Total expects oil production to rebound in 2010 after OPEC cuts weigh on 2009 output

October 13th, 2009 OPEC sees 2010 oil demand up almost 1 percentCAIRO — A rebounding global economy spurred on mainly by China and other developing nations is expected to boost world oil demand by slightly under 1 percent next year, OPEC said Tuesday while cautioning that the pace of recovery remains far from certain. In its October Monthly Oil Market Report, the 12-nation group that supplies over 35 percent of the world's crude said demand was expected to grow by a daily 700,000 barrels to average 84.9 million barrels per day.

September 10th, 2009 Oil climbs to near $72 amid weak dollarLONDON — Oil prices rose to almost $72 a barrel Thursday, helped by a weaker U.S. dollar, steady OPEC production levels and a new report predicting a less severe slump this year in global oil demand.

September 9th, 2009 Oil climbs above $72 as US dollar slumpsSINGAPORE — Oil prices rose above $72 a barrel Thursday in Asia amid a slumping U.S. dollar and steady OPEC production levels.

September 9th, 2009 VIENNA - Delegates indicated the Organization of Petroleum Exporting Countries (OPEC) would keep present output quotas and not cut production, as they prepared for a late-night meeting of their oil ministers Wednesday. Analysts said they also expected such an outcome, with the Frankfurt-based Commerzbank writing in a report that "a change of production quotas would be very surprising and not particularly credible".

September 9th, 2009 OPEC committee recommends no oil production cutVIENNA — OPEC appeared poised to hold oil production quotas unchanged Wednesday, with its ministers voicing satisfaction with current global crude prices. Instead, the focus at the organization's meeting in Vienna was to be on persuading members not to sell more oil than their quotas permit.

September 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.

September 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.

September 8th, 2009 OPEC: Saudi says crude markets 'in good shape'VIENNA — Saudi Arabia's oil minister said Tuesday that crude markets were "in good shape," boosting expectations OPEC will use its meeting this week to stress member compliance with output quotas — instead of cutting production. The comments by Saudi Arabia's Ali Naimi, echoed by Kuwaiti Oil Minister Sheik Ahmed Al Abdullah Al Sabah, were the latest indications that the Organization of Petroleum Exporting Countries is comfortable with the rebound in crude prices that came about after members announced in December a record 4.2 million barrel per day output cut from September 2008 levels.

September 6th, 2009 OPEC not likely to cut output at Vienna meetingVIENNA — With oil prices about where OPEC wants them and a modest economic upturn in the offing, the oil cartel isn't likely to tighten the taps when its leaders meet this week in Vienna. Prices have been hovering near $70 a barrel, and with returning growth expected to support demand, analysts don't expect the Organization of Petroleum Exporting Countries will feel any need to cut output targets.

August 12th, 2009 PARIS - Amid signs of a world economy now righting itself, the International Energy Agency (IEA) Wednesday raised its projections for world oil demand and output this year and in 2010. The Paris-based group said it expected demand this year to average 83.9 million barrels per day (b/d), some 190,000 b/d higher than what the IEA had projected just last month.

July 18th, 2009 LUANDA - Organisation of the Petroleum Exporting Countries chairman Botelho de Vasconcelos said here at the weekend that OPEC member countries will continue to comply with their decision on oil production cut. Botelho de Vasconcelos, who is also Angola's minister of oil industry, guaranteed that all the OPEC member countries are complying with the oil production cut decision made in May in Austria.

July 10th, 2009 IEA forecasts strong rebound in oil demandPARIS — Global oil demand will rebound 1.7 percent next year as recovery in developing countries helps counter a two-year drop in oil usage sparked by the global recession, the International Energy Agency said Friday. The Paris-based agency predicted Friday in its closely watched monthly survey that global oil demand will increase by 1.4 million barrels a day in 2010 to 85.2 million barrels a day.

May 29th, 2009 Oil hits new 6-month high above $66LONDON — Oil prices extended a rally to above $66 a barrel Friday to hit a fresh six-month high, after the U.S. reported a fall in oil inventories and further signs of an improving economy.

April 22nd, 2009 Mining giant BHP Billiton reports lower productionSYDNEY — Global mining giant BHP Billiton on Wednesday reported a sharp drop in quarterly copper production, along with declines in iron ore and aluminum, as demand for minerals falls amid the global economic slump. Copper production was down 14 percent in the three months ended March 31 compared to the same period last year, the Melbourne-based company said in a statement.

January 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.