Organisation of the Petroleum Exporting Countries - OPEC

Iraq said on Monday its proven oil reserves had risen to 143 billion barrels as work by international oil companies started to yield results.

Crude for November delivery rises as much as 0.7 percent, to $76.70 a barrel on NYMEX.

Crude oil falls from the highest level in nearly two weeks on concern that demand will be weak.

Kingdom's population growing by 1.8 percent, economy around 3.7 percent.

$3.3bn pipeline to Fujairah will carry about 1.5m barrels a day to the Indian Ocean.

The data showed gasoline stocks rose unexpectedly and that distillate stocks also were higher.

General consensus is that growth will slow towards the end of the year.

Badri warns of 'a testing period' which could see recession left behind or its return.

European Commission predicts the area's economy may expand almost twice as fast as previously estimated.

Chinese factories ramped up production by a larger than expected 13.9% in Aug.

Members kept output at 26.m bpd last month, unchanged from July, implying compliance.

Forecast about 100,000 barrels per day less than in the previous month's report.

Investors take profit on oil after equities slide on skepticism that governments can boost growth.

'Importing gas has financial and environmental benefits in the short term'- senior advisor.

Worldwide crude oil use will increase by 1.05m barrels per day, or 1.2%, next year.

Rally that has driven prices above $80 for first time in 3 months runs out of steam.

Oil price declines almost 10% since end of March despite high of $87 in May.

Western firms are sidestepping tricky politics to deploy in Iraq’s oil-rich south, reports Simon Webb.

UPDATE 1: Current prices not too high to hinder global economic recovery.

Losses extend to third session this week on the back of economic concerns in Europe.

Price falls below $70 a barrel, extending loss of nearly 17% over past two weeks.

OPEC member would need to invest between $3bn-4bn a year to reach new targets.

Escalations in regional tensions, security developments and weather changes could all be factors.

Kuwait's oil minister said group would be ready to boost output if demand warranted.

No changes to the operational tolerance level in Saudi supply allocations.

Iraq casts a shadow over its planned energy expansion with talk of OPEC quota curbs.

Central bank sees inflation nearly tripling this year on imported price pressures.

Saudi's oil affair with the US is being redefined amid falling demand and Asian competition.

Supply targets remained unchanged throughout 2009 after record cuts in 2008.

Recent rise in oil prices not to hamper economic recovery, output targets remain the same.

Saudi to boost crude exports to China this year, to just over 800,000 bpd.

Kingdom spending billions of dollars to build refineries at home and abroad.

Oil cartel secretary general says region has 'enough problems' without conflict threat.

Supply restrictions by OPEC have helped lift prices from $40/ barrel at the start of 2009.

Market eyes colder weather forecasts in eastern US; rising dollar halts two-day rally.

Iraqi plans to increase oil production raises OPEC's fears of the oil market being flooded.

Oil ministers of Iran, Nigeria make views known ahead of cartel's Dec 22 meeting.

Ali al-Naimi says no need to change output targets when committee meets later this month.

Oil prices fall for 3rd straight day on Friday under pressure from high levels of stocks.

Average output of oil barrels increases in the last month as OPEC steps up production.

Qatar is predicted to outperform the rest of the region, Saudi and UAE to grow more modestly - poll.

Doubts about pace of demand recovery in US dampens market sentiment.

US dollar slips against basket of other currencies, helping drive commodities higher.

Oil cartel OPEC is not expected to change its policy on production levels when it meets in December.

Mohammed Al Hamli says the world economy is not yet 'out of the woods'.

Qatar's Oil Minister says there is no global oil supply shortage at present.

Iraq has taken a step closer to becoming a giant on the global oil stage, but politics may yet stall growth plans.

UPDATE 3: Demand for OPEC crude to increase to  average 28.39m bpd in 2010.

Bearish fundamentals have begun to weigh on previously resilient crude prices.

Latest supply and demand estimates show no need for cuts, says Ali al-Naimi.

Oil prices hit, as swollen US distillate stocks such as diesel offset positive sentiment in other markets.

Analysts say Saudi cuts in output to prop up crude has seen Russia snatch a bigger chunk of the market.

Oil cartel holds output steady as 'grave concerns' are voiced over downturn.

OPEC ministers likely to leave oil output targets unchanged, Saudi says no need for action.

Analysts expect OPEC to choose to leave its official output target unchanged, in next week's meet.

Oil prices decline on Thursday, after touching 10-month highs earlier this week.

Prices near $75 a barrel on expectations economic recovery will revive ailing world energy demand.

Oil prices ease as as optimism about the pace of demand recovery in the United States fade.

Oil rises after falling the previous day as Asian, European bourses see broad recovery.

