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Risk Oil Prices Declince, OPEC To Keep Quota To Support Oil Price
StatoilHydro ASA, the world’s largest offshore oil and gas operator, said there’s a risk oil prices will decline amid concern the economy will re-enter recession, prompting OPEC to maintain quotas this week.
Oil Prices Drop Below $53 ahead of OPEC meeting
Oil slipped below $53 a barrel on Friday on a developing view that OPEC ministers gathered in Cairo this weekend may decide to delay any cut in supply until they meet again in December.
London Brent crude was down 45 cents at $52.68 by 9:40 a.m. EST. Brent looked more representative of market sentiment than U.S. [...]
OPEC wants guarantee for its oil investments: Al Hamili
Energy Minister, Mohammed bin Da’en Al Hamli, has said that there was growing concern worldwide on energy security, which, he said, was an issue with various dimensions, adding that energy issue, to consumer countries, means ensuring uninterrupted supply of oil at reasonable prices, which is exactly what OPEC aims at.
“The issue of energy security [...]
Utah, Colorado rival OPEC oil reserves, lure Chevron, Exxon, Shell
Colorado and Utah have as much oil as Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya, Angola, Algeria, Indonesia, Qatar and the United Arab Emirates combined.
That’s not science fiction, according to Bloomberg News. Trapped in limestone up to 200 feet (61 meters) thick in the two Rocky Mountain states is enough so-called shale oil to [...]
OPEC expansion at risk if oil drops below 50 dollars: official
OPEC’s 254-billion-dollar upstream expansion plan to raise production capacity risks being delayed if oil prices drop below 50 dollars a barrel, the cartel’s secretary general has warned.
“My concern now is the price, because we are undertaking a lot of investment. If we donÂt have a reasonable price then that investment will not be finished,” Abdalla [...]
