raising the prospect of an output increase, a sign they are concerned the rallying oil price could hamper economic recovery ... OPEC president Jose Botelho de Vasconcelos, also Angolas oil minister, had said... (India Times)
Ecuador Seeks China, Russian Oil Investment As Output Slumps a Third Year Oct 28, 2009
Output would be the lowest since 416,000 barrels in 2003, based on OPEC figures ... The Organization of Petroleum Exporting Countries, or OPEC, would make a good decision by maintaining current production levels, according to Gonzalez ... Germanico Pinto, Ecuadors Minister of Non-Renewable Natural Resources, will take over as OPECs president for one year on Jan. 1, according to OPECs Web site. (Bloomberg -- Latin America)
Share the Oil Cash! Courting the Devils Excrement Oct 28, 2009
In the late 1960s, Venezuelan oil Minister Juan Pablo Perez Alfonzo, a co-founder of OPEC, looked at the easy wealth oil was bringing his country and saw ruin, not prosperity, in the future. He prophetically called oil the devils excrement, referring to the debilitating social decay associated with oil wealth. (Ghana Web, Ghana)
Angola: New Deepwater Oil Find Oct 28, 2009
Angola which currently holds the presidency of the Organization of Petroleum Exporting Countries (OPEC) and will host the next meeting of the oil exporters' group had at several times in the last two years topped export chart from Africa as security tension force huge volumes of shut in Nigeria. Angola's rising hydrocarbon reserves and production recommended its entry into the OPEC at time when production from Indonesia was fast declining, making the coincidence a perfect replacement to retain... (allAfrica.com)
Oil hovers below US$79 in Asia trade Tue(update) Oct 27, 2009
"If the oil price continues to rise in the next week or two, there is a danger that economic recovery will be strangled at birth and these fears will give rise to talk that OPEC must act to put more oil into the market to cap prices," said a report from Britain's KBC Market Services. "Today's $80 (per barrel) price is not firmly grounded because the fundamentals for both the economy and the oil market remain weak.". (The Star Online, Malaysia -- Business)
Ecuador to seek billions to go green Oct 27, 2009
Ecuador is an OPEC member that depends on oil for a third of its national budget. The three oil fields in Yasuni represent 20% of its crude oil reserves. (Florida Today)
Oil slips on recovery worries Oct 26, 2009
Comments from producer group OPEC last week that it would raise output targets at a December meeting has also cast a pall on the oil market, analysts said ... Separately, Iran said it has always adhered to its implied output target under OPEC's existing output curbs and has not violated its commitments, the semi-official Mehr news agency reported on Saturday. (Sydney Morning Herald -- Business)
Oil Falls Below $80 on Economic Recovery Concerns Oct 26, 2009
Comments from producer group OPEC last week that it would raise output targets at a December meeting has also cast a pall on the oil market, analysts said. Stock bulls may hit the pause button again this week if a wave of earnings due from marquee names such as Exxon Mobil and a slew of economic data offer no new incentives to extend Wall Street's seven-month rally. (ABC News -- Business)
Seattle expected to be key market for electric cars Oct 26, 2009
MnemonicPsychotic wrote on Oct 25, 2009 7:14 PM:" Rates may go up in the future,who knows?Gondolapete and Grace,I ask you this....do you think that the Arabs should continue to get all our money forever? Even if rates do go up due to higher demand,at least the economic activity will remain centered in the USA.It is about time we STARTED to quit exporting our capital to Arab states that mostly would like to see our demise and/or downfall.I am all for it.This is the beginning of the end for the... (Longview Daily News, WA)
Rebels declare 'truce' Oct 26, 2009
Last Upd: 09:36am 26 Oct 2009. R3,000 free @ Prestige Casino. (iAfrica.com)
$100 Oil? Don't Bet on It Oct 26, 2009