UPDATE 2: Rival oil supplies and sluggish economic recovery set to crimp 2010 demand.

Data coming out of the US in the next two days is likely to serve as a guide for the oil market - analysts.

Positive Chinese economic data bolsters hopes of economic recovery and higher energy demand.

Europe, Asian stock markets, good corporate results and better economic data peps oil prices.

European markets rise for their 9th straight session; analysts measure a welcome drop in US crude stocks.

Oil price slide, rise in motor fuel stocks, slackening of output discipline haven't sabotaged OPEC's plans.

Analyst sees short term target for crude of $55 a barrel, may go down to $50.

OPEC has repeatedly said prices of around $75-$80 per barrel are needed.

Two big North Asian refiners to receive significantly less crude from Saudi Arabia - trade sources.

OPEC Secretary General Abdalla El-Badri speaks exclusively to Oil & Gas Middle East editor Daniel Canty.

Doubts over the prospects of early global economic recovery, firmer dollar leads to crude price fall.

Minister says demand at current prices not related to supply demand fundamentals.

Oil price concerns up as Nigeria's main militant group shuts down one of Royal Dutch Shell's pipeline junction points.

The nuclear industry in the MENA region will be worth billions to the international companies capable of building and maintaining reactors. One way or another they are already queuing up to take part.

Investors await US inventory report, set to show decline in supplies in world's top consumer.

OPEC secretary general adds, however, that $80 a barrel would not place any brake on global economic growth.

Oil stocks may move back towards more normal levels by the end of the year.

Crude price nears $72 a barrel on Wednesday after US government report shows slowdown in imports.

Oil hits new high for 2009 as experts raise their forecasts for global demand.

Oil prices boosted by increased oil price forecasts from US investment bank.

UPDATE 2: Stock market optimism sees price rally by 30% in May.

Saudi oil minister says stocks must drop to 53 days forward cover for output boost.

Saudi Arabia's oil chief confirms that cartel has decided not to change supply rules.

Increasing demand to bring oil supply back into balance, Saudi oil minister Ali Al Naimi says.

Analysts polled by Reuters raise oil price forecast for second consecutive month. 

Drop in revenue directly linked to fall in oil prices, while state expenditure rose 163%.

Source tells Saudi daily that current targets will remain, ahead of Monday's meet.

Saudi Arabia, the UAE, Kuwait and Qatar between them pump nearly half of OPEC's oil.

Crude oil price hits $60 a barrel as a flurry of US refinery problems stoke supply fears leading into the peak summer driving season.

Prices pressured by weak demand and as the US dollar firmed against the euro.

Market wary of IEA forecast that global oil consumption will fall in '09 at fastest rate since '81.

UPDATE 1: Oil price rises more than $1 on back of weaker dollar, gains on European equity markets.

UPDATE 1: Ruling comes despite earlier clearance allowing exports from Kurdish oilfields.

The months ahead may need to be lean, but they should also prove stable and profitable, says Daniel Canty.

OPEC may cut output to help reduce stockpiles - Iran's OPEC governor.

Employment figures not direcly linked to crude but energy, metal markets are, analysts.

Rising equities and hopes for economic recovery help boost crude price towards $55.

A recovery in crude demand on scaling back of investments in the oil sector could lead to a future supply shock.

Improved consumer confidence in US pushes oil price up, despite concerns over swine flu.

Prolonged period of low prices may sow seeds of future oil price spike - Gulf OPEC members.

Oil prices of $40-45 should help energy consuming countries out of recession - Qatar.

Positive news from Wall Street but demand remains weak and OPEC member Iran looks to reduce supply.

Oil prices steady, pausing after a 9% fall a day earlier as traders awaited more clues on demand from US data.

Stronger US dollar weighs on oil price as it falls towards $49 a barrel.

Oil prices stable after equity markets rallied on signs that the US recession was easing.

Too soon for OPEC to react to IEA forecast of oil demand plunge in 2009 - Qatar.

Ministers meet next week to finalise import deal to help Kuwait meet rising demand.

International Energy Agency says demand decline will continue until 2010.

Supreme Petroleum Council member rules out a return to $100 plus a barrel prices.

Prices rise on hopes that efforts to pep economies may ebb downturn woes.

'2009 is the most difficult year for the world to live,' OPEC Secretary General says.

Plunge in oilfield investment could see price of crude rise as non-OPEC output falls.

Crude rises on Tuesday, heading for its largest monthly and quarterly gain since June 2008.

But crude price is still up by nearly 15% in March, one of largest gains since Oct 2007.

Iran, Venezuela and Angola are all producing more oil that the agreed cut-back target.

