As oil prices continue to rise, Iran has warned that OPEC would not allow itself to be pressured by consumers in the face of rising oil prices, saying current record crude highs were good for oil exporting countries.
‘The talk that OPEC is a provider and a regulator of prices and therefore can be pressured is […]

As crude oil prices rose over $78 a barrel, the Financial Times reports how OPEC is offering a small production increase in an effort to cool the rising prices and reassure industrialised countries. The upward trend towards $80 a barrel has increased the pressure on the cartel to act.
Abdalla el-Badri, Opec secretary general, said the […]

The $100 dollar a barrel draws closer. Middle East members of the oil cartel Opec are under pressure for an immediate rise in production, after a warning from investment bank Goldman Sachs that prices could hit $95 a barrel this year.
On the energy markets yesterday, a wave of speculative activity pushed Brent crude to […]

OPEC-member Kuwait has reconfirmed that its oil reserves are 100 billion barrels, disputing a report that the figure was around half that amount.
“We confirm that Kuwait’s oil reserves are 100 billion barrels,” acting oil minister Mohammad al-Olaim told reporters after briefing parliament in a closed-door session about the levels of reserves in the Gulf emirate.

The world is facing an oil supply “crunch” within five years that will force up prices to record levels and increase the west’s dependence on oil cartel Opec, according to the International Energy Agency.
In its starkest warning yet on the world’s fuel outlook, the International Energy Agency said “oil looks extremely tight in five years […]