Venezuelan President Hugo Chavez is proposing that OPEC should sell oil to poor countries at dramatically lower prices than those paid by wealthy nations, says the International Herald Tribune. Chavez will ask members of OPEC to consider a plan to aid poor countries struggling with rising oil prices, as a summit this weekend. “I would … Read More
OPEC
Twelve Dollars a Year
In the late winter of 2006, the citizens of Burlington, Vermont prepared to elect one of five candidates to a three-year term for an open mayorâs seat. At one forum, a citizen stood up and asked, âWithin the next mayoral term, itâs likely the price of oil will hit $90 a barrel and gas will … Read More
Iran: OPEC will not be Pressured by Consumers
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 … Read More
OPEC Offers Light Relief
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 … Read More
$95 a Barrel This Year?
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 … Read More
Kuwait: We have 100 Billion Barrel Oil Reserve
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 … Read More
We Face Oil Crunch âin Five Yearsâ
The world is facing an oil supply âcrunchâ within five years that will force up prices to record levels and increase the westâs dependence on oil cartel Opec, according to the International Energy Agency. In its starkest warning yet on the worldâs fuel outlook, the International Energy Agency said âoil looks extremely tight in five … Read More
EU Challenges OPEC
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 … Read More
OPEC Warns West on Biofuels
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 âthrough the roofâ. 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 … Read More
US Congress Targets OPEC
The US Congress has voted to brand OPECâs 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.