Investment bank Simmons & Co says lower spending in oil E&P to spike prices.

Prices likely to rise later this year as producers gradually succeed in tightening markets, say analysts.

Cabinet members vow to keep spending on projects through global financial crisis.

14 experts responding to poll believe real economic growth in Gulf will slow to 2%. 

Steps against climate change to hit GCC GDP up to 20% - Saudi petroleum minister.

UPDATE 2: Crude prices at upper end of current trading range, reaching $50 first time since Jan.

Larger than expected rise in US crude stocks, poor demand trims gains after 2009 price high.

World's top oil exporter building its inventories ahead of peak summer demand, traders say.

UPDATE 1: Oil gives up some of previous session's gains amid reports of US economy slowdown.

OPEC's decision to resist new supply cuts may lead to warmer relations with the US.

UPDATE 4: Ministers agree to leave output targets unchanged, but to enforce those curbs more strictly.

Members of oil exporters' body say first item on agenda was tighter enforcement of agreements.

UPDATE 1: Oil cartel set to meet in Vienna on Sunday to discuss possible output changes.

Iran's oil minister says 'the ground is ready' for Russia to join 12 member organisation. 

World's biggest oil exporter wants OPEC to discuss stricter compliance with existing supply curbs, not cuts.

Oil price "not really acceptable" but reasonable amid current woes - OPEC official.

Iraq's oil minister says prices cannot continue to trade at current low levels.

UPDATE2:  Market fears further shrink in oil consumption on drop in euro zone economic performance.

Saudi economy expert says concerns over world demand will keep price low.

Oil minister says complete compliance with OPEC output curbs would help market stability.

UPDATE 1: Decline comes as worries rise that ailing US economy will further dent global growth, energy demand.

Concerns of global recession increase as US faces up to $1.75tn budget deficit.

UPDATE: Boost for crude on signs of recovery in energy demand as gasoline inventories fall.

US crude oil futures add 4% on Tuesday as Dow stages rebound from 12-year low.

Kuwait oil official sees tough times for oil in '09, lauds OPEC's output cut move.

Bad weather including poor visibility plagues northern Gulf; Saudi remains unaffected.

UPDATE1: National Bank of Kuwait paints upbeat picture for Kuwait budget as oil prices stabilise.

Report says 20% of projected investments will be deferred amid global downturn.

A decade on after the price of oil crashed to $10 the signs are the indutry is still locked in boom and bust.

Iraq's oil minister feels OPEC must act if curbs to date have failed to balance oil market.

Agency warns global credit crunch will slow investment in renewable energy.

UPDATE 2: Int'l Energy Agency's warning of oil market supply crunch post-2010, ups prices.

News that US gov't is working on mortgage rescue plan pushes price towards $35.

Wood Mackenzie sees developed nations' demand growth slowing sharply.

With the energy consumption of buildings increasingly in the spotlight as the world rides a ‘green’ wave of environmental awareness, the MEP sector has strived to keep ahead of the latest developments in energy efficiency. However, convincing developers to implement new technologies is not always that easy.

International Energy Agency sees extreme weakness in global economy to hit demand.

US petroleum institute's weekly inventory data shows crude stockpiles had fallen unexpectedly.

Crude partly reverses overnight losses as some investors take positions.

Current prices won't attract enough investment in new supplies, Arab state's minister reiterates.

Violence in Nigeria, renewed Iran-West tensions also lend support to crude prices.

UPDATE 4: Global economic slowdown continues to weigh heavy on price of crude.

Report says the world needs to replace equivalent of Saudi output over two years.

UPDATE 1: Crude prices stabilise after falling in previous session, on US data fears.

Price of oil set to climb to $60 within two months if US politicians fail to take action on imports soon.

UPDATE 1: Secretary general tells World Economic Forum that action could be taken.

Oil consumers and producers at Davos meet say prices crucial for future investments.

Crude oil prices rose on Wednesday as traders bet on OPEC production cuts.

UPDATE 1: Gulf Arab state's acting oil minister says stability of market is main concern.

UPDATE 3: Oil market investors fear rising fuel inventories reflect economic slowdown.

Gulf state's lawmakers urge government to raise spending and soften crisis's impact.

Crude price falls below $42 a barrel before rebounding on 1.55mn bpd reduction.

UPDATE 3: Oil rises ahead of US data that may further reveal rising crude and gasoline stocks.

U.S. crude oil futures firmed on Wednesday on dollar weakness prompted by economic worries.

Gulf state complies with OPEC's plan to curb oil supply to tackle price crisis.

OPEC members should cut output further if oil prices continue to fall says oil chief.

Health of global economy, fuel demand still keeping crude price below $40 mark.

