Latest Cartels Stories
To: NATIONAL EDITORS Contact: Joe McMonigle of the Abraham Energy Report, +1-202-393- 4673 WASHINGTON, Sept.
Iran, Ecuador to boost oil cooperation TEHRAN, Sept. 14 (Xinhua) -- Iranian Oil Minister Gholam- Hossein Nozari and Ecuadorian Minister of Mines and Petroleum Galo Chiriboga Zambarno signed a deal on cooperation in oil industry on Saturday evening, the official IRNA news agency reported Sunday.
Text of report by Iranian conservative, privately-owned Fars News Agency website Tehran, 14 September: According to a report by the political correspondent of Fars, on the sidelines of the cabinet meeting today, the oil minister Gholamhoseyn Nowzari, talked to reporters and in response to a question regarding the Crescent [gas deal between Iran and the UAE-based Crescent Company] deal, he said: The purpose behind the new negotiations is to amend the contract with regards to the price of gas...
Text of report by London-based independent newspaper Al-Quds al- Arabi website on 13 September [Editorial: "Saudi Arabia's costly oil option"] All eyes are on the Saudi capital of Riyadh to learn whether the Saudi government will abide by the decision that OPEC made three days ago to cut oil production by 500,000 barrel per day to stop the drop in prices to the current level of 100 dollars per barrel, after rising to approximately 150 dollars a barrel a few months ago.
The price of Brent crude, the North Sea benchmark oil, for October delivery dropped $1.41 a barrel to $98.93, despite oil cartel Opec's decision to cut supply.Signs of a slowing economy in the United States expected to hit demand for oil brought an end to earlier rises with light, sweet crude also declining to $102.15 a barrel on the New York Mercantile Exchange.The International Energy Agency lowered its global oil demand forecast for both this year and 2009 to reflect slower economic...
OPEC's decision to cut oil production, announced early in the morning on Sept. 10, took most analysts by surprise.
By Jad Mouawad In an unexpected decision made after a six-hour meeting that lasted into the early morning, the OPEC oil cartel said Wednesday that it would reduce its oil production by about half a million barrels a day in a bid to stem a rapid decline in oil prices in recent weeks.
On Tuesday, the 13-nation OPEC oil cartel announced that its members would cut production by more than a half-million barrels per day to drive up prices. There are two responses to the news.
By Jad Mouawad Hours after suffering a rare setback at OPEC headquarters, where the oil cartel said its members needed to lower production to keep prices from sinking below $100 a barrel, Saudi officials assured world markets Wednesday that they would ignore the decision and continue to pump as much oil as needed.
VIENNA, Austria (AP) -- The just-ended OPEC meeting was about more than what a barrel of oil can fetch on the open market as the global economic picture grows dim.
- The act of sweetening by admixture of some saccharine substance.