EU officials and OPEC met in Vienna yesterday for an “Energy Dialogue”. The EU argued that oil prices were about as high as consumers could bear, challenging OPEC to lift restrictions on production. OPEC retaliated that the oil market is already “well supplied.”
Talks between the groups ended on a conciliatory note, however, with the EU […]

Opec has warned western countries that their efforts to develop biofuels as an alternative energy source to combat climate change risks driving the price of oil “through the roof”.
Abdalla El-Badri, secretary-general of OPEC, said it was considering cutting its investment in new oil production in response to moves by the developed world to use more […]

The US Congress has voted to brand OPEC’s efforts to control world oil prices illegal.
And with support of the legislation strong in the Senate as well, President Bush could soon be thrust into the unenviable position of siding with OPEC producers at a time of painfully high gasoline prices in the US.

Big Oil went on the defensive this week, being grilled before a House Judiciary Committee antitrust panel. It denied denying accusations that mismanagement and a lack of competition are the reasons behind this spring’s record gasoline prices in the US.
Already there have been four record prices this week. The surge has been attributed to low […]

Angola and Sudan have followed Ecuador in saying they may join Opec, a move that would boost the power of the oil cartel, add impetus to resource nationalism and put international oil companies on their guard.
Angola, Sudan and Ecuador would boost Opec output by 2-million barrels a day, or 6%, and bring 10,5-billion barrels of […]