Tag: Opec

Kuwait says no plan for oil summit to boost prices

The Organization of the Petroleum Exporting Countries (OPEC) oil cartel has no plan to participate in an oil producers’ summit proposed by Venezuela to...

Saudi Arabia May need to make OPEC cut to stabilize prices,...

Saudi Arabia may need to persuade OPEC members to cut output to help keep oil prices above $100 level through the rest of the...

Oil prices up in Asia as OPEC lifts demand forecast

Oil prices climbed in Asian trade on Thursday after the OPEC crude cartel raised its demand forecast for this year, analysts said. New York's main...

ADB, OFID sign risk-sharing agreement

Asian Development Bank (ADB) and the OPEC Fund for International Development (OFID) signed a risk distribution agreement to support trade in emerging Asian countries,...

OPEC keeps 2012 demand forecast stable

OPEC kept its world oil demand forecast for 2012 stable on Wednesday, despite warning of continued economic uncertainty. In its monthly report, the Organisation of...

Ecuador, Libya express concern over OPEC oversupply

OPEC members Ecuador and Libya expressed concern Wednesday that the cartel was pumping too much oil, but shied away from calling for lower output...

Saudi among OPEC quota ‘violators’: Iran

Sanctions-hit Iran on Saturday blasted fellow OPEC members Saudi Arabia, Kuwait and the United Arab Emirates as oil quota "violators", accusing them of depressing...

OPEC oil price continues to rebound

The weekly average price of the Organisation of Petroleum Exporting Countries (OPEC) continued to rebound last week, growing to $108.44 per barrel, the Vienna-based...

OPEC likely to keep output unchanged: Iran

OPEC is likely to keep its oil production quotas unchanged at its next meeting in December, Iran's representative to the cartel said, according to...

OPEC oil talks collapse, no deal

OPEC talks broke down in acrimony on Wednesday without an agreement to raise oil output after Saudi Arabia failed to convince the cartel to...

OPEC concerned over high oil price: Badri

KUWAIT CITY - Secretary general of OPEC Abdullah El-Badri said on Monday that oil producers are "concerned" at high crude prices and added that markets are adequately supplied.
"The (high) oil price is a concern. We see that there is a $15-20 premium risk at this time," Badri told reporters when asked if OPEC was concerned about soaring crude prices.
He was speaking ahead of a roundtable meeting for Asian energy ministers who are expected to discuss the impact of oil prices

OPEC not to increase crude output

TEHRAN - Iranian Oil Minister Masoud Mirkazemi said that the Organization of the Petroleum Exporting Countries (OPEC) will not increase its crude output.
"Prices were pushed up by political crises in some countries of North Africa and the Persian Gulf, as well as due to the global economic recovery," said Mirkazemi.
Despite the hike of crude price to over 100 U.S. dollars per barrel, extraordinary meeting is not necessary over an increase in the crude output of the

Brent slips below $115 as OPEC discusses oil output

LONDON - Oil prices dropped on Tuesday, with North Sea Brent crude dipping briefly below $113 per barrel, after Kuwait's oil minister said OPEC was considering boosting production for the first time in more than two years. An official increase in OPEC output would signal the group's determination to put a cap on prices after uprisings and unrest across North Africa and the Middle East sent oil to its highest in more than two and a half years.
Fighting in Libya has idled as much

OPEC expected to leave quotas alone

QUITO: OPEC was expected to leave its two-year-old oil quotas unchanged, it was revealed after a meeting on Saturday in Ecuador. This is due to rising demand and some uncertainties over the generally bullish outlook for the world economy.
The gathering in Quito of the 12-nation Organisation of Petroleum Exporting Countries was also to mark the passing of the cartel's rotating presidency to Iran - the first time in 36 years the Islamic republic has held the largely symbolic