Latest Cartels Stories

2008-09-08 15:00:59

According to Al-Sharq Al-Awsat newspaper (September 7, 2008), the U.S Energy Ministry estimated the oil production volume by the OPEC states (Organization of the Petroleum Exporting Countries) at 32 million barrels per day in July 2008. The per barrel oil price amounted to $112.2 in the same period. Originally published by Info-Prod Strategic Business Information. (c) 2008 Info-Prod Research (Middle East). Provided by ProQuest LLC. All rights Reserved.

2008-09-08 09:00:44

Iran to pursue fair oil price at OPEC meeting: official TEHRAN, Sept. 6 (Xinhua) -- Iran said Saturday that it will pursue a fair oil price at the upcoming meeting of the Organization of Petroleum Exporting Countries (OPEC), local English-language Press TV satellite channel reported. Oil Minister Gholam-Hossein Nozari made the remarks before leaving for the OPEC meeting scheduled to be held in Vienna on Tuesday, or Sept. 9, according to the report. Iran, the second largest oil...

2008-09-07 12:00:17

By Jad Mouawad The decline in oil prices has been a relief for consumers and a rare piece of positive news in a bleak economic landscape. But for oil producers that have grown accustomed to rising revenue, falling prices are turning into a cause for concern, if not quite panic. Oil prices have dropped by a third in seven weeks and appear to be headed below the symbolic $100-a-barrel threshold for the first time since March. Though oil remains expensive by historical standards, the speed...

2008-09-05 12:00:35

By Jad Mouawad The decline in oil prices in recent weeks has been a welcome relief for consumers and a rare piece of positive news in an otherwise bleak economic landscape. But for oil producers, increasingly accustomed to rising revenues, falling prices are fast turning into a cause for concern - if not quite panic. Oil prices have fallen by a third in the past seven weeks and are headed for a drop below the symbolic $100 threshold for the first time since March. Though not a full-blown...

2008-09-04 03:00:23

By Watkins, Eric Chakib Khelil, president of the Organization of Petroleum Exporting Countries, while acknowledging that Indonesia has played an important role since joining the organization in 1962, said its plan to withdraw from the group is a "sovereign" decision. Khelil also indicated that several options were available, saying that Indonesia could either suspend its membership or remain in the organization as an observer once its membership expires at yearend. "All the options are...

2008-09-04 03:00:22

By Snow, Nick Expectations that supplies will continue to dwindle while demand keeps growing have pushed crude oil prices dramatically higher since the beginning of 2008, two leading energy analysts told US senators. The notion fails to consider that recent major discoveries are significant and that $140/bbl crude oil prices might slow demand growth, they told an unusual workshop convened by the Energy and Natural Resources Committee on July 17. "An attitude has permeated the market that if...

2008-09-02 12:00:29

Iran's oil minister Tuesday said the Organization of Petroleum Exporting Countries should discuss reining in excessive oil production. "Some OPEC members are providing the market with excess supply and producing more than their OPEC quota," said Iranian Oil Minister Gholam Hossein Nozari, the Fars New Agency reported. "Excess supply of oil affected prices in market and it is not only Saudi Arabia that has excess supply," said Nozari, who called $100 per barrel a "minimum" price for a barrel...

2008-09-02 12:00:29

BEIJING, Sept. 2 /Xinhua-PRNewswire/ -- International oil prices fell back from last month. The future price of raw oil ( http://www.tootoo.com/buy-_raw_oil/ ) on the New York market even reached to $147.42 per barrel on July 11th, the highest price in history. However, it has fallen about 25%. (Logo: http://www.newscom.com/cgi-bin/prnh/20080605/CNTH022LOGO ) The main oil consumption countries in West, such as the United States, attributed the rising oil price to OPEC oil shortages. With...

2008-08-28 18:00:47

By Nevill Boyd Maunsell Economics Editor As the third anniversary of Hurricane Katrina's devastation of New Orleans approaches tomorrow, fears that a new hurricane could wreck oil rigs in the Gulf of Mexico sent oil prices sharply higher. Shell and BP both started evacuating non-essential workers from their offshore rigs, but said production was unaffected. Crude for October delivery jumped by EUR2.23 a barrel to EUR118.50 in New York yesterday afternoon. Brent crude was EUR1.85 higher...

2008-08-26 09:00:49

In stating that drilling in the Arctic National Wildlife Refuge will have virtually no effect on oil or gasoline prices (Readers' Forum, Aug. 20), environmentalist Lawson Legate disagrees with Democratic Sen. Chuck Schumer, who, according to media reports, said President Bush should force OPEC nations to produce 1 million more barrels of oil per day. This amount, he said, would reduce the price of gasoline by 25 cents per gallon. One million barrels per day is exactly the amount the experts...

Word of the Day
  • Remarkable; prodigious.
  • Audacious; gutsy.
  • Completely; extremely.
  • Audaciously; boldly.
  • Impressively great in size; enormous; extraordinary.
This word is probably from the dialectal 'boldacious,' a blend of 'bold' and 'audacious.'