Quantcast

Latest Cartels Stories

2008-09-16 00:00:00

To: NATIONAL EDITORS Contact: Joe McMonigle of the Abraham Energy Report, +1-202-393- 4673 WASHINGTON, Sept. 16 /PRNewswire-USNewswire/ -- At their September 8-10 meeting in Vienna, OPEC Ministers agreed to abide by their September 2007 production allocations (including new members Angola and Ecuador and excluding Indonesia and Iraq) totaling 28.8 million barrels per day (bpd) cutting production anywhere from 500,000 to 800,000 bpd. The Abraham Energy Report(AbrahamEnergyReport.com)...

2008-09-15 09:00:48

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. Iran is ready to exchange its valuable oil and gas experiences with Ecuador to help solve the existing problems in the Latin American country, Nozari said during the ceremony in which the deal...

2008-09-14 18:00:21

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...

2008-09-14 09:00:30

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. Saudi Oil Minister...

2008-09-11 21:00:22

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...

2008-09-11 12:00:38

OPEC's decision to cut oil production, announced early in the morning on Sept. 10, took most analysts by surprise. The move, which could take about 520,000 barrels a day of oil off the market, is a sop to price hawks, such as Iran and Venezuela, as well as Chakib Khelil, the energy minister of Algeria and current president of OPEC. It was also a mild loss for Saudi Arabia, which has worked to lower prices in recent months. Following the news, oil prices rose about $1 per barrel in trading in...

2008-09-11 09:00:41

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. The outcome of the meeting represented a significant loss for moderate OPEC producers like Saudi Arabia, which had argued for the group to keep producing at full tilt. But fears that the market was...

2008-09-11 09:00:41

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. America could join the moronic chant led by Rudy Giuliani at the Republican convention and "Drill, Baby, Drill" in the hopes of increasing supplies. Or, it could see the cartel's act as a clear sign that the world's oil-producing nations have no intention of ever letting oil prices decline to the level...

2008-09-11 09:00:13

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. The marathon late-night session illustrated the new pressures and power politics at play in the group that controls 40 percent of world oil production - and how ineffective it...

2008-09-11 09:00:13

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. OPEC heavyweight Saudi Arabia gave a nod, at least symbolically, to fellow member states that have grown increasingly uneasy about the rapid decline in crude prices. The Saudis attempted to placate rival Iran, and laid the groundwork for a potential new alliance with Russia, the world's second largest oil producer. But OPEC's...


Word of the Day
mallemaroking
  • Nautical, the visiting and carousing of sailors in the Greenland ships.
This word is apparently from a confusion of two similar Dutch words: 'mallemerok,' a foolish woman, and 'mallemok,' a name for some persons among the crew of a whaling vessel.