An estimated 125 million barrels' worth are floating around on tankers scattered over the globe, according to OPEC. Normally, a negligible amount of oil is being stored offshore in ships. Refineries, too, can ramp up and produce oil products, analysts say. (BusinessWeek)
* The almighty US dollar escapes death once again Oct 25, 2009
In the longer run, OPEC will shift to pricing petroleum in a basket of currencies. It sells its oil to the US, Europe, Japan, and emerging markets alike. (Taipei Times, Taiwan -- Sports)
* Oil prices hit one-year high, while metals rally Oct 25, 2009
OPEC Secretary-General Abdalla Salem El-Badri said in London on Thursday that the cartel would consider ramping up crude oil production at its next meeting in December should economic growth improve and other conditions be met. The cartel will not hesitate to increase its production in December, he told reporters, adding the decision was dependent also on higher oil prices and no floating storage of crude. (Taipei Times, Taiwan -- Sports)
Female Saudi Reporter Lashed for Sex Talk Oct 25, 2009
I say withdrawl from OPEC drill our own domestic oil which is plentiful and watch gas prices fall to record numbers. Abolishing the Federal Reserve by using a Treasury Note not a Federal Reserve Note would help aswell. (CBS News)
Wall Street Slides on Railroad, Oil Woes Oct 24, 2009
NEW YORK, Oct. 23, 2009. Railroad Execs Lukewarm on Economy; Dip in Oil Prices Drag Down Energy Stocks. (CBS News)
Oil falls from year-high as OPEC signals output rise Oct 23, 2009
Crude oil fell from a one-year high on speculation that OPEC members will agree to increase production at a December meeting ... "OPEC will want to prevent prices from rising too high," said Lawrence Eagles, global head of commodities research at JPMorgan Chase & Co. in New York, in a conference call ... "OPEC has a great incentive not to see the transport sector become less dependent on oil.". (Sydney Morning Herald -- Business)
Oil output hike possible in December: OPEC chief Oct 23, 2009
OPEC will consider ramping up crude oil production at its next meeting in December if key conditions are met, secretary-general Abdalla Salem El-Badri says ... The 12-nation Organisation of Petroleum Exporting Countries (OPEC), whose members pump 40 per cent of the world's crude oil supplies, will hold their next mee 00004000 ting in Luanda, Angola, on December 22 ... Earlier this week, El-Badri had stated that $US60-$US70 per barrel would not be enough to fund adequate investment levels by... (Sydney Morning Herald -- Business)
Remittances Hold Immense Untapped Potential for the Poor Oct 22, 2009
It is a unique partnership of 165 members from the Organization of the Petroleum Exporting Countries (OPEC), other developing countries and the Organisation for Economic Co-operation and Development (OECD). With nearly 3,300 projects funded in Africa during 5 decades, representing some USD 60 billion, the African Development Bank is the center of reference on economic and social development issues in Africa. (allAfrica.com)
How Wall Street Will Kill the Recovery Oct 21, 2009
And this does not include the 125 million barrels of oil that the Secretary General of OPEC says are being held offshore in tankers. Skewing in Public In fact, the market is skewed by the high inventories of refined products. (BusinessWeek)
Oil above $80... Oct 21, 2009
"However, we see little support for the rally, which is now eight days old, and think that at some point OPEC spare capacity of about 6 million barrels and massive on- and offshore stocks - to mention just a few of the bearish items - will trigger a correction phase," JBC said in a report. In other Nymex trading, heating oil was up 0. (The Drudge Report)
Nigeria: Opec to Consider Higher Quota for Country Oct 21, 2009
com: Nigeria: Opec to Consider Higher Quota for Country (Page 1 of 1). Opec to Consider Higher Quota for Country ... Sopuruchi Onwuka Organization of Petroleum Exporting Countries (OPEC) may soon honor Nigeria's quest for increased production quota as output from the country continues to improve. (allAfrica.com)
Oil up to US$80 Tuesday for first time this year(update) Oct 20, 2009
