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Tag Archives: OPEC

AP Interview: IMF says low oil prices still hurting Mideast

middle east oil, mideast economy, oil prices, OPEC

DUBAI, United Arab Emirates (AP) — Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region. Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing ...

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OPEC must enact cuts for sustained oil price rise, IEA says

oil field, Kuwait, oil spill

PARIS (AP) — The International Energy Agency is urging OPEC countries to swiftly deliver on promised production cuts if they want to see a sustained increase in oil prices that will also help shore up their economies. In its monthly report Tuesday, the global watchdog said production from the Organization of the Petroleum Exporting Countries hit a record high in ...

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AP Explains: What does OPEC’s tentative deal mean for oil?

OPEC

DUBAI, United Arab Emirates (AP) — OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut. What happened to oil prices and why can’t OPEC agree to anything more binding? ...

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Oil prices hit by downward revision to global oil demand

global oil production

LONDON (AP) — Oil prices took a pounding Tuesday after a leading industry group said global oil demand growth is slowing by more than previously thought, largely because of a more pronounced economic slowdown during the third quarter of the year. In its September oil market report, the Paris-based International Energy Agency reduced its forecast for global demand growth to ...

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Oil minister: Iran backs OPEC moves geared toward stability

OPEC, Iran

TEHRAN, Iran (AP) — Iran’s oil minister says his country would support any decision by the oil producing group of nations that seeks to stabilize the oil market, Iranian state TV reported on Tuesday. The remarks by the minister, Bijan Namdar Zangeneh, came after talks with OPEC chief Mohammad Sanusi Barkindo on Tuesday in Tehran. According to Zangeneh, most OPEC ...

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OPEC oil ministers to meet informally in September

OPEC

VIENNA (AP) — OPEC has announced that oil ministers of the 14-nation organization will meet in September, well ahead of their previously scheduled November meeting. Monday’s announcement notes that the meeting will be “informal.” Still, it is unusual for the Organization of the Petroleum Exporting Countries to come together at the ministerial level outside of their regularly set gatherings. OPEC ...

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Solar plane’s arrival highlights UAE’s clean-energy push

ABU DHABI, United Arab Emirates (AP) — The United Arab Emirates might not seem like an obvious spot to begin and end a globe-spanning flight promoting renewable energy. It is OPEC’s fourth biggest oil producer, after all, where gas guzzlers rule the road and the air conditioning is always on — not just at its indoor ski slope. Its oil ...

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OPEC states fail to reach deal on production

VIENNA (AP) — OPEC countries failed Thursday to agree on measures to influence crude supplies and prices, in a missed opportunity to show the resolve that for decades let them set how much consumers and industries worldwide would pay for gasoline, heating and related necessities. At the same time, OPEC officials argued the cartel was alive and well, scoffing at ...

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Ahead of meeting, OPEC seems close to riding out price slump

OPEC

VIENNA (AP) — OPEC is not yet in safe harbor. But ahead of a top-level meeting, the 13-nation oil cartel appears close to weathering the storm of slumping crude prices that threatened to bankrupt some members and called into question its relevance. After touching a 13-year low early this year, the price of oil has moved steadily upward to its ...

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Energy expert says oil prices won’t top $100 a barrel

oil prices

Following a stunning decline, oil prices have clawed back near the $50 level this year. Production boomed in the U.S. but is now slumping. Globally, OPEC is in disarray and major producers can’t agree on steps to boost prices. Daniel Yergin is the vice chairman of research firm IHS Inc. He has written two books on energy, including the Pulitzer-winning ...

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