Tag Archives | OPEC

OPEC seeks lower oil prices

OPEC are sounding a note of concern about the impact of high oil prices on the world economy. Hasan Qabazar, OPEC’s chief economist said yesterday ‘We are trying, hopefully, to reduce high oil prices, to have prices that are more conducive to economic development’. Qabazar also emphasised OPEC’s desire to help counter any impact from […]

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OPEC and the IEA

The war of words between OPEC (the oil producers’ club) and the International Energy Agency (the rich countries energy watchdog), has intensified this week, ahead of the next OPEC Ministerial meeting scheduled for 11 September. Claude Mandil, director general of the IEA, told Arab Oil and Gas ‘the market has become aware’ that OPEC ‘has […]

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NINJA turtles ride again

The head of Germany’s financial regulator is warning that US subprime mortgage problems may be about to lead to the worst banking crisis since 1931. Yesterday, WTI crude broke through its 1980’s highs to hit a new all-time record price of $78.77/bbl, and looks poised to push on past $80/bbl. And adding to the sense […]

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Oil prices and the euro

The US dollar has been falling steadily in recent weeks. It is particularly weak against the euro, having fallen almost 5% since January. OPEC countries buy much more from the eurozone than from the US, and the OPEC President has said they are ‘concerned’ about dollar weakness. We probably need to start monitoring oil prices […]

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What price oil?

Crude oil prices are climbing again. $100/bbl is not impossible, if current geo-political concerns continue. And today’s tightly balanced market could persist to 2010.

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