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OPEC output drops in March

According to a survey released by Platts, the 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil output dropped in March by 630,000 barrels per day to 29.17 million b/d, following the loss of 930,000 b/d of Libyan production and the failure of Saudi Arabia’s supply to face the decline in Libyan.

read more... 15/04/2011


Iran sees No Reason for OPEC Extraordinary Meeting

Iranian Oil Minister Masoud Mirkazemi, the actual OPEC president, declared on Sunday that despite the oil hike of over $100/barrel, there was no need to hold an emergency meeting of the oil producers, members of the Organisation of Petroleum Exporting Country (OPEC).

read more... 28/03/2011


Daily Energy Overview, Wednesday, March 09, 2011

U.S. crude oil futures traded down on Tuesday following the statement of the Kuwait’s oil minister about the OPEC’s possible increase in oil production to cover any supply deficit that could arise from the Libyan conflict. The U.S. crude for April delivery eased 42 cents to 105.02 dollars a barrel, while the ICE Brent for April delivery edged 2 percent down being traded at 113.06 dollars a barrel.

read more... 09/03/2011


Daily Energy Overview, Thursday, March 03, 2011

U.S. crude oil futures settled over 102 dollars on Wednesday for the first time since September 2008 as civil conflict expanded in Libya and an airstrike nearby country’s oil infrastructure deepened worries over a lasting disruption from OPEC countries.

read more... 03/03/2011


OPEC criticizes IEA for inconsistent oil supply view

The International Energy Agency (IEA) accused the OPEC of intentionally hesitated to boost the output of oil in order to maintain a higher level of oil prices. At the same time, OPEC criticizes the agency for providing inconsistent oil price view.

read more... 19/01/2011