Middle East producers are sitting in pole position.

Oil ministers are seeking greater stability and less volatility on oil price to encourage investment.

UPDATE 3: US gov't report also shows larger than expected rises in gasoline inventories.

UPDATE 2: Crude jumps nearly $2 to above $39 after oil minister's comments.

Top exporter to reduce production by 300,000 barrels a day below agreed OPEC target.

A closer look at Saudi Arabia's hydrocarbon profile with statistical analysis by Business Monitor International.

Crude price drops as new figures show US unemployment jumps by 524,000 in Dec.

Estimates almost half that of 2008 price, expected to rise again in 2010 and 2011 - poll.

UPDATE 1: Big drop as US gov't report reveals higher than expected crude oil inventories.

UPDATE 1: Price falls towards $46 on Israel incursion into Gaza following 25% rise since early Dec.

Senior Iranian official says talks could take place to analyse performance.

Tehran makes reduction from Jan. 1 in line with OPEC's decision to cut production.

UPDATE 1: Crude prices back below $40 and will see the biggest annual loss on record this year.

Oil cartel president predicts crude price will steady by Feb after output cuts.

Cartel member tells refiners to reduce volumes of its main export grades by 5%.

New grouping decides to locate HQ in Doha, not St Petersburg as Russia wanted.

Oil minister says OPEC decision taken to be implemented and not meant for the media.

Officials from oil cartel confident members will comply, but say prices will take time to respond.

OPEC's record supply cut fais to build floor under prices, seen as sign of worsening demand slump.

UPDATE 1: Oil cartel votes for cut of 2.2mn barrels per day, its deepest ever reduction, in bid to boost oil price.

Crude demand will ease in 2009, says oil cartel, opening door for large supply cut at meeting this week.

Oil below $45 after dropping on persistent worries of a deepening economic slump.

Oil minister says reduction of 1.5mn to 2mn will be proposed at Dec. 17 talks.

Oil cartel looking to reverse slump in prices, which have fallen over $100 since July.

Supreme Petroleum Council member also says members must abide by OPEC decision.

UPDATE 1: Oil price falls below $46 on Friday as bailout plan for US auto industry stalls.

Kingdom tells some of its biggest customers they will get significantly less - sources.

UPDATE 2: Price still below $44 as market waits on OPEC meeting, US energy report.

UPDATE 2: Crude prices claw back share of near-record decline last week over fears of global recession.

Crude falls below $42 a barrel, its lowest since January 2005, following gloomy report on US job losses.

Fears of deepening global economic woes continue to see relentless slide in price.

Oil rallies by $1 but price still below threshold where Gulf budgets could be hit.

UPDATE 1: Secretary general says market oversupplied, cartel will cut output at meeting on Dec. 17.

Oil minister says market oversupplied by around 2mn bpd, action needed from OPEC to stabilise prices.

Oil producers set to meet in Cairo on Saturday to discuss next move on cutting supplies.

Demand for oil expected to decline by 20,000 barrels per day each in 2008 and 2009.

Sheikh Khalifa Bin Zayed Al Nahyan says country will deal with any 'negative impacts'.

Traders look ahead to OPEC meeting on Saturday for signs of further oil output cut.

Nerves show as OPEC’s emergency session is brought forward in a bid to halt freefall.

UPDATE 1: Price hovers at mark where analysts predict Gulf states could post trade deficits.

Traders see more signs that the economic slump is impacting on fuel demand.

As oil price plummets from July high of $147 a barrel, minister predicts difficult year for market.

Price falls to near two-year low as OPEC says it may wait until Dec 17 for output vote.

Iran calls for further reduction in output to be agreed at OPEC's Dec. meeting in Cairo.

Likelihood of new OPEC output cut, strong US market performance help to boost price after 22-month low.

UPDATE 1: Price continues to fall despite OPEC saying further production cut possible after talks in Dec.

Prices tumble more than $2 to just over $60 a barrel as global economic gloom dominates.

Oil minister says higher price will encourage investment in production capacity.

As oil drops below $60 a barrel, disagreements between OPEC members threaten.

UPDATE 1: IMF readjusts forecast for 2009 growth amid global gloom.

New economic report says region is being impacted but can cope with oil above $60.

UPDATE 1: Oil price back up above $70 a barrel after announcement by top exporter.

Light trading as oil remains just below $64 following previous day's 6% drop.

Traders look to world's largest producer to cut back output in line with OPEC deal.

Islamic Republic says buyers will receive less oil in line with OPEC decision to cut output, minister says.

New report says 17 out of 22 countries need to address wasteful use of natural resource.

Oil back up to more than $65 a barrel, ending three-day losing streak.

