Latest Cartels Stories
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.
By SARAH ARNOTT The big question Why are we asking this now? BECAUSE THE price has been bouncing around so much recently, although the general trend is firmly down.
Oil prices fell Wednesday on the New York Mercantile Exchange despite OPEC's mandate to cut production by 520,000 barrels a day. Members of the Organization of Petroleum Exporting Countries said they would adhere to quotas set in September 2007, pulling back production to prop up prices.
Petroleum Minister Sameh Fahmi will lead Egypt's delegation to the ministerial conference of the Organization of Petroleum Exporting Countries (OPEC) that will open in Vienna on Tuesday 10/9/ 2008.
OPEC meetings are always somewhat surreal affairs, with oil officials conducting business in gilded hotel lobbies staked out by a crowd of reporters. But the meeting getting under way in Vienna on Sept.
Major oil exporters meeting in Vienna, Austria, said they would cut production by 520,000 barrels a day to prop up prices.
By Jad Mouawad With oil prices headed back down to $100 a barrel, Saudi Arabia and other producers meeting here Tuesday suggested that OPEC would keep pumping at full tilt, even as some members of the oil cartel expressed concerns about rapidly declining prices.
The Associated Press VIENNA, Austria Oil ministers with the Organization of Petroleum Exporting Countries have decided to curb production by more than 500,000 barrels a day.
By ADAM SCHRECK DUBAI, United Arab Emirates - Oil prices sank today as Hurricane Ike appeared less likely to strike Gulf of Mexico energy installations and Saudi Arabia suggested OPEC will not cut output later in the day.
Oil ministers from major export countries enter a meeting in Vienna with diverse opinions on oil supplies and prices, various ministers said.
- totally perplexed and mixed up.