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2008-10-28 15:00:26

Iranian Oil Minister Mohammad Ali Khatibi said a second reduction in oil exporting quotas would be considered in December and possibly sooner. The Organization of Petroleum Exporting Countries reduced their collective quota by 1.5 million barrels of oil a day last Friday. But oil prices have continued to drop, hovering around $63 per barrel Tuesday. Khatibi said a second cut "will be considered," at the OPEC meeting in December with an earlier meeting possible, the Fars News reported....

2008-10-27 12:00:25

VIENNA, Austria, Oct. 27 /PRNewswire/ -- If there were such a thing as a process server's academy award, Freedom Watch Chairman and Chief Legal Counsel Larry Klayman most likely would be nominated for one. ( http://www.freedomwatchusa.org/ ). After thwarted by OPEC security from serving his complaint charging the cartel with illegal price fixing, market division and collusion in agreeing to lower oil production, Klayman sprang out from a line of TV press to serve a complaint on an...

2008-10-24 09:00:22

Ministers from major oil exporting countries Friday in Vienna said they would cut their collective production quota by 1.5 million barrels a day. The Organization of Petroleum Exporting Countries said supplies were high and demand had fallen, calling for a cut to prop up prices, which have dropped 57 percent from the record price set in July. Prices hit $147.27 a barrel July 11 and fell Friday morning, in spite of the production announcement, to $63.27 per barrel. "Oil prices have...

2008-10-21 18:00:22

Budget burdens among members of the Organization of Oil Exporting Countries may sway the group's production decision in Vienna Friday, analysts said. PFC Energy, a industry consultant group in Washington, said Qatar, one of the smallest OPEC nations, could get by with oil at $10 a barrel, while Iran needs prices to average $100 a barrel, the Financial Times reported Tuesday. Saudia Arabia, the largest exporter in the group, requires $50 per barrel oil prices. Investors are expecting a...

2008-10-17 18:00:21

British Prime Minister Gordon Brown has called for gasoline retailers and oil producers to make consumer-oriented decisions. Brown risked some political capital by calling on gas stations to follow the lead of retailers Asda and Morrisons, which have prices less than about below about $6.54 a gallon, The Times of London reported Friday. "I think the public know that when oil prices go up it is reflected very closely in the pump price. They want to know when it comes down, it will be...

2008-10-13 09:00:41

Iran calls for oil market stability TEHRAN, Oct. 11 (Xinhua) -- Iranian Oil Minister Gholam-Hossein Nozari on Saturday called for the stability of international oil market after a sharp crude price decline on Friday, Iran's English- language Press TV reported. "We should be after market stability," Nozari told reporters Saturday after the opening ceremony of an oil forum held in Tehran. "Because the stability of the market is important both for the producer and the consumer." Oil prices...

2008-10-09 15:00:33

Text of report by Alexey Konovalov entitled "Price of a fall" by privately-owned Kazakh newspaper Vremya website on 8 October On Monday, 6 October, the price of oil fell below 90 dollars a barrel for the first time since February. Economists predict that the fall will continue to the level of 40 dollars. The falling of the "black gold's" price promises many problems. However, officials prefer not to notice them. On the contrary, they are painting bright pictures expecting new inflows of...

2008-10-07 15:00:36

Text of report by Russian business newspaper Vedomosti on 26 September [OSC Translated Text] [Report by Yevgeniya Pismennaya and Irina Malkova: "Influencing the Oil Price. Energy Minister Sergey Shmatko Is Looking for Mechanisms to Influence the World Oil Price. The Possibilities Are Highly Limited, Experts Warn"] Russia wishes to actively influence the world oil price, Energy Minister Sergey Shmatko said at a government off-site in Petropavlovsk-Kamchatskiy. "We hold such a significant...

2008-10-04 00:00:20

Text of report by state-owned Namibian newspaper New Era website on 3 October [Report by Desie Heita: "Onshore Diamond Production Down"] The eventuality of a decrease in one of Namibia's major sources of income is increasingly becoming a reality with the onshore diamond production continuing to decline. Although Namdeb, the country's largest diamond miner, is currently engaged in plans to infuse and extend the lifespan of land- based diamond mining, the reserve bank says these are just...

2008-09-19 15:00:48

Iran's chief oil minister Mohammad Ali Khatibi said OPEC members would keep oil production level until the organization meets on Dec. 17. Recent upheavals in financial markets in the United States and elsewhere could cause a drop in demand, which would require production cuts to keep prices elevated. However, Khatibi said "it's too early to judge," how the Organization of Petroleum Exporting Countries will react to recent market turmoil, Iran's Fars news service reported. "Demand is a key...


Word of the Day
tessitura
  • The prevailing range of a vocal or instrumental part, within which most of the tones lie.
This word is Italian in origin and comes from the Latin 'textura,' web, structure.