OPEC

Economic slowdown in the U.S., China and emerging markets, a rise in political tensions in the Middle East and Europe's debt crisis means oil consumption will not be rebounding anytime soon, according to the world's largest oil cartel.

Crude oil futures advanced Friday as sentiment was buoyed on expectations that the major central banks around the world would act to strengthen the global economy.

Brent crude futures turned positive while U.S. oil extended gains on Thursday after news that OPEC had agreed to keep its collective oil output ceiling unchanged for the second half of the year at 30 million barrels per day, according to a delegate to the conference.

Crude oil futures are slightly lower Thursday as investors await the outcome of the OPEC ministerial meeting in Vienna.

Crude oil futures hovered above $83 a barrel Wednesday ahead of a weekly report on US oil supplies as well as Thursday's OPEC ministerial meeting in Vienna.

Leaders of the world's 12-member crude oil cartel gather this week in Vienna to discuss and perhaps set a production ceiling for the group in what is expected to rubber stamp the current state of affairs. It is also expected to feature a fierce tug-of-war between Saudi Arabia, the cartel's dominant producer, and Iran.

Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) rose 40,000 barrels per day (b/d) to 31.75 million in May, a new survey has shown.

As soon as the door opened, 15 men -- armed with pistols, machetes and iron rods -- burst into the house and began beating the young Angolan musicians and activists who were known for protesting against government corruption and the use of violent tactics to suppress political dissent.

Oil prices fell Monday to add to the sharp decline in the previous session as French and Greek election results raised doubts about those countries' commitment to the austerity measures to sort out Eurozone debt crisis.

Starwood Hotels and Resorts, operator of the Sheraton hotel chain, will open two new facilities in Iraq, 20 years after shutting down its operations there when the First Gulf War broke out.

Iran has stopped oil exports to Germany and declared a ban on imports from 100 European Union companies in retaliation to the EU embargo on Iranian crude imports which will come into force in July, the Press TV has reported.

Iran has stopped oil exports to Spain in retaliation to the European Union ban on Iranian crude imports that comes into force in July, the Mehr News Agency has reported, citing sources familiar with the situation.

The Saudis are reportedly greatly concerned by Iran’s alleged nuclear power ambitions and the impact of such a development on the Persian Gulf.

Saudi leaders said such a drawdown was unnecessary.

Economic recovery in Europe and North America is diverging and remains fragile, as Canada and the United States experience steady growth and European economies continue to falter, a report by the Organization for Economic Cooperation and Development said Thursday.

Ecuador's President Rafael Correa insisted on Thursday he will push ahead with plans to develop large-scale mining, seeking to ride out the arrival in Quito of ind igenous de monstrators who fear their lands will be wrecked.

Saudi Arabia produced 9.87 million barrels of crude oil per day in January, the second-highest level in three decades, according to official data released Tuesday.

President Barack Obama and British Prime Minister David Cameron discussed the possibility of releasing emergency oil reserves during a meeting Wednesday, two sources familiar with the talks said.

The United States is pressing Saudi Arabia to boost oil output to fill a likely supply gap arising from sanctions on Iran, Gulf oil officials said, adding that an increase in production is unlikely to be needed before July.

The U.S. experienced a trade deficit of $52.6 billion in January, an increase of $2.2 billion from December, according to a report by the U.S. Department of Commerce.

Europe's debt crisis and an oil price rally are the biggest threats to global oil demand this year, OPEC said on Friday, adding it was still pumping above its target despite a slide in Iranian production.