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BUSINESS
August 9, 2011 | Reuters
LONDON - OPEC, source of more than a third of the world's oil, cut its forecast for global oil demand growth this year as a worsening economic outlook curbs consumption in developed economies. The revision from the Organization of the Petroleum Exporting Countries in a report on Tuesday follows reductions by other forecasters, such as investment bank Barclays Capital, as slowing growth hits consumers and businesses. "Dark clouds over the economy are already impacting the market's direction," OPEC said in its monthly report.
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BUSINESS
December 24, 2012 | By Ronald D. White
OPEC, the Organization of the Petroleum Exporting Countries, is set to earn a record $1.05 trillion this year in net oil export revenues, the U.S. Energy Department says. In 2011, OPEC raked in more than $1 trillion in net oil export revenues for the first time ($1.03 trillion), the Energy Department said. As a consequence, Americans will pay the highest average price ever for gasoline this year. The U.S. average for a gallon of regular gasoline in 2012 will be $3.63 a gallon.
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BUSINESS
June 8, 2011 | By Ronald D. White, Los Angeles Times
Motorists could face higher costs at the gas pump, analysts said, as oil prices jumped after a meeting of OPEC ministers dissolved into bickering. Members of the Organization of the Petroleum Exporting Countries, which pumps 40% of the world's oil, unexpectedly failed to agree Wednesday on plans to increase production quotas to meet growing global demand. Ali Ibrahim Naimi, oil minister for Saudi Arabia, OPEC's biggest producer, called it "one of our worst meetings ever," marked by so much discord that the cartel couldn't even agree on when to meet again.
BUSINESS
August 9, 2011 | Reuters
LONDON - OPEC, source of more than a third of the world's oil, cut its forecast for global oil demand growth this year as a worsening economic outlook curbs consumption in developed economies. The revision from the Organization of the Petroleum Exporting Countries in a report on Tuesday follows reductions by other forecasters, such as investment bank Barclays Capital, as slowing growth hits consumers and businesses. "Dark clouds over the economy are already impacting the market's direction," OPEC said in its monthly report.
NEWS
February 25, 1991
Four OPEC oil ministers meet in Vienna today, the day after U.S.-led forces began their ground offensive in the Gulf War, to discuss how to stop the conflict from tearing apart their fragile cartel. The four ministers, from the non-Gulf countries of ALGERIA, INDONESIA, NIGERIA and VENEZUELA, fear that the split among Arab nations caused by the war could create a deadlock in any efforts to stop oil prices from tumbling after the fighting ends.
BUSINESS
December 24, 2012 | By Ronald D. White
OPEC, the Organization of the Petroleum Exporting Countries, is set to earn a record $1.05 trillion this year in net oil export revenues, the U.S. Energy Department says. In 2011, OPEC raked in more than $1 trillion in net oil export revenues for the first time ($1.03 trillion), the Energy Department said. As a consequence, Americans will pay the highest average price ever for gasoline this year. The U.S. average for a gallon of regular gasoline in 2012 will be $3.63 a gallon.
BUSINESS
June 24, 2002 | Associated Press
With crude prices comfortably within OPEC's desired range, the group's oil ministers should find few reasons to tinker with their production quotas when they meet this week to assess market conditions. But energy analysts say they foresee too much uncertainty in the autumn for the Organization of the Petroleum Exporting Countries to feel confident for long.
BUSINESS
November 26, 2001 | Bloomberg News
The Organization of the Petroleum Exporting Countries, which pumps 40% of the world's oil, won't reduce output next year unless non-OPEC producers nearly double the size of their cutbacks, OPEC's president said. "The total in production cuts announced so far by non-OPEC countries nears only 300,000 barrels per day and we are still awaiting more efforts," said OPEC's Chekib Khalil, who also is oil minister of Algeria, the country's official APS news agency reported.
BUSINESS
June 2, 2006 | From Reuters
OPEC agreed Thursday to leave oil output unchanged near its full capacity, rejecting a suggested cut by host Venezuela, the cartel's leading price hawk. The Organization of the Petroleum Exporting Countries worries that $70-a-barrel crude could backfire on it by slowing global economic growth.
BUSINESS
June 3, 1985 | Associated Press
OPEC's executive council met Sunday behind closed doors, reportedly to discuss a possible price cut for heavy crude oil and ways to uphold the cartel's pricing and quota systems. Five members of the 13-nation Organization of Petroleum Exporting Countries are represented on the executive council--Saudi Arabia, Nigeria, Venezuela, Indonesia and the United Arab Emirates. But Mexico, which is not a member of the cartel, and four other OPEC nations, Ecuador, Iraq, Iran and Kuwait, sent observers.
