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Source: www.alsumaria.tv --- 7 days ago
OPEC President Shakib Khalil said the organization’s Members should commit to shares of production agreed upon. OPEC has raised its non-official targeted production level led by Saudi Arabia after it pledged to deal with increasing demand and reduce oil prices surge. ... Source: www.platts.com --- 4 days ago
London (Platts) -- 15Aug2008 -- Oil producer group OPEC Friday raised its estimates of the call on its own crude in 2008 and 2009, but said it was already pumping more than enough oil to meet demand. In its latest monthly oil market... ... Source: firstread.msnbc.msn.com --- 41 days ago
From NBC’s Mike Viqueira By the way, Democrats have ALWAYS been for more domestic drilling for oil. It's just that no one wants to give them credit for it, they complain. But now, in the face of a relentless Republican assault on the issue of gas prices, they are trying to make sure that you know that this has been part of their policy all along. The leadership of your U.S. House has been talking about nothing but the rising cost of fuel for weeks now. Republicans think they are gaining the political upper hand with their repeated calls for opening new areas for offshore drilling, as well as in ANWR, as the price at the pump continues to rise. And whereas Democrats had been focusing on initiatives like curbing speculation in oil markets and anti-OPEC legislation, they are now recalibrating their rhetoric in an attempt to emphasize that they indeed do want oil companies to drill more, albeit on the 88 million American acres that they already have the right to drill on through leases. Meanwhile, Republican leader John Boehner is leading a "CODEL" of fellow Members to ANWR at the end of July in an effort to highlight the vast amounts of oil there that lie untapped, and the refusal of Democrats to tap it. ...( read more ) ... Source: slashdot.org --- 41 days ago
The Associated Press reported Tuesday that U.S. exports to Iran grew more than tenfold under President Bush in spite of his criticism of its government as a sponsor of terrorism and warnings against any efforts to develop a nuclear weapon. Source: here Speaking of who we are giving money to, oil imports are intriguing: tables here(ok so I don't have a problem with Canada and Mexico making a farkload of money from us, but some of the others on that list....not so good) Keep in mind that Saudia Arabia, Iraq, Nigeria, Venezuela, Algeria, Angola, and Ecuador are all OPEC Members, the top five on the list controlling almost 40% of our oil imports (actually not as bad as I thought before looking up the numbers, but still really high). ... Source: www.iht.com --- 41 days ago
Abdalla Salem El-Badri, the OPEC secretary general, said that if Iran's oil production was lost, because of a military conflict, OPEC's Members would not be able to make up for it. ... Source: www.huffingtonpost.com --- 10 days ago
OPEC nations earned as much in the first half of this year as they did in the whole of 2007 - thanks both to record oil prices and record production - triggering a big increase in its spending. Members of the Saudi Arabia-led oil exporters' cartel took home $645bn (£335bn, â¬430bn) between January and June, just below the record $671bn they earned last year, according to the US department of energy. At the current pace, OPEC nations would earn about $1,245bn this year, a record. The recent 20 per cent drop in oil prices below $120 a barrel is unlikely to damp the earnings significantly, as higher output will offset the impact. Industry estimates suggest that OPEC production in July hit a record 32.6m b/d. The current oil price, at $116.53 a barrel, is still higher than the first half of the year's average: $111.1 a barrel. More on Oil ... Source: www.huffingtonpost.com --- 8 days ago
According to news reports yesterday Members of OPEC alone glommed in $645 Billion (Euro 430 Billion) for the first six months of this year. Not only have oil consumers been gorged to the hilt, we have been reduced to being supplicants of the oil producers. Every day we are being fed the unceasing lesson from the same hymnal, that oil is running out "tomorrow", come and get it while you still can, not unlike 1855 when Samuel Kier's Rock Oil patent medicine made from Pennsylvania crude oil touted to cure everything from diarrhea, rheumatism, ringworm to deafness solemnly cautioning buyers "Hurry Before This Wonderful Product is Depleted from Natures Laboratory." This while The Peak Oil Pranksters are ever ready to carry the message for the oil patch both here and everywhere working near overtime to heighten our anxieties about oil supply, programming us to pay ever more to the oil barons and sheikhs. But wait, suppose, just suppose they are wrong and willfully misleading us. That oil's origins are not, to repeat not biological, according to the gospel we have been taught to believe. That in effect oil originates from deep carbon deposits dating to the very beginnings of the Earth's formation in quantities vastly greater than commonly thought. The very presence of methane in the solar system is cited as one of the key underpinnings of this theory's seriousness. Then by seepage through the earth's mantle, Abiotic oil becomes in essenc ... Source: www.baltimoresun.com --- 49 days ago
