September 23, 1985
The member of the Organization of Petroleum Exporting Countries will lower the price to foreign companies that produce oil there by $1 a barrel effective Oct. 1, according to U.S. oil industry sources. The state-owned Nigerian National Oil Corp. reportedly told three U.S. oil firms last week that the country intends to lower its so-called tax reference price on two grades to the official selling price.
November 11, 2005 |
Oil prices fell more than $1 a barrel Thursday to less than $58, a nearly four-month low, as bulging U.S. crude inventories piled pressure on investors to sell. Light crude oil settled at $57.80 a barrel, down $1.13, in New York trading, marking its lowest close since July 21. Oil prices have dropped more than $13 from a late-August record above $70 as signs of weakening growth in oil demand and rising inventories in the United States have offset the effects of hurricane damage along the U.S.
CALIFORNIA | LOCAL
March 14, 1991 |
Very soon we will see a large world surplus of oil because of a steep rise in production. As in the 1970s and 1980s, this will lead, I fear, to a cycle of sharp price decreases followed by increases. No one can be expected to plan effectively under such volatile conditions. That is why a new mechanism must be established to find a middle path for stabilizing oil prices--a path that would be in the best interests of both consumer and producer.
January 3, 1991 |
Oil prices tumbled today to their lowest levels since the day after Iraq invaded Kuwait, as traders responded to more speculation of a peaceful solution to the Persian Gulf crisis. Late this morning on the New York Mercantile Exchange, light sweet crude oil for delivery in February fell as low as $24.90 per barrel. Crude had not been below $25 per barrel for next-month delivery since Aug. 3, the day after the invasion, when oil settled at $24.49 a barrel, the exchange said.
July 1, 1988 |
A buildup in crude oil inventories that is pushing the price of petroleum lower took its toll on oil company stocks Thursday, pushing them lower after industry analysts told their clients to sell. "There's a continuing buildup of inventories and the unraveling of the OPEC consensus," said oil analyst Albert Anton of Carl H. Pforzheimer & Co. Traders said three oil analysts made bearish comments about the group Thursday, sending oil issues lower.
August 23, 1985 |
The Soviet Union, the world's largest oil producer, has notified European customers that it is raising the price of its main export crude oil by 25 cents a barrel to $26.25, effective Sept. 1, industry sources said today. The move by the Soviets, who keep prices closely in line with market conditions, followed an increase of 50 cents a barrel for Urals crude in mid-August.
April 9, 1986 |
President Reagan said today that plummeting oil prices have benefited many Americans even though they have been a hardship for the domestic oil industry, and said he hopes "this whole thing will stabilize very quickly." Reagan, responding to an editor's question at a meeting of the American Society of Newspaper Editors, spoke out on the issue for the first time since Vice President George Bush's controversial comments during a Middle Eastern tour.
October 23, 1988 |
Several years ago, when the Iran-Iraq war was raging, the conventional wisdom was that an end to the war would bring a vast expansion of oil production by both countries that would overwhelm OPEC and result in a collapse in oil prices. But when Iran accepted the recent cease-fire, the consensus view shifted 180 degrees. Peace would bring a renewed spirit of cooperation with OPEC, the theory went, and allow the oil cartel to cut production and raise prices.
January 26, 1998 |
Kuwait on Sunday blamed falling world oil prices on quota violations by some of its fellow OPEC members, as well as Asia's economic crisis and Iraq's possible return to the world market. Oil Minister Issa al-Mazidi said a subcommittee of the Organization of Petroleum Export Countries will discuss the drastic slide in world crude prices at a meeting in Vienna this week. He blamed the fall in prices on oversupply caused by: * OPEC members selling more than their quota amounts.
December 28, 1989 |
The price of heating oil jumped again Wednesday as bitterly cold weather continued to hover over much of the country, giving rise to concerns about transport problems and dwindling supplies. But oil traders said they saw signs that the rally was starting to weaken. Heating oil for January finished up a sharp 7.23 cents at 99.71 cents a gallon on the New York Mercantile Exchange after retreating from a session high of 100 cents.