WASHINGTON, Feb. 23, 2011 /PRNewswire-USNewswire/ -- The Kingdom of Saudi Arabia's Minister of Petroleum and Mineral Resources Ibrahim Al-Naimi has assured global markets that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries (OPEC) have the capacity of oil to offset supply losses due to crises unfolding around the world. Saudi Arabia alone currently has a surplus supply of approximately 4 million barrels per day. In a press conference yesterday following the Ministerial Extraordinary Meeting of the International Energy Forum (IEF), Al- Naimi reassured the global community that political or economic disruptors that have taken place around the world have not affected oil supply so far. "Right now there is absolutely no shortage of supply," Minister Al-Na...
...Other countries followed suit, stemming in part from the huge prof... of Petroleum Exporting Countries (OPEC), consisting of eight Middle Eastern countries tha...With the end of the Gulf War, members of OPEC followed the lead of relatively moderate S...
The biggest quarterly rally for U.S. government securities in five years is getting an extraordinary boost from the burgeoning reinvestment of petrodollars by the Organization of Petroleum Exporting Countries. OPEC members increased their holdings of Treasuries 12 percent this year through July to $123.8 billion, Treasury Department data show. The prospect that OPEC's share of U.S. debt is growing is based on the 31 percent rise in oil since December, which will raise OPEC revenue 5.1 percent to $635 billion this year and 9.4 percent to $695 billion in 2008, according to estimates by the U.S. Department of Energy.
OPEC oil ministers on Wednesday opted to keep their output targets unchanged in a bid to keep prices at present levels and send a message of stability to energy-hungry economies struggling to emerge from recession. Even before the formal decision, influential members of the Organization of the Petroleum Exporting Countries had said that OPEC would choose the status quo -- unchanged since December 2008, at least on paper.
Members of the Organization of Petroleum Exporting Countries want the same thing as Oklahoma motorists: ample supplies of oil, price stability and greater use of renewable energy sources - all the while protecting the planet from environmental disaster. That was message from Hasan Qabazard, director of the OPEC research division, on Wednesday.
LONDON, Jan. 10, 2011 /PRNewswire/ -- Platts -- The 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil production averaged 29.27 million barrels per day (b/d) in December, up 170,000 b/d from an estimated 29.1 million b/d in November, according to a just-released Platts survey of OPEC and oil industry officials and analysts. Excluding Iraq, which does not participate in OPEC output agreements, the 11 members bound by quotas (OPEC-11) pumped an average 26.84 million b/d, up 140,000 b/d from November's 26.7 million b/d, the survey found.
... the UAE among the world's leading countries in clean technology and energy. In 2008, Abu Dhabi... the multidimensional ways in which key members of Abu Dhabi's ruling elite seek to maintain domes... the region's other monarchies, including the OPEC climate-change research fund established with the ...
LONDON, Feb. 9, 2011 /PRNewswire/ -- Platts - The 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil production averaged 29.57 million barrels per day (b/d) in January, up 300,000 b/d from December and the highest level in more than two years, according to a just-released Platts survey of OPEC and oil industry officials and analysts. The month-on-month gain from December's estimated 29.27 million b/d came as a result of a significant boost in Iraqi crude exports. Excluding Iraq, which does not participate in OPEC output agreements, the 11 members bound by quotas (OPEC-11) pumped an average 26.91 million b/d, up 70,000 b/d from December's 26.84 million b/d, the survey found. The OPEC-11 has operated under a 24.845 million b/d production target that's been in pl...
BLOOMINGTON -- Gasoline prices in Bloomington-Normal dropped from last week's highs Monday despite reports OPEC members would urge oil production cuts today. Representatives of the Organization of Petroleum Exporting Countries were urged to slash overproduction by fellow members in response to fears of a spring glut of crude. OPEC begins an oil policy meeting in Algiers, Algeria, today.
LONDON (Reuters) - Oil industry experts believe major Gulf oil nations have enough cash and military support to avoid Egypt-style civil uprisings, which emerged as the key fear factor for volatile oil markets. A third of the world's oil comes from the Middle East and North Africa and the uprisings in Tunisia, Egypt and Jordan pushed Brent crude oil above $100 a barrel. Oil focused-bankers and funds managers told Reuters that even if unrest in Egypt cuts flows along a strategic pipeline and the Suez Canal, the oil price spike would be short-lived and flows would resume quickly - whoever is in power.
... likely reinforce the status quo for countries like Saudi Arabia, which needs a price of at least... to other North African countries including OPEC members Algeria or Libya, which are seen more vuln...
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