OPEC

  • Crude oil prices plunge after OPEC rejects drastic cut in oil output 15 hours 56 minutes ago

    Crude oil prices have plunged after OPEC members rejected calls for drastic action to cut their oil output. OPEC's Secretary General said they would not try to shore up prices by reducing production. Following the announcement Brent crude hit its lowest since August 2010 - falling below 72 dollars a...
  • India prepares to pay $400 million under interim deal to Iran: Sources October 15, 2014

    New Delhi: Iran has sought payment of $400 million from India under an interim deal with six world powers that allows the OPEC nation to recover part of its overseas frozen oil revenues, industry sources said in Wednesday. Iran and the United States, China, France, Germany, Britain and Russia agreed in...
  • Oil above $ 98 on Libya unrest February 28, 2011

    New York: Oil prices rose above $98 a barrel on Monday as Libya's violent power struggle continued to disrupt crude output in the OPEC nation. Violent protests in Oman also raised fears political upheaval could affect other crude exporters. By early afternoon in Europe, benchmark crude for April delivery was up...
  • Oil price dips to $52 per barrel as US cuts jobs April 4, 2009

    New York: Oil prices hovered above $52 a barrel on Friday, slightly lower on the day after a report that US unemployment in March soared to a 25year high. But optimism that the economy will soon turn around curtailed losses. Crude had jumped nearly 9 percent on Thursday on...
  • Oil jumps nearly 7 percent on supply cuts, dollar January 23, 2009

    New York: Oil settled up 6.6 per cent to above $43 a barrel as OPEC supply cuts outweighed additional evidence that a deepening global slowdown is crushing demand for fuel. US light crude for March delivery settled at $43.55, up $2.71 on its first day as the front month contract. London...
  • Oil at fouryear lows near $40 despite OPEC cut December 18, 2008

    Singapore: Oil traded near $40 a barrel on Thursday , at its lowest levels in more than four years, despite OPEC's announcement of a record production cut. New York's main futures contract, light sweet crude for delivery in January, was down five cents at $ 40.01 a barrel, off a...
  • OPEC decides to cut oil output by 4.2 mn barrels/day December 17, 2008

    New Delhi: The world oil cartel, OPEC, on Wednesday agreed to cut output by a record 4.2 million barrels a day to balance slowing demand. The 12 members of the Organisation of the Petroleum Exporting Countries have been under severe strain as crude prices have fallen below $100 a barrel...
  • Rupee lifts, oil prices lift on Russian offer December 12, 2008

    Mumbai: The US Dollar ended sharply lower against the Rupee at Rs.48.33/34 per dollar and the Pound Sterling also finished lower at Rs.72.09/11 per pound at the Interbank Foreign Exchange (Forex) Market on Thursday. Oil prices jumped four dollars, or almost 10 per cent, on the same day as Russia said...
  • Oil rises above $50; OPEC cut eyed November 24, 2008

    Perth: Oil rose 1.3 percent to above $50 a barrel on Monday, giving up early gains, as worries over the global economy returned to the fore centering on Citigroup's ability to survive, but hopes OPEC might cut output again as early as this week helped buoy prices. US light crude for...
  • Crude dips below $50 for the first time since Jan 2007 November 20, 2008

    London: Oil plunged below $50 a barrel on Thursday, deepening losses over the previous four sessions as battered financial markets reflected ever lower confidence in the world economy and evidence mounted of falling fuel demand. US crude fell $3.71, to $49.91 a barrel by 1402 GMT, the weakest level since January...
  • Oil prices fall below $56 mark after G20 meet November 17, 2008

    New Delhi: Oil fell over $1 to below $56 a barrel on Monday, dropping to near its lowest in almost two years after a meeting of the Group of 20 major economies ended with few actual proposals on how they would combat a global recession. News that the Organisation of the...
  • Drop in fuel prices offset by economic crisis October 23, 2008

    London: The Organisation of the Petroleum Exporting Countries could be cutting production for the first time in almost two years. Reports suggest an output cut go be as much as 2 million barrels a day. So do cheaper crude prices mean good news for airlines and carriers? When oil prices soared in...
  • Iran calls for emergency OPEC meeting October 19, 2008

    Ahvaz (Iran): Iran's oil minister on Saturday called for an emergency meeting of the Organization of Petroleum Exporting Countries (OPEC) to discuss production cuts, saying this was the only way to prevent crude prices from falling further, the official IRNA News agency reported. "The only way to stop the downturn (falling...
  • Oil price rise on Wall Street rally October 17, 2008

    Singapore: Oil rose more than $3 on Friday, rebounding from a 15month low below $70 on a late rally on Wall Street and growing expectations of an OPEC production cut. US equities, the oil market's leading barometer of global economic health, staged a late surge on Thursday as investors snapped up...
  • Lower crude does not warrant lower prices: Government October 7, 2008

    New Delhi: India has no plans at the moment to cut prices of widely consumed fuels despite sharp falls in the price of crude oil, the Oil Secretary said on Tuesday. "Crude prices have fallen but not to the level that warrants downward revision in (fuel) prices," R.S. Pandey told reporters. Oil...
  • Oil slips beneath $103 over concerns on US economy September 25, 2008

