OPEC News

Venezuela's President Hugo Chavez used a visit by Iranian President Mahmoud Ahmadinejad on Wednesday to brand Israel as a murderous agent of Washington.

Saudi Arabia is gaining support from the Organization for the Petroleum Exporting Countries for its appeals to secure compensation for oil producing countries, as developed countries move away from oil towards greener energy sources.

Urals traded at $1.08 per barrel less than Dated Brent on Friday, compared with a discount of $1.05 on Thursday, the biggest discount since May 8. Urals Crude Falls to 6-Month Low on Bigger OPEC Output Urals traded at $1.08 per barrel less than Dated Brent on Friday, compared with a discount of $1.05 on Thursday, the biggest discount since May 8.

Oil prices rose above $US78 a barrel on Monday as heightened tension between Iran and Western nations raised speculation over a potential supply risk, encouraging investors to push prices higher.

Poorer oil-producing countries should be compensated for lost revenues if climate talks in Copenhagen agree to cut the use of oil, OPEC Secretary-General Abdallah al-Badri was quoted as saying in the Times on Saturday.

President Hugo Chavez is praising Carlos the Jackal, the imprisoned Venezuelan once notorious for a series of Cold War-era bombings, assassinations and hostage dramas, saying he was a "revolutionary fighter" and not a terrorist.

Tuesday, November 17, 2009 ABU DHABI: Seventy-five to 80 dollars a barrel is a satisfactory price for oil, the president of OPEC said on Monday, adding that the cartel may leave production unchanged at its meeting next month.

Venezuelan President Hugo Chavez said on Wednesday the South American oil producer's economic slide was largely due to its compliance with OPEC-mandated production cuts.

Qatara s energy minister Abdullah bin Hamad al-Attiyah said he doesna t expect OPEC to decide to increase crude oil production at its next meeting in December.

Oil demand in wealthy countries has not improved much and the patchy state of global recovery could prompt OPEC to keep output steady at its next meeting, the International Energy Agency said on Tuesday.

Emirati officials watch planes performing overhead during the Airshow in Dubai, United Arab Emirates, Sunday Nov.

President Barack Obama said on Thursday he planned to discuss a strategy with Asia Pacific leaders calling on their countries to import more U.S. goods and the world to rely less on exporting to the United States.

Oil rose more than $1 to above $78 a barrel on Monday, recouping some of the previous session's near 3 percent loss, on fears a powerful hurricane would cut U.S. oil and gas supplies and also lifted by the falling dollar.

Prosecutors want a life sentence for a Quebec man found guilty on terrorism charges, even if his loosely constructed plan to bomb targets in Germany and Austria never came to fruition.

The US seeks independence from crude imports, and the greying of Japan's population points to a steady decline in oil consumption by Asia's largest economy.

Oil rose towards US$80 on Wednesday, responding to a 15 month low in the dollar and robust Chinese demand growth and factory output.

Benchmark crude for December delivery added 9 cents to $79.14 a barrel on the New York Mercantile Exchange .

OPEC says demand for crude oil will slip in the industrialized nations next year if oil prices climb and are sustained above their current level.

OPEC is increasing output at the fastest pace in two years, adding to near-record inventories and threatening speculators betting on $100 crude with losses, analysts say.

The weekly average prices of the Organization of Petroleum Exporting Countries showed a high frequency of price changes last week.