Cabinet says balance and stability needed in oil markets to guarantee continuous investment in sector.

UPDATE 1: Price of crude falls more than 3% to another 17-month low amid global recession fears.

Prospects of output cut by OPEC overshadowed by fears of prolonged global recession.

Some of previous session's 7.5% losses recouped as investors look for output cut.

In July crude cost $147. Fast forward three months and it is under $70. What does this mean for the Gulf?

All eyes on oil exporters who hold emergency session on Oct 24 to discuss next move.

Analysts say price may drop another 44% on fears of continuing global crisis.

Arabian Business poll also reveals 33% think price plummet will bottom out at $65.

Oil cartel looking at cutting production by 1-1.5mn bpd at Oct. 24 meeting following slump in prices.

Having suffering the brunt of the ‘perfect storm' recently, the aviation industry was due at least a slice of good fortune.

Investors return as gov'ts around the world act to raise economic recovery hopes.

Qatari oil minister says oil cartel must balance supply and demand amid financial crisis.

Islamic Republic to call for production cut at OPEC's emergency Nov. meeting.

UPDATE 1: Crude falls more than $4 on fears financial market turmoil will see demand for fuel drop.

Financial crisis continues to fuel concerns that demand for fuels will be crimped, OPEC considers supply cut.

UPDATE 1: Price back above $88 a barrel as it recoups some of losses caused by global fears.

Price of crude plunges $7 as investors flee to safer havens due to turmoil in the US financial system.

Iran, Iraq and Venezuela identify $100 as their minimum level, Saudis disagree.

World largest producer's oil minister says inventories are healthy, ahead of OPEC meeting.

UPDATE 1: Kuwait says no need to cut while Iran, Venezuela push for output reduction.

Crude prices fall more than $2 as falling demand in US, other consumer nations extend losses.

Gulf state earns more than half its projected annual income in just three months, according to report.

Spurred by oil and a buoyant banking sector, Kuwait's economy is expanding at a terrific pace.

Crude oil has risen 77% in the last 12 months, triggering fears of global recession. But is OPEC to blame for the crisis?

World's top oil exporter wants to see lower oil costs, blames speculation for surging prices.

Biggest percentage drop in one day since 2004 for US crude as trading remains volatile.

OPEC Governor of Iran warns attack against country would have dire consequences.

WPC Special Report: Chakib Khelil, president of the OPEC outlines the cartel’s position.

WPC Special Report: Tanaka, director general of The International Energy Agency (IEA) and Abdalla Salem El-Badri, secretary general of OPEC on: “The need for cooperation to achieve a balance of interests.”

Iran's OPEC governor says oil market 'saturated', policies of rich countries are behind price surge.

Crude prices rise after reports of Iran testing missiles that could reach Israel and US bases in the region.

Chakib Khelil says strong demand from China and India, geopolitical concerns to keep prices high.

Price of crude certain to surge if oil producer Iran attacked, cartel's secretary general says.

Woman appointed top health official in shake-up that includes creation of environment ministry.

Crude rises more than $3 a barrel, propelled by heightened fears of conflict between Iran and Israel.

Crude continues to edge higher, bolstered by weak dollar, on-going tension between Israel, Iran.

Analysts revise forecasts up, some above $200, as crude continues to hit fresh record highs - poll.

Kuwaiti Oil Minister Mohammad Al-Olaim says production boost per day, not per year as officially reported.

Projected demand could alter drastically with changes climate policy, global car ownership.

UPDATE 2: Final communique says prices, volatility harming world economy.

King Abdullah suggests creating $1bn OPEC fund, offers $500mn in Saudi soft loans to help poor.

Communique from emergency meeting of world oil powers unlikely to set specific stops to curb prices.

Members will spare capacity may boost production in the short-term - source.

Kuwaiti oil minister says will 'decide later' whether to copy Saudi Arabia, raise crude output.

Kuwait backs neighbour, while Iran, Iraq and Libya question what it will achieve.

High oil prices due to shortage of refining capacity in industrialised nations, says UAE oil minister.

Refiners says they are not likely to buy more crude at current prices, highlighting challenge to rein in prices.

Kingdom yet to make mind up, official says after sources claim output to rise at fastest rate in years.

World's top oil exporter poised to boost July output to help tame record prices as global concern mounts.

UPDATE 1: Gordon Brown to travel to Jeddah for global oil meeting of producer and consumer nations.

Saudi Arabia wants heads of state to attend producer-consumer meeting over oil price crisis.

Al-Badri says record prices unbearable and do not reflect shortage of supply in market.

Raft of fuel subsidy cuts in Asia eroding consumption, IEA says in monthly report.

