Tag: OPEC
OPECVictory for Chavez in arbitration with Exxon Mobil over assets’ nationalization
An international arbitration panel has awarded US oil giant Exxon Mobil Corp 908 million dollars in compensation for Venezuela's 2007 nationalization of assets, less than 10% of what it sought in a dispute that pitted a top global oil company against one of the world's largest oil exporters.
OPEC agrees 30m bpd supply target; Saudis want oil below 100 dollars per barrel
OPEC oil producers on Wednesday sealed their first new production limit in three years in a deal that settles a 6-month-old argument over output levels firmly in Saudi Arabia's favour.
Ecuador says it is breaking oil daily production record
State-owned oil company Petroecuador said it broke its daily production record on Tuesday 15 November, pumping 156.359 barrels of crude on that day. Production from Jan. 1 to Nov. 8 totalled 47,096,086 barrels of crude, Petroecuador said in a report.
OPEC forecasts slower global oil demand and production
OPEC cut its forecast Monday for global oil demand and production, citing the slowing economic recovery. In its monthly report, the Organization of Petroleum Exporting Countries said it expected demand growth to drop to 1.1 million barrels per day -- 150,000 barrels per day fewer than its earlier forecasts.
Venezuela: biggest oil reserves, but also record corruption and mismanagement
Venezuela received an enviable honour last month: OPEC said it is sitting on the biggest reserves of crude oil in the world – even more than Saudi Arabia. But the Venezuelan oil industry is also sitting atop a well of trouble.
Argentina is promoting the idea of an OPEC-like for lithium
Argentina is promoting the idea of an OPEC-like cartel for itself, Bolivia and Chile, which together control 85% of the world's reserves of lithium, a key component in electric car batteries.
Release of strategic reserves (to counter Libya’s absence) rattles world oil market
Oil rose in New York, recovering from a plunge sparked by an International Energy Agency announcement that its members will release crude from strategic reserves.
OPEC fails to reach agreement on production targets for the first time in 20 years
Oil rose for a third day in New York after OPEC failed to reach an agreement on production targets for the first time in at least 20 years and U.S. crude inventories fell more than analysts forecast.
Crude at highest in 30 months pushed by US recovery and political turbulence
Oil climbed to the highest level in 30 months in New York on Monday on speculation that US economic growth may support demand and a protracted conflict in Libya will curtail supply.
Oil prices ease as OPEC begins talks to increase output replacing Libya
Oil dropped for a second day in New York as members of the Organization of Petroleum Exporting Countries considered talks about increasing production because violence is disrupting supplies from Libya.
