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"opec" tag
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OPEC members fail to agree on production freeze

Tehran will not participate in an output cap agreement to stabilize oil prices, said Iran’s oil minister. Analysts warned that OPEC’s failure to strike a deal could have a severe impact on oil markets. Qatar’s...

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After Messy Price War, OPEC Gets the Blues, Can’t Figure Out How “to Live Together” with US Shale Oil

OPEC Secretary General Abdalla Salem El-Badri admitted on Monday that the price war has backfired. While it still controls about 40% of global oil production, OPEC has been losing market share to US and Canadian producers....

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Saudi Arabia to reduce its reliance on oil

In a bid to shore up the Middle East nation’s finances battered by the global slump in crude prices, Saudi King Salman has pledged to diversify the country’s economy and veer off its heavy dependence...

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Oil: WWJD–What would JD Rockefeller have Done?

Many observers conclude OPEC is dead. Oh, its demise has been claimed before, but after the oil cartel failed to provide a quota (output goal) in last week’s statement, the claim has been given new...

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OPEC: RIP? Not So Fast

Many observers have proclaimed the death of OPEC. This seems to be a premature judgment, and may reflect a misunderstanding of oligopolistic practices. The decision not to cut production is not a sign of the...

OPEC sets 30 mln barrel/day oil output cap

Vienna, December 14, 2011 : OPEC, the oil cartel, on Wednesday reached an agreement capping the group’s crude oil production at 30 million barrels a day(bpd). While the deal set an overall output cap, it...

High oil prices threat to global economy : IEA

Singapore – December 14, 2011 : High oil prices threaten to worsen a global economic slowdown and crude producers should consider boosting output, the chief economist for the International Energy Agency (IEA) Mr Fatih Birol...