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.
Oil lost all its gains to trade around $80.50 after data showed the U.S. economy grew less briskly than expected last quarter and a plan to give Greece a safety net failed to quell concerns any recovery was fragile.
Oil tried to sustain forays above $81 with Brent briefly jumping over $1 as confidence over a deal to help debt-ridden Greece was tempered by worries the global recovery could still falter and keep crude demand weak.
The three major U.S. indices rallied to new 2010 highs on Wednesday, with the Dow Jones Industrial Average finally surpassing its January 19 peak.
Oil cartel, Organization of the Petroleum Exporting Countries (OPEC) has decided to keep oil production quota unchanged in its meeting today in Vienna. At present, the members of OPEC produce 24.845 million barrels per day and decided to keep this unchanged, according to a report citing delegates.
OPEC ministers agreed not to change oil output targets they are already exceeding, anticipating that demand will pick up later in the year to mop up extra barrels.
OPEC ministers agreed not to change output targets they are already exceeding, an OPEC delegate told Reuters Wednesday, as demand should pick up later in the year to mop up extra barrels.
Oil demand is picking up, Saudi Oil Minister Ali al-Naimi said on Tuesday, which could mean OPEC does not have to take any action on supply this year.
The world may soon achieve something long dreamed of by governments and policymakers: higher economic growth without using more oil.
Crude oil prices tread water for the week as uncertainty about demand continued to weigh on the market. Prices were down slightly on the week, with the benchmark West Texas Intermediate settling on Friday at $81.24 a barrel, compared with $81.50 a week ago. Not even relatively bullish forecasts for oil demand, such as the International Energy Agency's report on Friday raising its forecast by 70,000 barrels a day for 2010, or the decline in the dollar could propel oil prices forward.
Oil has rallied to within sight of its 2010 high this week, but the physical crude markets in Asia and Europe are telling a more bearish story about oversupply and sluggish demand.
OPEC released its Monthly Oil Market Report on Wednesday. Although the March report projected higher demand for oil than the February report, OPEC remains cautious as key global economic issues remain unresolved.
Venezuela's worsening electricity crisis, caused in part by a drought linked to the El Nino climate phenomenon, puts its $300 billion economy at risk of contraction and may cut the OPEC country's oil product exports.
Oil failed to find momentum in either direction for a clear move away from $81.50 on Wednesday as investors waited for data on U.S. stocks or OPEC's monthly report ahead of next week's meeting to provide impetus.
Non-OPEC crude oil supply is set to surge in 2010 and 2011by 51.8 mn barrels per day and 52.3 mn barrels per day respectively and susbequently face consecutive decline from 2012, according to an analysis by Bank of America-Merrill Lynch (BofAML). The optimism comes from expected production in news fields in Brazil, FSU, Norway, West Africa and Gulf of Mexico. If Iraq and Nigeria supplies increase as announced then crude oil would find it difficult to rise above $100 over the next decade, BofAML ...
Oil rose toward $79 a barrel on Friday, after sliding more than 2 percent the previous session, as an upwards revision in U.S. gross domestic product for the fourth quarter helped revive lackluster sentiment.
Iran sees an increase in oil demand in the second half of 2010 by between 1 and 1.4 million bpd which the major OPEC producer thinks will cause a rise in oil prices, Iranian media said on Saturday.
