Tag Archives: OPEC
Saudi Arabia is taking pride in keeping oil prices stabilized for global economic growth despite a halving of Iranian exports because of oil embargo. It is also confident that the kingdom will meet present and future demand for oil, easing … Continue reading
Iraq oil exports rose to the highest level in more than three decades, Oil Ministry spokesman Asim Jihad confirmed on Monday. In September 2012, Iraq exports exceeded 2.6 million barrels per day (bpd) on an average compared to 2.565 million … Continue reading
According to the Vienna-based cartel, weekly average prices on oil of the Organisation of Petroleum Exporting Countries (OPEC) climbed up to $122.87 per barrel. From the last weekly report, the price rise has been recorded the highest since July 2008.
OPEC delegates state that OPEC is unwilling to state individual output production quotas for members. The last output production limit had been set in 2008 for 11 members excluding Iraq. This quota was implemented to restrict supply as recession was … Continue reading
The bailout for Greece by the EU caused oil prices to float above $94 on Monday. However, even as the Greece debt crisis is being sorted, worries of a similar problem in Italy loom on the horizon. Oil prices shuffle … Continue reading
The oil minister of Saudi Arabia, ‘Ali Al- Naimi ‘ denied excess production of oil and stated that they have only been trying to match the demand for oil in the market. Saudi Arabia is one of the biggest producers … Continue reading
Analysts predict that the decision of OPEC (Organisation of oil exporting countries) to curb in oil exports if oil prices soar due to the decrease in economic growth will likely to result in oil prices to be steady throughout the … Continue reading
After revising its oil demand and consumption forecast, OPEC stated that the demand would remain low in the year 2011 due to slow global economic growth in industrial nations and a weak US economy.
It’s great to know that the Members of Organisation of Petroleum Exporting Countries are taking wise steps to prevent the price rise. In a press conference Kuwait’s oil minister exclaimed that Saudi Arabia and Kuwait, the two OPEC members, have … Continue reading