    New Delhi: Oil fell on Thursday but moved up from session lows in response to hopes of agreement on a proposed US $700 billion financial sector bailout plan. Prices had fallen more than $2 initially, pressured by further evidence of US economic weakness that has begun to affect demand for oil. US...
  • Crude slips to a 5month low of $101.87 per barrel September 11, 2008

    New Delhi: Crude prices slipped to a fivemonth low touching $101.87 per barrel but recovered thanks to mixed signals from oil cartel OPEC. As prices edged closer to the $100 mark, OPEC's President urged members to stop producing more than the group's set quota. At a meeting in vienna on Tuesday, Saudi...
  • What makes crude oil good or bad September 10, 2008

    Sydney: Good or bad crude, blame it on anaerobic bacteria in oil reservoirs deep below the earth's surface, according to the latest discovery. Anaerobic bacteria are those which grow in the absence of free oxygen and derive oxygen from breaking down complex substances. Scientists from Curtin University of Technology (CUT) and...
  • Oil prices hit fivemonth low, OPEC cuts production September 10, 2008

    Vienna: The Organisation of the Petroleum Exporting Countries (OPEC) has cut its production quotas amid the sharp drop in oil prices in recent weeks, Algerian Energy Minister Chakib Khelil told reporters early on Wednesday. Production quotas will be returned to the levels of September 2007. Excluding OPEC members Angola, Iraq and...
  • OPEC output targets, easing storm threat sees oil prices fall September 9, 2008

    London: Oil dropped to a new fivemonth low on Tuesday on expectations OPEC would leave formal output targets steady and as the threat of Hurricane Ike to US Gulf of Mexico energy infrastructure receded. OPEC ministers meeting in Vienna were expected to keep output targets steady with calls from some to...
  • Oil falls on slowing US demand, dollar September 5, 2008

    New York: Oil fell by more than $1 on Thursday as concerns over weak demand in a softening U.S. economy outweighed an unexpected drop in U.S. crude oil inventories and continued production problems in the wake of Hurricane Gustav. U.S. crude fell $1.46 to $107.89 a barrel, extending a slide from...
  • Oil prices drop to a new low August 19, 2008

    New Delhi US Crude for September delivery settled down at $112.87 a barrel on the New York Mercantile Exchange finishing at it's lowest point in more than 3 months. This was a result of concerns about falling demand and a weaker dollar. The Organisation of Petroleum Exporting Countries (OPEC)...
  • Crude prices fall below $130 July 18, 2008

    New Delhi: Crude oil prices dropped below $130 a barrel in New York on Thursday. This has been the lowest level in more than five weeks. The price fell by more than $5 over fears that demand is falling in the US and tension easing in West Asia. Reports say...
  • Lookaheads: Big news from across India July 10, 2008

    New Delhi: The Centre will respond to the Delhi High Court on quotas in higher educational institutions on Thursday. The Tibetan torch of freedom will reach New Delhi on Thursday after passing through various cities all over the world. OPEC will release its Annual Statiscal Bulletin of its 13 member...
  • Oil price could touch $170 a barrel, warns OPEC chief June 27, 2008

    New Delhi: Crude oil prices have crossed the $140abarrelmark with the fresh surge in oil prices coming amid a declining dollar and Libya, one of the major producers, threatening to cut output after possible US actions against oilproducing nations. It touched $141.71 a barrel on Friday. Rising oil prices have strained economies...
  • OPEC Prez blames oil price hike on US subprime crisis June 25, 2008

    New Delhi: The President of Organisation of Petroleum Exporting Countries (OPEC), Chakib Khelil insisted on Tuesday that oil producers saw no need to raise supply, blaming high prices on factors outside its control, such as US pressure on Iran and the weak US dollar. Speaking after talks with European Union...
  • OPEC meet fails to provide solutions to price hike June 23, 2008

    The meeting of the Organization of the Petroleum Exporting Countries (OPEC) members and oil consumers in Saudi Arabia has failed to produce any solution to check rising oil prices. ...
  • Enough oil in market to meet demands: OPEC president June 23, 2008

    Mumbai: The meeting of the Organization of the Petroleum Exporting Countries (OPEC) members and oil consumers in Saudi Arabia has failed to produce any solution to check rising oil prices. Speaking at the meeting, India's Finance Minister P Chidambaram called for a fixed price band. Saudi Arabia has promised to...
  • OPEC: Saudi to boost oil output June 23, 2008

    New Delhi: It has fuelled protests across the world and now rising oil prices are causing heartburn within the Organisation of the Petroleum Exporting Countries (OPEC). The differences in the body of oil producers came to the fore on Sunday at a meeting called by Saudi Arabia, in view of...
  • India warns the world: oil price may ruin all June 22, 2008

    Jeddah: India has blamed speculators for the rise in global oil prices and warned that the countrys economic goals were in great peril. Oilproducing nations must not to remain a "passive spectator of speculation" and should adopt a "price band mechanism" to decrease prices, said Finance Minister P Chidambaram at the...