Country's PM says oil cartel needs up production as prices hit consumer nations.

Crude jumps nearly 9% to record $139.12 a barrel as US dollar slumps and Middle East tensions mount.

Record prices not the result of supply shortage although they are rising too fast, oil cartel says.

Top oil exporter boosts supply to help meet the world's need for fuel, may further increase output.

Miniser indicates UAE could pump more oil into market amid growing concern over record prices.

Price of crude hits new lifetime high above $130 a barrel, predicted to go higher.

But White House threatens to veto legislation in fear of retaliation.

Investment bank says prices will average $141 in H2, up from $107, due to tight supply conditions.

Money, not politics, behind second-largest Opec producer's latest threat to cut supply, refiners say.

Will the climate of rising fuel costs affect profit margins within the Middle East logistics industry?

Crude hits lifetime high of $122.73 as Goldman Sachs forecasts potential spike to $200 in two years.

Gulf state records fiscal surplus of $1.13bn for 2007, a ten-fold increase over 2006.

Gov't may drop oil service deals with firms if they fail to sign contracts by June, oil minister says.

Crude prices hit another all-time high above $118, boosted by worries about supply.

Crude record supported by worries over Nigerian supply and Opec's refusal to ramp up production.

Price of crude trading above $114 a barrel, buoyed by weak US dollar and inflow of speculative money.

Demand to rise much less than expected this year due to slower economic growth US, agency says.

Opec governor for Emirates repeats line speculators responsible for soaring prices.

Airlines, utilities and other industrial oil consumers to feel pinch of higher crude prices.

There is plenty of oil on markets for stocks to build, despite record prices, says oil minister.

World oil demand to drop this year due to slower economic growth and record prices, IEA says.

Countries cannot sustain current level of economic activity if prices drop - report.

Crude soars on weak economic data from the US and cartel's decision to maintain production.

US light crude rises to $100.07 a barrel after plunging close to $3 on Tuesday.

Group unlikely to heed consumer pleas despite record high prices, analysts say.

US crude rises to over $102 a barrel as commodity prices rise on lacklustre US economic data.

Cartel will unofficially cut even if formal target remains unchanged, officials say.

Prime Minister Sheikh Hamad says Gulf state still needs time to prepare legal framework.

Tehran says it expects Opec to cut oil output when it next meets, citing spring drop in demand.

Supply concerns and lure of commodities as a hedge against rising inflation push prices skyward.

Markets calm slightly after crude smashes through psychological $100 mark on Wednesday.

Price bolstered by supply concerns in Nigeria and ongoing spat between Venezuela and US oil giant, Exxon Mobil.

Concerns over escalating row between Venezuela and the US weighs on investor sentiment, pushes prices higher.

Gulf state's oil minister advocates reduction of oil output saying size of cut to depend on market conditions.

Decline reversed as energy minister repeats Chavez threat to stop exports to the US.

Kuwait minister says cartel wants to maintain oil stability in response to market need, not speculation.

Members agree to keep oil supplies unchanged, reject calls to pump more oil amid fears of US recession.

Minister says worsening economic conditions in US weighing on crude consumption.

Oil Minister Nozari says market sufficiently supplied with crude and no need for Opec to raise production.

US crude ticks down 22 cents to $90.77 a barrel following modest gain of 28 cents a day ago.

Crude drops to just below $90 a barrel as weaker global stock markets spur profit taking.

Crude falls by more than $4 to $86.11 a barrel as markets swooned on prospect of US-led recession.

Energy secretary says reserves make it possible to increase supplies 'over a period of time'.

Oil down $2.34 at $89.56 a barrel due to rise in stocks in US and economic concerns.

President predicts $80-$90 oil for Q1, harder to predict for rest of 2008 due to subprime crisis.

US president says he will discuss issue with King Abdullah during state visit to kingdom.

Oil minister Ali Al-Naimi silent on whether Opec will raise production at February meeting.

Crude prices remain steady near $100 a barrel, fuelled by expectations of another fall in US fuel stocks.

Gulf Arab state's oil minister says $100 oil due to geopolitics and speculation and not supply problems.

Violence in Nigeria, tight energy stockpiles and weaker dollar send crude up to record highs.

Crude up to $91.72 a barrel as storm heading into New England brings snow, freezing rain and high winds.

US light, sweet crude futures fall to $89.42 a barrel, paring a jump of over $2 in the previous session.

'Irreconcilable' differences mean country's oil law will not be passed any times soon, minister says.

Oil prices up to $88.61 as Opec members suggest group to keep output unchanged.

Producers consider modest increase in crude exports, despite belief that world supplies are sufficient.

Producers may decide against bringing more oil to market after crude prices fall from record highs.

