OPEC News

Congressional leaders prodded the Obama administration on May 15 to tighten the squeeze on Iran's economy.

The International Energy Agency said this week that a "supply shock" will essentially change the way the oil market works - and with change come opportunities, analysts said.

The first thought that comes to mind with OPEC is oil. This collection of countries is responsible for over 40% of all oil production around the world.

Oil slipped towards $102 a barrel on Wednesday after data showed the euro zone's recession extended to the longest on record, with a rising supply outlook also weighing on prices.

But Pretoria could never manipulate the platinum price the way the Middle Eastern kingdom can influence oil's and talk of a platinum cartel, perhaps along the lines of the Organization of the Petroleum Exporting Countries , is a pipe-dream. The world's top platinum producers, South Africa and Russia, agreed to attempt to cope with excess supplies ... (more)

The U.S. shale boom will send "shockwaves" through the global oil trade over the next five years, benefiting the nation's refiners and displacing OPEC as the driver of supply growth, the IEA said.

Lawmakers cite estimates that the global oil market has enough supply to let the US press Iran's remaining oil buyers to radically curtail their purchases without causing a spike in gasoline prices.

Bob Waldrop and others are protesting the constructing the Keystone Pipeline , they are in dispute over the need to have such tar sand oil piped through Oklahoma.

Over the next five years, the US will account for a third of new oil supplies, according to the International Energy Agency .

West Texas Intermediate crude fell for a fourth day, the longest stretch of declines this year, on forecasts that U.S. supplies climbed from an 82-year high.

Iranian oil Minister Rostam Qasemi rejected the rumors that Iran has dropped to the fifth place as OPEC's biggest oil producer.

Kuwait's GDP has been forecast to grow 1.1 per cent in 2013 as oil prices and production stabilises, exports remain subdued, and government expenditure slows down Kuwait's GDP is estimated to have grown 5.1 per cent to $173.4 billion in 2012, lower than 6.3 per cent in 2011, said a press release published on Zawya.

The United States has emerged as the star performer on the global oil scene, according to the latest oil outlook from the International Energy Agency.

Venezuela in 2012 became a net importer of gasoline as a result of escalating problems at its refineries and increasing demand for fuel in its internal market, joining a growing list of countries that struggle with fuel supplies despite ample oil reserves.

Ahead of the EIA Crude Oil Stock Change reported May 15th, Western Texas Crude Oil price action has been to the downside, but has found buyers to bring the price back up to the 95 range with each fall.

The U.S. shale boom will send "shockwaves" through the global oil trade over the next five years, benefiting the nation's refiners and displacing OPEC as the driver of supply growth, the IEA said.

By AzerNews Oil production of Azerbaijan amounted to 0.89 million barrels per day in the first quarter of 2013 compared to 0.96 million bpd during the same period of 2012, OPEC's May oil market report said.

Booming oil production in North America brought on by the shale energy revolution has created a global "supply shock" that is reshaping the industry, the International Energy Agency said on Tuesday.

Crude oil prices settled lower on Monday night after a choppy day of trading, hit by slowing oil demand in China and data showing the biggest drop for U.S. retail gasoline sales in more than four years.

Benchmark U.S. crude-oil futures rose in electronic trade Tuesday, finding some relief from a softening in the U.S. dollar.