OPEC keeps oil output steadySeptember 9th, 2009 VIENNA - The Organisation of the Petroleum Exporting Countries decided Wednesday to leave its current production levels unchanged, Algerian Energy and Mines Minister Chakib Khelil said after the cartel's meeting in Vienna. So far, OPEC countries have implemented only 70 percent of production cuts decided last year, which total 4.2 million barrels per day.
Kuwaiti oil minister says OPEC production target revision not needed nowSeptember 9th, 2009 Kuwait: No need for OPEC output cutVIENNA — Kuwait's oil minister says OPEC's markets monitoring committee will recommend the 12-member producer group keep its output targets unchanged when it meets Wednesday. Sheik Ahmed Al Abullah Al Sabah says, however, that members of the Organization of Petroleum Exporting Countries need to boost compliance with earlier cuts.
OPEC lowers demand outlook despite supply riseMay 13th, 2009 VIENNA - The Organisation of the Petroleum Exporting Countries (OPEC) Wednesday said though the global production levels of oil had increased in April, it further lowered its demand projections for the year because of the ongoing economic downturn. In April, global oil supply grew from the previous month for the first time since last October, to 83.55 million barrels per day (b/d), the Vienna-based group said in its latest market report.
OPEC warns of consequences of oil price dropMarch 16th, 2009 VIENNA - The decline in prices of crude oil during the worldwide recession will have medium- and long-term consequences for the international oil industry, the president of the Organisation of Petroleum Exporting Countries (OPEC) said Sunday. Speaking at the start of the 152nd conference of OPEC oil ministers in Vienna, Jose Maria Botelho de Vasconcelos warned that the organisation already had to stop long-term investment due to low oil prices.
OPEC oil price rises above $44March 11th, 2009 VIENNA - The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) crossed the $44 mark Monday, the Vienna-based cartel announced Tuesday. One barrel (159 litres) of OPEC-produced crude stood at $44.14 at the start of the week, $0.99 higher than last Friday.
Calls for low oil prices are short-sighted, says OPECMarch 7th, 2009 VIENNA - The Organisation of the Petroleum Exporting Countries (OPEC) Friday rejected calls to keep oil prices at present low levels, arguing this would lead to a supply crunch. Maintaining the current price would help stimulate the economic recovery of oil-importing countries, the executive director of the International Energy Agency (IEA), Nobuo Tanaka, was quoted as saying by the Financial Times Thursday.
OPEC not to further cut oil output: Iranian ministerMarch 2nd, 2009 TEHRAN - Iran's Oil Minister Gholam-Hossein Nozari said Sunday the member countries of the Organisation of Petroleum Producing Countries (OPEC) are not expected to announce further cut in their crude production during their upcoming meeting, the official IRNA news agency reported. 'I do not think that we would move towards cutting production again and we should define a mechanism to repair prices,' Nozari said.
OPEC oil price gains $0.60February 2nd, 2009 VIENNA - The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) increased by another $0.60 Monday, the cartel announced Tuesday. Rising for the fourth day in a row, one barrel (159 litres) of OPEC-produced crude ended the day at $42.64 Monday.
OPEC oil price inches above $42February 1st, 2009 VIENNA - The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) rose to $42.04 Friday, the Vienna-based cartel announced Monday. One barrel (159 litres) of OPEC-produced crude inched up by $0.83 at the end of last week.
OPEC oil price climbs above 42 dollarsJanuary 26th, 2009 VIENNA - The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) climbed to $42.53 Monday, OPEC announced Tuesday. One barrel (159 litres) of OPEC-produced crude gained $1.62, from $40.91 at the end of last week.
OPEC oil price stays above $40January 15th, 2009 VIENNA - Falling by $0.46 Thursday, the basket price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) continued to soar above $40, the oil-cartel announced Friday. One barrel (159 litres) of OPEC-produced crude stood at $40.85 Thursday.
OPEC likely to cut down on productionJanuary 15th, 2009 LUANDA - The Organisation of the Petroleum Exporting Countries (OPEC) Friday said that it may consider more production cuts to stabilise the global oil prices. 'OPEC will not hesitate to summon a meeting to reduce oil production to stabilise the price in global market, if necessary,' the state-run ANGOP news agency quoted Botelho de Vasconcelos, chairman of the OPEC, as saying.
OPEC oil price down to $40 a barrelJanuary 13th, 2009 VIENNA - The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell slightly Tuesday, to $40, OPEC said Wednesday. One barrel (159 litres) of OPEC-produced crude was $0.24 lower than on the previous day.
OPEC oil price jumps by more than $4January 4th, 2009 VIENNA - The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) jumped by more than $4 at the end of last week, the Vienna-based cartel announced Monday. One barrel (159 litres) of OPEC-produced crude stood at $39.95 Friday, up from $35.58 on the previous Wednesday.
OPEC oil price inches below $37December 22nd, 2008 VIENNA - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) slid to $36.92 Monday, just above this year's record low price, which was set earlier this month, the oil cartel announced Tuesday. One barrel (159 litres) of OPEC-produced crude oil was down $0.80 Monday, from $37.72 at the end of last week, it said.
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