BUSINESS
June 11, 2011 | By Ronald D. White, Los Angeles Times
Oil and pump prices fell as the world's biggest petroleum exporter took steps Friday to boost its output. Saudi Arabia may increase its oil production by as much as 13% in coming days, a Saudi newspaper reported Friday. The word came just two days after the Organization of the Petroleum Exporting Countries snubbed a Saudi call to raise production quotas to reduce prices and help boost the global economic recovery. Analysts saw the production move as a bold step to reassert Saudi influence over OPEC.
BUSINESS
June 8, 2011 | By Ronald D. White, Los Angeles Times
Motorists could face higher costs at the gas pump, analysts said, as oil prices jumped after a meeting of OPEC ministers dissolved into bickering. Members of the Organization of the Petroleum Exporting Countries, which pumps 40% of the world's oil, unexpectedly failed to agree Wednesday on plans to increase production quotas to meet growing global demand. Ali Ibrahim Naimi, oil minister for Saudi Arabia, OPEC's biggest producer, called it "one of our worst meetings ever," marked by so much discord that the cartel couldn't even agree on when to meet again.
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.
OPINION
March 7, 2011 | By Michael J. Graetz
The spread of popular revolt in the Middle East to Libya has exacerbated a spike in oil prices and gasoline costs at the pump. In turn, this has stimulated widespread complaints about the lack of a coherent U.S. foreign policy toward despots in the region. This is not the first time this has happened. More than four decades ago, a military coup, led by a 27-year-old Moammar Kadafi, overthrew Libya's ineffectual King Idris and expelled all American and British troops from their large Libyan airbases.
BUSINESS
February 22, 2011 | Neela Banerjee and Ronald D. White
World oil prices are rising sharply as violence spreads through Libya, the first major petroleum exporter to be threatened by unrest sweeping North Africa and the Mideast. As fears mounted that soaring energy costs could derail the global economic recovery, the benchmark price of crude in London on Monday surged $5.48, or more than 5%, to $108.20 a barrel, its highest level since September 2008. The rise knocked European stock markets sharply lower. U.S. oil prices also jumped, hitting $91.42 a barrel in electronic trading on a day when most U.S. financial markets were closed for the Presidents Day holiday.
BUSINESS
November 24, 2010 | Reuters
NEW YORK/SINGAPORE - An oil glut that has weighed on prices for two years is dissipating, with U.S. stockpiles falling their fastest in over a decade this autumn, crude being whisked ashore from storage at sea, and China running refineries near full bore to replenish diesel supplies. Oil stocks are still well above levels that preceded a 2008 price surge to $147 a barrel, but a massive oil surplus accrued during the global economic downturn is being burned off. That could leave oil prices -- now trading near $81 a barrel after they fell from two-year highs above $88 this month -- more vulnerable to upward surges.
BUSINESS
November 29, 1996 | From Associated Press
OPEC ministers decided Thursday to maintain their production ceiling despite the possibility that Iraq will jump back into the oil market. Analysts predicted prices will be stable for now but that Iraq's return could bring them down. Members of the Organization of Petroleum Exporting Countries are benefiting from the highest oil prices in years. OPEC ministers say demand for oil is strong enough to cushion any shock from Iraq's return after a six-year absence.
BUSINESS
March 10, 2003 | From Reuters
OPEC meets this week seeking a compromise that guarantees world oil supplies in the event of war, without appearing to underwrite military action against Iraq. The Western-friendly core of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, hopes to show at Tuesday's meeting it can safely be counted on as the world's energy reserve.
ENTERTAINMENT
October 12, 2010
SERIES Making History: The filmmakers bring to life some of the predictions of Nostradamus (6 and 9 p.m. National Geographic). God in America: Religion plays a key role during the Civil War, as both Northern abolitionists and Southern slaveholders turn to the Bible to support their stance in the first of two new episodes (9 p.m. KCET). Carlos: In December 1975, Carlos raids OPEC headquarters in Part 2 of this three-part miniseries (9 p.m. Sundance). Detroit 1-8-7: Fitch, Washington, Stone and Sanchez (Michael Imperioli, Jon Michael Hill, D.J. Cotrona, Natalie Martinez)
BUSINESS
September 8, 2009 | Times Wire Reports
OPEC ministers won't reduce oil output quotas at this week's meeting in Vienna, Kuwait's oil minister said. "I don't see any further cut," Sheik Ahmed al Abdullah al Sabah told reporters, adding that Kuwait and the Gulf Cooperation Council would push for stricter quota compliance. The Organization of the Petroleum Exporting Countries agreed at three meetings last year to cut output by 4.2 million barrels a day to 24.845 million to bolster prices.
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