Venezuelan President Hugo Chavez is inviting South American leaders to create their version of OPEC. The socialist president says the group, known as Petrosur, would link state oil and gas companies in a system like the Organization of Petroleum Exporting Countries, which sets production quotas for Members. Venezuela has South America's largest reserves: 310 billion barrels of recoverable oil. Chavez said he does not expect oil prices to fall below $100 a barrel and says Venezuela is willing to donate $1 per exported barrel to finance South American farmers. Chavez met yesterday with regional leaders in San Miguel de Tucuman, Argentina. He praised Brazil's sugar cane-based biofuels industry, but not the United States' "crazy" use of corn for the fuel. ... Source: business-times.asiaone.com --- 38 days ago
(VIENNA) The head of the Organization of the Petroleum Exporting Countries (OPEC) warned on Thursday that oil prices would experience an 'unlimited' increase in the event of a military conflict involving Iran because the group's Members would be unable to make up the lost production. ... Source: onassignment.blogs.foxbusiness.com --- 47 days ago
In the end the Jeddah energy meeting came down to just over three hours of discussion. It feels like a lot of hullabaloo for so little actual work. Representatives from 38 countries, the major oil companies and the majority of Members belonging to OPEC descended on the Red Sea [...] ... Source: www.dawn.com --- 49 days ago
MADRID, July 2, (APP/AFP) - The United States must stop harassing OPEC Members, the organisation's secretary generalAbdallah el-Badri said in an interview published... ... Source: archive.gulfnews.com --- 9 days ago
OPEC Members should keep oil output within the group's agreed targets, OPEC's President Chakib Khelil said in remarks published on day. ... Source: www.canadiandriver.com --- 35 days ago
The thirteen Members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 32.47 million barrels per day (bpd) of crude oil in June, an increase of 230,000 bpd from May, according to the latest Platts survey of OPEC and oil industry officials. ...
Source: www.theoildrum.com --- 48 days ago
OPEC's Crude Oil Production Increased 1% in June, Survey Shows (Bloomberg) -- The Organization of Petroleum Exporting Countries increased oil production 1 percent in June, as Saudi Arabian output rose to a two-year high, a Bloomberg News survey showed. OPEC pumped an average 32.52 million barrels a day last month, up 320,000 barrels from May, according to the survey of oil companies, producers and analysts. Production by the 12 Members with quotas, all except Iraq, rose 380,000 barrels to 30.09 million barrels a day. Saudi production increased 280,000 barrels to an average 9.53 million barrels a day last month, the highest since March 2006. It was the biggest gain among OPEC Members last month and represented 88 percent of the overall OPEC increase. [break] Oil passes, settles above $145 for first time NEW YORK - Oil prices raced above $145 a barrel for the first time Thursday as traders added to their bets on the commodity ahead of the long holiday weekend. There was little good news for Americans hitting the road for the July Fourth holiday, as gas prices set their own record near $4.10 a gallon. Light, sweet crude for August delivery surged $1.72 to settle at a record $145.29 on the New York Mercantile Exchange. Earlier in the trading session, the last of the week, the contract rose to $145.85 a barrel, also a new high. The gains built on a record-shattering rally the previous day, and left prices 3.6 percent higher for the week. Cr ... Source: www.worldaffairsboard.com --- 41 days ago
Is this 1973 all over again and are they waging economic jihad again? If so, who is winning? ---Quote--- 1973 oil crisis The 1973 oil crisis began on October 17, 1973, when the Members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab Members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt (the United States, its allies in Western Europe, and Japan). ---End Quote--- 1973 oil crisis - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/1973_oil_crisis) OPEC warns against military conflict with Iran By James Kanter Published: July 10, 2008 VIENNA: The head of the Organization of Petroleum Exporting Countries warned Thursday that oil prices would see an "unlimited" increase in the case of a military conflict involving Iran, because the group's Members would be unable to make up the lost production. OPEC warns against military conflict with Iran - International Herald Tribune (http://www.iht.com/articles/2008/07/10/business/OPEC.php?WT.mc_id=rssmostemailed) Oil surges $11 to record $138 Crude skyrockets on a sliding dollar, geopolitics and a Wall Street report predicting $150-a-barrel oil. Last Updated: June 6, 2008: 4:41 PM EDT NEW YORK (CNNMoney.com) -- Oil prices shot up nearly $11 a barrel and settled Friday at a record $138.54 on geopolitica ...
