OPEC

Demand for oil will continue to grow slowly in 2011, when world economic expansion is projected to be slightly lower than this year's, OPEC said on Friday.

South American OPEC member Venezuela will begin a widely expected $3 billion new debt issue from Monday, Economy Minister Jorge Giordani said.

Oil slipped on Friday, heading for a fourth consecutive weekly settlement within the $75-$80 range, as investors focused on a slowing economy and rising inventories in top consumer the United States. European stocks traded lower and Asian equities declined ahead of data expected to show U.S. economic growth slowed to 2.5 percent in the second quarter from 2.7 percent in the first quarter.

Oil jumped more than a dollar toward $79 on Thursday , boosted by a strong opening on Wall Street. The sudden surge was supported by news an hour earlier of a fall in new U.S. jobless claims. This proved more powerful than memories of Wednesday's oil stock figures, which had pushed oil down by showing the biggest weekly increase in crude inventories for nearly two years in the United States.

Oil slipped toward $77 per barrel on Wednesday after an industry report of an unexpected rise in U.S. crude stocks and a fall in U.S. consumer confidence fueled doubts about the pace of recovery in energy demand.

Oil fell for a second day on Wednesday toward $77 after an unexpected increase in U.S. crude stockpiles and a drop in U.S. consumer confidence fueled doubts about recovery in energy demand. U.S. crude for September fell as much as 0.8 percent to $76.88 a barrel, trading down 17 cents at $77.33 at 1:26 a.m. ET. ICE Brent slipped 3 cents to $76.10 as a recent rally in Asian stock markets lost steam.

Global oil prices remained under $77 in highly volatile Asian trade as equity markets fell across the region while concerns over potential storms on the east coast of US helped the black gold. Light sweet crude for August delivery was seen trading at $ 76.71 a barrel at 11.30 a.m Singapore time while ICE Brent for September, the front-month contract after August expired on Thursday, gained 1 cent to $76.10 on the Comex.

Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil in August to at least two Asian term buyers, steady with July levels, industry sources said on Monday.

Middle East oil countries should increase production of heavy oil as oil prices remain higher and improved technology makes it easier, those attending an industry conference in Bahrain were told. Bahrain's oil minister, Abdulhussain Mirza, told the Heavy Oil World MENA conference that heavy oil reserves in the region were estimated at 1 trillion barrels, or 28% of total world reserves, but historically accounted for little more than 10% of production.

Sovereign debt crisis in Europe, a much weaker-than-expected Euro and slightly higher-than-expected non-OPEC supply has forced Bank of America-Merrill Lynch (BofAML) to revises its WTI and Brent crude oil forecasts for second half of 2010 from $92/barrel to $78 per barrel. Yet despite the much reduced likelihood of a robust upswing in global economic activity, BofAML remain cautiously optimistic that the breadth of the recovery outside Southern Europe will prevent a double-dip scenario. Hence it...

OPEC member Venezuela will increase oil production gradually in 2010, then even more next year, President Hugo Chavez said on Sunday.

U.S. oil prices fell for the seventh time in eight sessions on Thursday on worries that fiscal problems in Europe could stifle global economic growth and energy demand.

The plunge in oil prices in the wake of the euro crisis has OPEC worried. Qatar oil minister Abdullah bin Hamad Al Attiyah emerged as an unofficial spokesman for the oil cartel over the weekend in a series of news agency reports from the Gulf that signaled the group's concern.

The market remains under pressure as Germany's ban on short-selling activities triggered a new round of panic selling in risky assets. WTI crude oil price extends the 7th-day decline to as low as 67.9, the lowest level since September 30, 2009. The contract has plummeted more than -20% so far in May. Despite a plunge below the OPEC's preferred range of 70-80, Saudi Arabia's financial minister stress that he's not worried about the decline and the country will commit to the planned projects.

Crude oil prices plunged nearly 4% on Friday and were off almost 20% from their 18-month high less than two weeks ago, as the euro continued to lose ground against the dollar and U.S. oil inventories continued to build.

OPEC on Tuesday said it's forecast for global oil demand remained unchanged at 1.1 percent or by 0.9 million barrels per day. In its monthly oil market report, OPEC said although the economic recovery shows signs of improving momentum, important risks remain that could impact demand growth expectations for this year.

OPEC's Secretary General said on Sunday global oil markets were oversupplied, but it was too early to talk about the producer group taking action to halt the sharp price fall sparked by the euro zone debt crisis.

Oil ministers from several OPEC nations played down on Saturday a sharp fall in prices, but Kuwait said another $10 drop may force the group into action.

Venezuela's economy could shrink for the second consecutive year in 2010, President Hugo Chavez said on Sunday, reversing an earlier forecast of growth in a sign the OPEC nation is struggling to recover from recession.

Oil prices plunged on Friday after the U.S. Securities and Exchange Commission charged Goldman Sachs with fraud in its marketing of certain subprime mortgage securities, amid a general sell-off in financial and commodity markets. The allegations against one of the biggest market makers in virtually every markets dampened speculation heading into the weekend. Much like the volcanic eruption in Iceland spewed a cloud of dust over northern Europe that grounded all air travel, the SEC charge cast a ...

The International Energy Forum (IEF) will discuss major industry concerns including oil-price volatility and the outlook for supply and demand at is ministerial conference starts here Tuesday. The world's largest forum of energy producers and consumers, accounting for more than 90 percent of global oil and gas supply.