Technology can be slow to take hold on expensive assets.

Oil surges over $3 a barrel after explosion on major pipeline cut crude oil imports to US by nearly a fifth.

Kingdom's oil minister gives no sign whether Opec will raise production for second time next week.

Price of crude rises to almost $99 a barrel, building on last week's gains that saw prices near all time high.

Oil draws within hair's breadth of the $100 milestone as the US dollar plumbs new lows.

OPEC to discuss climate change at major summit and commit to stable oil pricing.

Saudi Aramco's panoramic screen for oil market is longer than an Olympic swimming pool.

EXCLUSIVE: Steve Levitt, talks about the dazzle of Dubai and his latest project.

Oil group ex-chief wants summit to discuss development fund that will coordinate efforts.

Oil recoups losses as tight winter supplies and dollar weakness put brakes on some early profit-taking.

Oil prices fall 1% to $95 a barrel as subprime economic fallout continues and Middle East tensions ease.

Iran's appetite for gasoline could prove disastrous if trade deals fall through.

Downstream assets are attracting investment in the Middle East but more is needed if all the demand for products is to be met.

Crude falls to $92.82 a barrel as investors take profits from previous session's rally to $93.80.

Halt to Mexico's production, Middle East tensions, weak dollar and supply fears push oil to $93.2.

Opec delegate says November's 500,000 bpd rise will not be enough to meet demand.

Secretary-General Al-Badri says group is implementing decision to raise output.

Oil price could hit $100 a barrel because of political tension and speculation, Opec member Libya says.

Oil prices extend decline, but cling to $88 on Turkey-Kurd violence and record-low dollar.

Hedge funds continue to buy oil as winter shortages put upward pressure on price.

Oil hovering nearly $2 shy of its record high as Opec minister raises prospect of another output increase.

Opec concerned, but members say exporter group can do nothing more to control rise.

Qatar says price is justified by mounting inflation, drop in purchasing power and weakening dollar.

Oil extends losses after surprise build in US inventories overshadows fall in fuel stocks.

Oil nudges higher as traders bet three-day profit-taking slump was overdone, look toward US crude draw.

Consumer nations reeling at rocketing oil prices can expect much worse next year, economist warns.

Output hike will not ease $80 oil, investment into market from other assets is boosting price, Qatar says.

Oil rises above $83 and closes in on all-time high as fund buying, spurred by weak dollar, provides support.

Tight oil supplies, red-hot global demand and a weakening dollar will cause oil prices soar, poll shows.

Oil falls toward $80 as dealers took more profits from last week's record high due to US Gulf production rises.

Some members began pumping more crude well ahead of decision to increase output, Iranian official says.

Oil holds below $82 as supply worries linger after US crude inventories fell more than expected.

Oil climbs near record above $82 after US Fed cut interest rates, raising hopes of still robust energy demand.

Oil cartel would look at boosting supply again if price stays above $80 for more than 20 days, source says.

Oil minister says he is happy with oil output target despite it being lower than August production.

Oil holds above $78 after Opec's modest output rise fails to allay fears over stock levels during coming winter.

Gulf Arab states' proposal still under discussion, Venezuela, Algeria and Libya yet to be convinced.

Oil ministers say they back token rise in a gesture to consumer nations worried about stocks.

Global oil markets have enough oil but lack capacity to refine it, contributing to high prices.

Exporters likely to stick to current output, but leave door open for supply boost later this year.

Oil steadies near $74 as investors eye hurricane heading to Americas and Opec sticks to supply curbs.

An exclusive interview with Abdalla El-Badri, secretary general of OPEC, on demand for oil, investment and market stability.

Oil steadies as investors' concerns weigh more on health of US economy than chance of falling fuel stocks.

Oil hovers below $70 after lowest close in nearly two months as US crude oil stocks unexpectedly rise.

Oil remains below $70 as traders look toward an expected decline in weekly US crude and gasoline stocks.

Oil slips after forecasts show Hurricane Dean is unlikely to hit production and refining centres in the US.

Kazem Vaziri-Hamaneh said Iran's high fuel consumption cannot be curbed if gasoline prices do not rise.

Oil drops more than $1 as credit fears pound stocks and fears over the storm in the Gulf of Mexico recede.

Iran official claims OPEC could decide to increase oil output at its September meeting, according to reports.

Oil prices ease near $72 a barrel ahead of US inventory data expected to show a build in product stocks.

Opportunities for fair investments within OPEC member states is a priority for OPEC's leadership.

Some are predicting oil will hit the $100 mark, while others point to price collapses of the last few years.

US oil hovers below $77 but still in sight of its record high, with upward price pressures remaining strong.

