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2009-03-09 12:42:50

An Organization of Petroleum Exporting Countries official said OPEC members had complied 80 percent with September's 4.2 million barrel per day quota cut. Moussa Marafi, a member of OPEC's Higher Petroleum Council, said compliance would be higher once existing contracts had run their course, the Kuwaiti news agency KUNA reported Monday. Marafi also said another 1 million barrel per day production cut would push the price of oil above $50 per barrel by the third quarter of the year. Public...

2009-02-18 09:30:00

"Congress Should Pass NOPEC Protections Immediately," Says John W. Rich, Jr. GILBERTON, Pa., Feb. 18 /PRNewswire-USNewswire/ -- With Congress' passage of an economic stimulus package totaling more than $780 billion, it should also take measures to protect against OPEC's manipulation of the price of oil, says John W. Rich, Jr. "It should go hand in hand, stimulating the economy and establishing safeguards to protect us from OPEC's manipulating the price of oil to squeeze more money out of...

2009-02-06 06:15:00

De Beers debuts DUO ring in honor of BRIDES 75th Anniversary NEW YORK, Feb. 6 /PRNewswire/ -- In an inaugural partnership, De Beers will debut a unique Diamond Engagement Ring in honor of BRIDES 75th Anniversary. Fittingly named the Duo, this original design is a platinum engagement ring and a wedding band in one, interlaced together and featuring white diamonds. The rings will be unveiled on February 10 along with special "Bridal windows" at De Beers stores across the country, including the...

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2009-02-06 06:40:00

Hollywood may at last be joining the ranks of Napster and other companies who are fighting back in the battle against what some companies call "digital theft." Media companies say that piracy is fast becoming a mainstream pursuit.  This digital looting comes at a time when sales of DVDs, a large percentage of film studio revenues, are trending downward.  Indeed, in 2008, DVD shipments plunged to their lowest levels in five years.   Executives are now concerned that the...

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2009-01-29 12:20:06

OPEC Secretary General Abdalla Salem El-Badri told world leaders in Switzerland that oil priced at $50 a barrel would not fund new oil field development. I hope the price will pick up "¦ a $50 price will not permit us to invest, he said at the World Economic Forum in Davos, Switzerland, Thursday, The Times of London reported. Members of the Organization of Petroleum Exporting Countries are not happy with $40, even $50 a barrel, he said. He said OPEC members will not hesitate to take...

2009-01-27 08:20:26

Crude oil prices slid on the New York Mercantile Exchange overnight as traders assessed the impact of an oil cartel's production cuts. The Organization of Petroleum Exporting Countries vowed to cut production by 4.2 million barrels per day in September. Several countries appear to be complying with the new quotas, but some traders need to see the evidence first. Traders are hoarding oil now in the hope of a recovery in the price in perhaps one month's time if OPEC has complied with production...

2009-01-26 08:49:20

Saudi Arabia's oil minister Ali al-Naimi said the world's largest oil exporter would reduce production beyond its quota agreement to prop up prices. Analysts expect the Saudis to cut production by 300,000 barrels per day below the reduction it agreed to as a member of the Organization of Petroleum Exporting Countries, The New York Times reported Monday. OPEC production cuts appear to be influencing prices. After oil reached $147 per barrel in July, prices plummeted through the late summer and...

2008-12-18 10:43:00

WASHINGTON, Dec. 18 /PRNewswire-USNewswire/ -- The Abraham Energy Report today issued a special analysis to subscribers of OPEC's decision Wednesday to cut production by 4.2 million barrels per day. A special Web-only bulletin from the Abraham Energy Report (AbrahamEnergyReport.com) advises subscribers that "the cut is the largest the organization has attempted at one time in its history to date" and that the "agreement was swift with little apparent dissention." The recent collapse in oil...

2008-12-17 17:02:00

Leader in Coal to Liquid Effort Says OPEC Policies Are Ill-Advised GILBERTON, Pa., Dec. 17 /PRNewswire-USNewswire/ -- In response to the announcement from OPEC that oil producing companies will cut oil production to force oil prices to remain high, John. W Rich, Jr., CEO of WMPI PTY., LLC, issued the following statement: "OPEC's decision to cut production is an arrogant attempt to manipulate energy prices in the United States. American families cannot afford higher energy prices and...

2008-12-17 15:25:33

Oil ministers in Algeria Wednesday announced a 2.2 million barrel per day production cut, the largest one-time pull back in OPEC history. The Organization of Petroleum Exporting Countries has made three cuts totaling 4.2 million barrels per day since late summer, a 12 percent drop from its previous 29.045 million barrel-per-day quota. The new quotas take effect Jan. 1, 2009, the statement said. Crude volumes entering the market remain well in excess of actual demand: this is clearly...


Word of the Day
attercop
  • A spider.
  • Figuratively, a peevish, testy, ill-natured person.
'Attercop' comes from the Old English 'atorcoppe,' where 'atter' means 'poison, venom' and‎ 'cop' means 'spider.' 'Coppa' is a derivative of 'cop,' top, summit, round head, or 'copp,' cup, vessel, which refers to 'the supposed venomous properties of spiders,' says the OED. 'Copp' is still found in the word 'cobweb.'
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