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2008-09-11 00:00:25

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. This week the value of oil dropped below the psychologically significant $100 per barrel mark for the first time since February, but it rebounded back up again yesterday following a surprise announcement from the Organisation of Petroleum Exporting Countries (Opec) that its 13 member countries are to cut production by more...

2008-09-10 18:00:28

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. Venezuela's Oil Minister Rafael Ramirez said the target price for a barrel of crude oil was $100. Crude oil prices fell 68 cents to $102.58 per barrel. Heating oil fell 0.0223 cents to $2.9024 per...

2008-09-10 15:00:11

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. The conference will discuss the sharp fluctuations in oil prices in global markets and the main reasons behind them and the economic factors affecting crude prices during the coming period until the end of the year. The Minister told a news conference that serious cooperation and effective dialogue...

2008-09-10 12:00:00

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. 9 is even more bizarre than usual -- mainly because it is occurring in the month of Ramadan, when Muslims fast during daylight hours. To make things easier for the OPEC delegates, most of whom come from Islamic countries, OPEC is holding its meetings late at night. In fact, the final press...

2008-09-10 09:00:42

Major oil exporters meeting in Vienna, Austria, said they would cut production by 520,000 barrels a day to prop up prices. Members of the Organization of Petroleum Exporting Countries, which account for 40 percent of the world's production, said they would manage the slowdown by strictly adhering to quotas set in September 2007, The Washington Post reported Wednesday. Saudi Arabia and moved on its own in June to increase production by around 600,000 barrels a day to ease pressure on...

2008-09-10 09:00:42

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. Members of the Organization of Petroleum Exporting Countries, who account for 40 percent of the world's oil exports, were scheduled to meet in a late-night session to consider how to respond to a 30 percent drop in prices since...

2008-09-10 09:00:05

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. The move is a compromise meant to avoid new turmoil in oil markets while reflecting OPEC attempts to prevent prices from falling more sharply. Crude prices have dropped nearly 30 percent since spiking to nearly $150 a barrel in July. An OPEC statement issued after oil ministers ended their meeting early today said...

2008-09-09 18:00:10

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. Light, sweet crude for October delivery dropped $1.92 to $104.42 in electronic trading on the New York Mercantile Exchange by afternoon in Dubai. The contract inched up 11 cents to settle at $106.34 following a volatile session Monday. Investors were betting Hurricane...

2008-09-09 15:00:37

Oil ministers from major export countries enter a meeting in Vienna with diverse opinions on oil supplies and prices, various ministers said. The late-night meeting Tuesday brings together oil ministers from Iran and Venezuela, who want to see production slowed to support prices, The New York Times reported. But the Organization of Petroleum Exporting Country's leading exporter, Saudi Arabia, increased its production by 600,000 barrels a day above its OPEC quota this summer to help bring...

2008-09-08 18:00:11

The Iranian and Venezuelan oil ministers say they will ask major oil export countries to set a minimum $100-a-barrel price during a meeting in Austria Tuesday. Organization of Petroleum Export Countries ministers will need to balance supply issues against the recently falling global demand for oil, The Daily Telegraph reported Monday. Pushing the price too high while economies are weak could hold demand back, the Telegraph said. Crude oil prices have fallen quickly from a peak above $147...


Word of the Day
bibliopole
  • A bookseller; now, especially, a dealer in rare and curious books.
This word comes from a Greek phrase meaning 'book seller.'
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