Latest Cartels Stories
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.
Saudi Arabia's oil minister said Tuesday that the Organization of Petroleum Exporting Countries would cut production by 2 million barrels a day. Supply is somewhat in excess of demand.
The president of the Organization of Petroleum Exporting Countries oil cartel said its members were unanimous in agreement to cut production. Two days before OPEC members were scheduled to meet in Oran, Algeria, President Chekib Khalil said Monday that world oil supply had overwhelmed demand and the market is saturated, the Kuwaiti news agency KUNA reported. He said oil prices, currently at about $48 per barrel, would have fallen to $10 per barrel had the cartel not cut production in...
A Kuwaiti oil expert says OPEC needs to cut production by another 1.5 million to 2 million barrels a day to pressure prices back to a profitable level. OPEC's decrease of 1.5 million barrels a day, which took effect Nov.
Russian President Dmitry Medvedev said Russia would consider cutting oil production and was ready to join the world's largest oil cartel. I would like to say that we are ready for that, Medvedev said about the possibility of joining the Organization of Oil Exporting Countries, RIA Novosti reported Thursday. Medvedev, speaking at a conference on socio-economic development in the Urals, said Russia would also protect ourselves ...
Members of the Organization of Petroleum Exporting Countries, meeting Saturday in Cairo, say the informal talks are unlikely to result in production cuts.
Crude oil prices fell Thursday morning on the New York Mercantile Exchange although investors remain wary that OPEC may cut production soon. Members of the Organization of Petroleum Exporting Countries, OPEC, were scheduled to meet Saturday in Cairo.
The president of the Organization of Petroleum Exporting Countries said that production cuts would be considered in unofficial meetings in Cairo this week. Chakib Khelil, president of OPEC and the Algerian Minister of Energy and Mines, said Saturday's meetings would have crude oil production cuts on the agenda, the Kuwait News Agency reported Wednesday. OPEC trimmed production by 1.5 million barrels a day in October in an effort to prop up oil prices, which have fallen to under $50 a barrel...
December may be too early for the Organization of Petroleum Exporting Counties ministers to decide on production cuts, a Libyan oil official says. OPEC members cut production by 1.5 million barrels a day in October to prop up prices as world demand has fallen in a time of floundering economies.
Nigerian oil officials claim the country's reduced oil output dictated by the Organization of Petroleum Exporting Countries was based on faulty data. The Nigerian National Petroleum Corp.
- Any of various tropical Old World birds of the family Indicatoridae, some species of which lead people or animals to the nests of wild honeybees. The birds eat the wax and larvae that remain after the nest has been destroyed for its honey.