All publications by tag «OPEC»
Brent and West Texas Intermediate crudes fell to the lowest level in more than four years after OPEC failed to cut its output in response to a glut.
The International Energy Agency’s chief economist on Friday urged oil producers to boost investment in new projects to meet an anticipated rise in demand, a move that he said may avoid oil price spikes in coming years.
OPEC 166th Meeting concludes
Crude Rises as China Rate Cut Spurs Optimism About Demand
Iran will protect its share of global crude sales under all circumstances, Oil Minister Bijan Namdar Zanganeh said, as OPEC members prepare to meet next week to review production levels.
Russia can do little to shore up slumping global prices even if OPEC wants it to. Russian wells will freeze if they stop pumping oil, and the country cannot store the output it would otherwise export.
North Sea Brent crude oil spot prices averaged $87/bbl in October, a decrease of $10/bbl from September and the first month Brent crude oil prices have averaged below $90/bbl since November 2010.
Global oil supply inched up by 35 000 barrels per day (35 kb/d) in October to 94.2 million barrels per day (mb/d)
OPEC Diplomacy Picks Up With Iraq-to-Libya Chiefs
Saudi Arabia’s oil minister broke months of silence on Wednesday to speak publicly about the Gulf nation’s stance on the oil market and dismiss claims that it had triggered a “price war”.