" JBC cited considerable spare output capacity at OPEC, low profit margins for refiners, a massive stock surplus of products such as diesel and heating oil and lackluster demand among industrialized nations among the "bearish fundamentals" weighing on the market. "The move from $75 to $78 has been done. without any real fundamental development," said Olivier Jakob of Petromatrix in Switzerland. "This is a very technical market and technical markets fall as fast as they rise. (The Star Online, Malaysia -- Business)
Billionaire Pickens focusing on natural gas Oct 20, 2009
5 million 18-wheelers ran on natural gas engines instead of diesel engines, he said, "That would cut your imports by 2.5 million barrels a day." That's half of what the United States imports from OPEC.. Mr. Pickens said he came up with the Pickens Plan in response to the lack of clear talk about energy during last year's presidential campaign. (Pittsburgh Post-Gazette, PA)
Oil hits 1-year high on weak dollar Oct 20, 2009
"Oil broke above resistance at $75. $80 is the next target although there is little in the way of fundamental support. OPEC is overproducing and even though there is talk of a severe winter, distillate stocks are at 26-year highs," MF Global analyst Edward Meir said. "You have the November contract expiration. That could also weigh as it gets flushed out and drags the rest of the curve down. I'd be cautious today.". (India Times)
Oil Is Little Changed After Rising Above $79 on Speculation Demand to Gain Oct 19, 2009
There is no shortage of oil and OPEC wont increase output to quell price gains driven by speculators, Secretary-General told the Wall Street Journal on Oct. 16 ... Last week, OPECs El-Badri said prices between $65 and $75 were sufficient to maintain investment and development within the industry. (Bloomberg -- Canada)
Q&A: Alternative Energy Oct 19, 2009
OPEC's price manipulation killed the U.S. Synthetic Fuels Corp in 1985, the electric car (see the California ZEV mandate) in the 1990s, and took the "wind" out of the Pickens Plan's sails in 2008. At $45 a barrel for oil NO Alternative fuel is economically viable and OPEC KNOWS IT ... Opec's price-fixing tactics are "illegal" (if they were operating inside the U.S.) and $4/gallon fuel is an existential threat to the U.S. economy, so let's have some guts and start taxing oil imports to keep... (CBS News -- Sci/Tech)
In investors' backyards Oct 18, 2009
TWO VIEWS: Tapping oil reserves would free us from clutches of OPEC. WASHINGTON -- To burst the oil bubble, use a drill. (Fresno Bee -- Opinion)
EU open to providing aid to Nigeria's Niger Delta Oct 17, 2009
Violence in the Niger Delta has kept the OPEC member from pumping much above two-thirds of its oil capacity in the last three years, costing billions of dollars in lost revenue. (For more Reuters Africa coverage and to have your say on the top issues, visit: http://af. (AlertNet)
Markets more positive than negative over 3-4 months: Bharti AXA Oct 16, 2009
If you look at the total consumption of the globe, it has not risen and OPEC has not cut supplies, so it is probably more on account of trading rather than actual demand and supply that is pushing up crude at this point in time. If you look at refining margins, they are probably the lowest that we have seen, so it all points to the fact that oil prices are slightly in the bubble territory, thats our sense as of now. (India Times)
Oil hits 2009 high, trades above $77 Oct 16, 2009
Poor oil fundamentals, including 6 million barrel per day of Opec spare capacity, a massive middle distillates stock surplus and terrible refining margins will keep the upside potential in check, JBC said. Read business stories in. (India Times)
Stock Rally of 503 Percent Puts OPEC to Shame Oct 16, 2009
Oct. 16 (Bloomberg) -- Theres only one thing to say about OPECs goal to be compensated for falling oil prices: Ha ha ha ... OPEC should be thanking the commodity gods that crude oil prices reached a one-year high yesterday ... Like any self- respecting cartel, OPEC should revel in the difficulties that families are having filling gas tanks from New York to Seoul. (Bloomberg -- Columnists)
