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BUSINESS
March 10, 2011 | By Neela Banerjee and Henry Chu, Los Angeles Times
Saudi Arabia produced 9.1 million barrels of oil a day in February, 1 million barrels more than its official output quota as an OPEC member, the Saudi Petroleum Ministry said, part of an effort to calm prices that rose sharply after oil exports from Libya plummeted. Oil prices were mixed Tuesday ? falling 64 cents to $104.38 a barrel in New York but rising $2.88 to $115.94 in London ? after the Energy Department reported that U.S. oil supplies had increased more than expected and energy officials sought to reassure markets in the face of continuing unrest in Libya and the Mideast.
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WORLD
March 9, 2014 | By Laura King and Amro Hassan
CAIRO -- Confrontation deepened Sunday between Libya's weak central government and a rebel militia that has launched a brazen bid to sell crude oil and seize the profits for itself. The episode was emblematic of the chaos that has beset the North African nation in the three years since the toppling and killing of strongman Moammar Kadafi. But this latest crisis -- centered on oil, the country's economic mainstay -- appeared to mark the most serious challenge yet to the splintered interim administration, threatening a full-scale unraveling of a state that scarcely exists in more than name.
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BUSINESS
March 12, 2003 | From Bloomberg News
OPEC agreed Tuesday to keep production quotas in place while pledging to increase oil output as needed to avert shortages caused by a war with Iraq. Members of the Organization of the Petroleum Exporting Countries, which pumps a third of world supply, will wait until a war starts before boosting shipments. After two increases this year, the group's quota is 24.5 million barrels a day.
WORLD
January 24, 2014 | By Mery Mogollon and Chris Kraul
CARACAS, Venezuela - Three more international airlines on Friday joined the list of companies that have suspended ticket sales in Venezuela, complaining that the government owes them billions of dollars. U.S.-based American Airlines and United Airlines and Panama's Copa Airlines said they were halting ticket sales in Venezuela in lieu of the government's failure to pay arrears that as of last month totaled $2.6 billion. Under Venezuela's complicated foreign exchange rules, the government acts as intermediary in foreign sales of goods and services transacted in the country.
WORLD
January 28, 2003 | From Times Wire Reports
A two-month strike against President Hugo Chavez showed signs of waning as oil production rose and opposition leaders said schools, restaurants and malls might reopen soon. Crude oil output reached 966,000 barrels a day, striking executives at the state oil monopoly said. That's about a third of the pre-strike production but up from a low of 200,000 barrels.
BUSINESS
August 27, 1986
Prime Minister Gro Harlem Brundtland said her government would consult oil companies operating in the Norwegian sector of the North Sea. She said Norway's oil output will not be reduced from the current level of 900,000 barrels a day, but planned increases would take effect at a slower pace to help OPEC shore up world oil prices. She did not rule out, however, the possibility that some North Sea oil fields might be required to cut production.
BUSINESS
August 31, 1991 | From Reuters
The Soviet Union's acting oil minister said Friday he believed that Soviet oil output had stabilized after a sharp drop, but his estimate would put this year's output at the lowest since the mid-1970s. Vagit Alekperov, acting minister of the oil and gas industry, told the Tass news agency that the world's biggest producer is pumping 3.5 billion barrels this year, the smallest output since 1975.
BUSINESS
October 22, 1987 | Associated Press
Iraq's oil minister was quoted Wednesday as saying his country would reduce its oil output if OPEC accords it a quota equal to Iran's, the enemy of Baghdad in the Gulf war. The Gulf News Agency quoted Oil Minister Issam Abdul Rahim as saying Iraq, which is currently producing more than 2.7 million barrels a day, would reject any agreement in December by the Organization of Petroleum Exporting Countries that would set its output level at less than Iran's 2.369 million barrels per day production.
BUSINESS
December 6, 1989 | From Reuters
Oil production in the non-Communist world is back where it was at its peak in 1979, before soaring prices pinched demand and created a glut, the International Energy Agency said Tuesday. "In November, world oil supplies outside the centrally planned economies are estimated at 54.7 million barrels per day . . . the highest recorded since the third quarter of 1979," the West's energy watchdog said in its monthly oil report.
BUSINESS
July 19, 2000 | Bloomberg News
The on again/off again OPEC oil production boost is off again: OPEC President Ali Rodriguez said he expects no increase in output for now after the group's oil price index dropped below the $28-a-barrel ceiling. Rodriguez, who also is Venezuela's energy minister, said Saudi Arabia, the Organization of Petroleum Exporting Countries' No. 1 producer, won't unilaterally boost output. "The 20-day countdown is reset," Rodriguez said upon arrival in Caracas after a round of visits to oil producers.
