Tag: OPEC

• Tuesday, March 1st 2011 - 06:25 UTC

  Most Libyan oilfields no longer under control of Gadaffi

  

  Most of Libya's oilfields are no longer under control of Libyan leader Colonel Muammar Gaddafi, the European Union's energy commissioner said on Monday.

• Wednesday, February 23rd 2011 - 07:02 UTC

  OPEC promises to compensate for any oil drop off by unrest in Middle East

  

  Trying to calm turbulent oil markets, Saudi Arabia's Oil Minister said on Tuesday that the Organisation of the Petroleum Exporting Countries (OPEC) was ready to pump more oil to compensate for any drop-off caused by unrest in the Middle East.

• Wednesday, February 2nd 2011 - 18:06 UTC

  In spite of 100 years of production, Venezuela claims world’s largest proven oil reserves

  

  Venezuela holds 297 billion barrels of proven oil reserves, most of it in tar sands but sufficient to be ahead of Saudi Arabia considered by world experts the number one country in reserves.

• Sunday, December 12th 2010 - 23:31 UTC

  Saudi’s 70/80 US dollars a barrel stance prevails at OPEC meeting in Ecuador

  

  Leading OPEC producer Saudi Arabia said it still favoured a 70-80 US dollars price range for oil, a restatement of a two-year-old policy that will be welcomed by consumer nations worried that rising oil prices may get out of control and hamper global economic recovery.

• Tuesday, September 14th 2010 - 03:55 UTC

  OPEC born in Baghdad in 1960 with five members, changed the energy world

  

  The Organization of Petroleum Exporting Countries turns 50 years old Tuesday having survived a tumultuous history of wars, embargoes and in-fighting. The world’s oldest and largest energy producer group is now enjoying prices close to the 75 USD a barrel level that its largest member Saudi Arabia considers “ideal.”

• Tuesday, July 27th 2010 - 20:20 UTC

  Ecuador moves to increase state control over the oil industry

  

  OPEC member Ecuador says it will start renegotiating contracts with private oil companies as it moves to increase state control over the sector. Under the new hydrocarbons law, the current production-sharing agreements will be replaced by a flat fee.