Source: www.thaindian.com --- 8 days ago
DPA Washington, Aug 13 (DPA) Members of the Organisation of Petroleum Exporting Countries (OPEC) took in $642 billion in oil exports revenue during the first seven months of 2008 and may well eclipse the total amount from the previous year, the US Energy Department said Tuesday. Boosted by high oil prices and increased production, OPEC will [...] ... Source: www.ad-hoc-news.de --- 8 days ago
London (ots/PRNewswire) - Platts The Organization of the Petroleum Exporting Countries' (OPEC) 13 Members boosted their collective crude oil production by 300,000 barrels per day (b/d) in July to average 32.77 million b/d over the month, according to a Platts ... ... Source: www.lrb.co.uk --- 9 days ago
Unlike the oil 'shocks' of the 1970s, the current energy crisis is almost certain to be long-lasting. None of the quick fixes proposed by pundits and politicians - drilling in protected wilderness and maritime areas, curbs on commodity speculators, pressure on Members of OPEC to increase output - is likely to have much impact. In 1973-74 and again in 1979-80, events in the Middle East led to a sharp reduction in the flow of oil from the Persian Gulf, causing a contraction in global supplies and a rise in energy prices, and thus sparking a global recession. But when equilibrium of a sort was restored to the region, the oil began to flow again and the crisis passed. Now, however, the imbalance between supply and demand is largely due to factors inherent in oil commerce itself - and so is less easily solved. ... Find more results for OPEC Members on RSSMicro.com |
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From yesterday's Congressional testimony of Gal Luft of the Institute for the Analysis of Global Security: There are many reasons for the current oil crisis. Strong demand in developing Asia, speculation, geological decline and malevolent disruptions have all contributed their share. But by far, the main culprit is OPEC's reluctance to ramp up production. The cartel owns 78 percent of the world's proven reserves and produces about 40 percent of its oil production. In 1973, OPEC produced 30mbd, while non-OPEC produced 25mbd. Today, OPEC produces 32mbd while non-OPEC production is close to 45mbd. In other words, OPEC today produces almost as much oil as it did 35 years ago while the world global demand for oil has nearly doubled. Clearly it is not in OPEC's interest to provide relief to the struggling global economy. The cartel enjoys a vertical monopoly of the world vehicle fuel supply, and it is currently at the receiving end of the biggest transfer of wealth in human history. To understand the magnitude of the forces in play it is instructive to visualize the scale of OPEC's wealth in comparison to that of consuming countries: imagine that OPEC Members are corporations and a barrel of oil is a share. At $125 oil, OPEC's market capitalization based on its proven reserves stands today at roughly $137 trillion. This is roughly equivalent to the value of the world's total financial assets--stocks, bonds, other equities, government a ...
Coming to a city near you? - Be very afraid, please AMERICA and Israel often hint at military action to stop Iran’s suspected nuclear-weapons programme. The latest rumblings, however, may be more serious. The atmosphere has been charged by a combination of factors: Iran’s expanding uranium-enrichment programme, faltering diplomatic efforts to halt it, a dying American administration and a nervous Israel. Throw in the latest war games by Israel, America and Iran—and Iran’s apparent rejection of the latest international incentives to halt its nuclear work—and some reckon the sparks could soon fly. [break] OPEC exports rise to peak for this year - analyst LONDON: OPEC oil exports, excluding Angola and Ecuador, will rise by 80,000 barrels per day (bpd) in the 4 weeks to July 26, an analyst who tracks future flows said on Thursday. Seaborne crude exports from 11 Members of the Organization of the Petroleum Exporting Countries, including Iraq, will rise to 24.95 million bpd from 24.87 million bpd in the 4 weeks to June 28, British consultancy Oil Movements said in its latest estimate. Peak oil: petrol to reach $8 a litre PETROL could hit $8 a litre within a decade as oil production begins to dwindle and demand continues to soar, a CSIRO study to be released today says. The study, Fuel For Thought, warns this would add up to $220 a week to the cost of running a medium-sized passenger vehicle by 2018, resulting in severe social and economic co ...