BUSINESS
October 9, 2012 | By Tiffany Hsu
Iraq could overtake Russia as the world's second-largest oil supplier behind Saudi Arabia by the 2030s, nearly tripling its current output, according to a report from the International Energy Agency. In what the Paris-based group calls a “landmark study,” Iraq could double its production by the end of the decade, reaching 6.1 million barrels a day by 2020 from the 3 million barrels it currently turns out. The country, currently the third-largest oil exporter, could top 8.3 million barrels by 2035, making it “by far the largest contributor to global supply growth,” according to the report.
BUSINESS
March 10, 2011 | By Neela Banerjee and Henry Chu, Los Angeles Times
Saudi Arabia produced 9.1 million barrels of oil a day in February, 1 million barrels more than its official output quota as an OPEC member, the Saudi Petroleum Ministry said, part of an effort to calm prices that rose sharply after oil exports from Libya plummeted. Oil prices were mixed Tuesday ? falling 64 cents to $104.38 a barrel in New York but rising $2.88 to $115.94 in London ? after the Energy Department reported that U.S. oil supplies had increased more than expected and energy officials sought to reassure markets in the face of continuing unrest in Libya and the Mideast.
BUSINESS
February 23, 2011 | By Walter Hamilton, Los Angeles Times
With the price of oil flirting with the $100-a-barrel level for the first time in more than two years, stock investors increasingly fear that Mideast turmoil could put the brakes on U.S. economic growth. Financial markets were spooked Wednesday by signs that the confrontation between Libyan strongman Moammar Kadafi and anti-government protesters was intensifying. Protesters said they seized control of a major city in the western part of the country, while the government was said to be massing fighters around Tripoli, the nation's capital, in preparation for potential clashes in coming days.
BUSINESS
January 29, 2011 | By Ronald D. White, Los Angeles Times
Oil prices surged Friday as concerns mounted that anti-government protests in Tunisia, Egypt, Lebanon and Yemen could affect Middle East oil production. If that happens, analysts said, oil prices could quickly rise to $130 a barrel. The protests sent crude oil futures for March delivery up $3.70, or 4.3%, to close at $89.34 a barrel on the New York Mercantile Exchange. Analysts said traders were buying up oil in case the anti-government sentiment spreads and disrupts oil output.
WORLD
January 3, 2011 | By Jeffrey Fleishman, Los Angeles Times
A pistol sits next to a battered radio while Peter Bashir Bandi, a rebel turned political leader, lounges in a gold brocade chair listening to reports about what may soon be the world's newest, and most precarious, nation. He speaks eloquently of democracy and stitching together a country from deserts and jungles. But his gun is seldom far from his grasp, a sign that southern Sudan has known little peace in Bandi's lifetime, tumbling through two civil wars that spread mass graves, famine and generations of orphans across the land.
BUSINESS
May 12, 2010 | By Chris Kraul, Los Angeles Times
Brazil and its huge offshore oil finds may be getting much of the oil world's attention these days, but Latin America's energy scene has another rising star: Colombia. In the latest upward revision of the nation's production targets, a top official of state-controlled oil company Ecopetrol said Monday that Colombia's crude oil output should reach at least 1.2 million barrels a day by the end of 2012, nearly double the average daily production reached last year. The ramping up of crude production would strengthen the country's status as the region's fourth-largest oil producer and probably lead to increased Colombian exports to the U.S., analysts said.
BUSINESS
February 9, 2004 | From Reuters
OPEC is likely to keep oil output unchanged and tighten discipline with existing quota limits when it meets Tuesday in Algiers, according to Algerian Energy Minister Chakib Khelil. "Maybe the decision will be one of consensus where we go for maintaining production at the current level with more discipline to respect the current limits," Khelil said.
BUSINESS
March 16, 2007 | From the Associated Press
OPEC decided Thursday to stick to existing output levels while paying more attention to curbing overproduction -- a decision that could push prices higher by taking as much as 700,000 barrels of crude a day off world markets. After the decision by the Organization of the Petroleum Exporting Countries, light, sweet crude for April delivery slipped 9 cents to $58.07 a barrel on the New York Mercantile Exchange.
BUSINESS
June 1, 2009 | Bloomberg News
There is "no way" OPEC will cut production when the group meets again in September, Kuwait's oil minister said, after the supplier of about 40% of the world's oil left output quotas unchanged last week. "We're not in favor to see the prices in the hundreds because this will fuel recession again," Sheik Ahmed al Abdullah al Sabah told reporters Sunday in Kuwait City. "We have to give the world economy more time" to recover from its worst recession since World War II.
BUSINESS
May 26, 2009 | Bloomberg News
Chevron Corp. said it shut down about a quarter of its oil production in Nigeria after one of its pipelines in the Abiteye area of Delta State was breached. Nigeria's main militant group in the oil-rich Niger River delta said it destroyed "major" trunk lines feeding Chevron's Escravos crude oil terminal. Production of about 100,000 barrels a day was shut down to protect the environment, Chevron spokesman Scott Walker said Monday by e-mail from Houston.
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