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OPEC members unable to agree on oil output

Members of OPEC, the Organization of the Petroleum Exporting Countries, today fail to ratify a proposal by four Middle Eastern countries to boost the...

OPEC likely to increase oil production

OPEC oil ministers are set to hold a regular ministerial meeting in Vienna on June 8, to mull the market’s supply and demand and...

Oil markets expected to continue to tighten

Oil markets will continue to tighten over the next two years given expected robust growth in world oil demand and slow growth in...

OPEC raises 2011 oil demand forecast

The Organization of Petroleum Exporting Countries raised on Monday its forecast for global oil demand for this year. OPEC said it now expects world oil...

The Energy Information Administration expects oil price to average $93 a...

The Energy Information Administration in the US said on Tuesday, world oil consumption rose 2.2 million barrels per day in 2010 to 86.6 million,...

OPEC does not interfere in crude oil prices

The UAE Energy Minister Mohammed Bin Dha'en Al-Hamili said the Organization of the Organization of the Petroleum Exporting Countries (OPEC) does not interfere in...

World oil demand is projected to grow, according OPEC

Driven by global economic recovery, world oil demand is projected to grow 1.0 mb/d to 86.4 mb/d in 2011, according to OPEC Monthly...

Global oil market oversupplied

U.S. crude oil futures ended lower for the fourth session in a row last Friday, May 14, and extended losses for the second straight...

Oil Price above $87 and expected to go higher in the...

Oil prices rose more than 2 percent on Monday to their highest since October 2008, after data showed U.S. payrolls surged in March, the...

OPEC basket price slips to USD 69.71 pb

Organization of the Petroleum Exporting Countries (OPEC) said on Monday that its 12-crude basket price dipped by USD 3.02 to settle at...

OPEC pumps 28.94 million barrels per day in November

The Organization of the Petroleum Exporting Countries(OPEC) crude oil production rose to 28.94 million barrels per day (b/d) in November, an increase of 50,000...

UAE to chair OAPEC by 2010

The UAE will be a chair of the Arab Petroleum Exporting Countries (OAPEC) from 2010 in the framework of rotational presidency of the OAPEC...

Russia becomes world’s biggest oil producer

For decades the world's major oil producers have tried to control prices by cutting or raising supplies, which relied on all of them sticking to agreed quotas. But unity...

OPEC holds production levels

OPEC has decided not to cut output, despite record levels of crude in inventories and weak demand forecasts, with some cartel members believed to...