News

The Organization of Petroleum Exporting Countries, in its latest monthly Oil Market Report, expects worldwide oil demand to grow by 900,000 b/d in 2010.

US dependence on Organisation of Petroleum Exporting Countries (OPEC) for energy is not set to fall in the near future despite focus on renewable energy.

The U.S. government and OPEC on Wednesday took divergent views on the changing outlook for global oil demand this year.

OPEC will keep supply unchanged when it meets on Tuesday in Angola, Algeria's Energy Minister Chakib Khelil said on Sunday.

Saudi Aramco delayed two oil development projects due to OPEC quota cuts

The Algerian energy minister suggested that the oil price may remain above US$50 a barrel due to OPEC cuts

OPEC is expected to produce about 1 million barrels a day above its total quota in March

Standard and Poor's said Friday it has revised down its outlook for Nigeria's ratings to "negative"

OPEC members Kuwait and Qatar are comfortable with current oil prices of about $50 a barrel, Bloomberg reported

After OPEC decided to leave output steady in the face of a deepening global economic crisis, the world oil prices diferentiated

OPEC agreed to maintain current production quotas, concerned that a fourth cut since September risked increasing energy costs during the worst global economy in six decades, Bloomberg reported

Gazprom may take part in the construction of facilities for liquefying natural gas in Iran as part of the South Pars project, RBC reports

Russian Deputy PM announced Sunday Russia will cut oil exports and increase domestic oil consumption in a bid to stabilize world oil prices amid the ongoing financial crisis

Oil edged down below $47 a barrel on Friday ahead of OPEC's meeting this weekend which pushed prices up by more than 11 percent in the previous session, Reuters reported

Russia is going to propose a new method of oil pricing at an international conference in Moscow later this year, where major oil producers are planeed to be invited

Crude oil jumped more than 11 percent to settle above $47 a barrel on Thursday on a better-than-expected U.S. retail sales data and OPEC meeting in Vienna this weekend

Iran's oil minister suggested that OPEC would accept Russia as a member, Reuters reported

Oil prices plunged Wednesday amid rising crude oil stockpiles in key consumer the United States and skepticism over potential further production cuts by OPEC members

Oil prices extended gains in Asian trade Tuesday on expectations that OPEC will announce another output cut this weekend, AFP reported

OPEC's president Angola believes new cuts are irrelavant, because the influence of the previous curbs should be reseached, but other OPEC members are not that confident