Tag: OPEC

• Wednesday, October 15th 2014 - 08:16 UTC

  Oil prices hit new lows with prospects of further slide; excess supply, weak demand

  

  Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99.

• Friday, October 3rd 2014 - 07:11 UTC

  Oil at its lowest point in more than two years as Saudis defend market share

  

  Price cuts by key exporter Saudi Arabia helped send global crude prices to their lowest point in more than two years Thursday before they recovered in late trade.

• Thursday, January 9th 2014 - 18:45 UTC

  Violence threatens to thwart Iraqi oil resurgence

  

  By Nicholas Cunningham - A wave of violence has swept parts of Iraq at the start of 2014 as the central government fights back against Al-Qaeda aligned militants in Anbar Province. The Islamic State of Iraq and the Levant (ISIL) reportedly took control of Ramadi and Fallujah, bombing police headquarters and killing dozens.

• Wednesday, November 13th 2013 - 00:09 UTC

  OPEC admits shale oil boom, mostly in the US, will have an impact on world supply

  

  OPEC said on Tuesday its rivals will produce more oil than expected this year, as it continued backpedaling from its previous skepticism over the significance of a US shale boom. The views of the Organization of the Petroleum Exporting Countries show it is narrowing its differences with oil consumers on the impact of resurgent North American output.

• Tuesday, July 23rd 2013 - 08:15 UTC

  Santos and Maduro agree to open a new chapter of neighbourly relations

  

  Venezuelan President Nicolas Maduro and Colombian counterpart Juan Manuel Santos on Monday agreed to turn the page on a diplomatic dispute triggered when Santos met with Venezuela's main opposition leader in May.

• Thursday, April 25th 2013 - 05:46 UTC

  China to overtake US as main oil importer by 2014 says OPEC

  

  China is on course to overtake the US as the world’s top crude importer by 2014, as the Asian country’s growing refining capacity boosts demand and America’s fracking boom cuts the need for foreign oil, OPEC said in its monthly report.

• Wednesday, March 20th 2013 - 07:46 UTC

  Venezuelan presidential candidate Capriles pledges “not another drop of oil to Cuba”

  

  Venezuelan opposition presidential candidate on Monday vowed to end the OPEC nation's shipments of subsidized oil to the Castro brothers regime in Cuba, slamming acting President as a puppet of Havana.

• Friday, March 8th 2013 - 07:22 UTC

  Iranian president will attend Chavez funeral ceremony on Friday

  

  Iranian President Mahmoud Ahmadinejad is expected in Caracas early Friday on time to pay tribute to his late Venezuelan counterpart, Hugo Chavez, who died earlier this week after a two-year battle with cancer. Ahmadinejad left Tehran for Caracas on Thursday.

• Thursday, August 16th 2012 - 05:02 UTC

  China soon to become Venezuela’s main trade partner; oil sales soared 60% this year

  

  Venezuelan oil sales to China have jumped by 60% since the start of the year, the country's oil minister said in an interview published on Sunday in the state-run Correo del Orinoco.

• Wednesday, July 11th 2012 - 19:35 UTC

  OPEC lowers world oil demand forecast for next year

  

  The Organization of the Petroleum Exporting Countries, left its forecast for 2012 growth in world oil demand unchanged at 0.9 million barrels a day, saying it expects growth to slow to 0.8 million barrels a day in 2013 due to a continuing global economic slowdown.