Country says current high oil prices are due to political tensions and gas shortages, not cartel's quotas.

Gulf producers receive all oil revenues in dollars, politics makes it unlikely that will change.

Oil falls as higher US refinery fuel output is expected during peak summer demand.

Oil prices dip as higher US fuel supplies expected and OPEC vows to pump more crude if needed.

Organisation says it is concerned about the potential impact of record oil prices on the global economy.

Acting oil minister dismisses reports that reserves are half the number officially stated.

Oil output in the country will fall 5% a year without new investments, Iranian oil official says.

The global oil market is well supplied and there is no need for OPEC to raise production, says Abdullah al-Attiyah, Qatar's energy minister.

A British proposal to target Iran's national shipping lines under a draft United Nations (UN) sanctions resolution could temporarily curb Tehran's ability to export oil to world markets, maritime sources have said.

Despite huge crude reserves, Iran's lack refining capacity is hitting its economy.

Cartel's secretary-general says 'there is no shortage' of oil in the market.

Long queues and fighting at pump stations amid uncertainty over delayed rationing scheme.

Rising demand forecast adds weight to consumer nations' calls for more OPEC oil.

Oil industry returns to normal along Gulf as Cyclone Gonu is downgraded to hurricane.

Cyclone's trail of destruction halts Oman's oil and gas exports for a third day; fatalities in Iran.

Gonu is weakening but has halted oil and gas exports and forced thousands to flee the Oman coast.

4.30pm update: Oman's main gas export terminal has closed; stock exchange may close for rest of the week; Dubai ruler sets up emergency taskforce.

Subscribers to the ‘peak oil’ theory say the energy-return-on-energy-invested (EROEI) of oil is increasing. Clifford Jones, a reader in engineering at the University of Aberdeen, explains why.

US warship 'show of force' in the Gulf sees prices climb to a nine-month high.

The threat of peak oil is a hotly contended topic that ultimately comes down to a balance between production and consumption.

Boost from 2.8 million bpd could come eight years early, says oil minister.

Steady volume indicates that the kingdom is still keeping a lid on supply.

A recent ministerial meeting in Riyadh assured Asian countries of long term crude supply.

What are the prospects for the world’s largest oil companies and will they continue to register soaring profits?

Cartel says demand for its oil this year would be less than previously forecast.

Demand for oil around the world is up, with a premium on fear.

Rises are a reponse to claims that OPEC has tightened output too much.

The country aims to boost its oil production with a proposal for a fourth refinery.

... but doesn't mind talking about it, says Energy Minister Abdullah bin Hamad al-Attiyah.

Gas producers meeting in Qatar voice mixed views on benefits of industry cartel.

Energy Minister stays but Health Minister Sheikh Sabah - who faced allegations of financial violations - is replaced by former minister of communications.

Consumers and producers would be hurt by gas cartel, says the International Energy Agency.

Following OPEC's meeting in Vienna last week, the IEA has voiced concerns over depleting oil.

Ouput meeting on Thursday will seek to balance forecasts for tighter crude supplies against worries about global stability and the oil price.

There's no need for a change if members stuck to previous cuts, Iran's OPEC governor said today.

Emirate urges no action on output at this week's cartel meeting if prices remain the same.

Growth, led by China and the US, will nearly double in 2007 according to a Reuters poll.

Sheikh Ali is expected to return to office following the cabinet's resignation on Sunday.

Further gains were seen today following unexpectedly large falls in fuel stocks in top consumer the United States.

Saudi must shift from fossil fuel dependence to energy-based industries, say experts at the Jeddah Economic Forum.

But the picture might change is prices dip, says Iran's oil minister.

Oil tumbled to $59 a barrel today after Saudi Arabia and Qatar said that OPEC is unlikely to change output quotas.

The Saudi Oil Minister says that the oil cartel - which meets next month - may not need to impose changes on output quotas.

Exports from 11 OPEC members, excluding new member Angola, averaged 22.6 million bpd in January.

Prices plunged on Tuesday after KSA said that cartel's emergency output cut meeting is not necessary.

The addition of a new member and the threat of more production cuts make for an eventful OPEC meeting

A few weeks ago I wrote an article entitled, ‘The story that never happened’. I was wrong.

Price fluctuations, production cuts and a change of season are leaving people guessing about the price of oil

The bunker fuel market appears to have finally levelled out, and the general consensus in the sea freight business is that prices have settled down to an acceptable level

Companies should think twice before running to the stock market. I have given up trying to work out what is happening with the region’s stock markets, as the harder you try and study the facts, the less sense they make.

...

The website of OPEC was down for two days following a hacker-type graffiti attack in protest against rising oil prices