OPEC News

Last month USA Today reported U.S. pump prices on average were down 18 cents over the preceding four weeks and were expected to fall another 20 cents a gallon by June.

A view of the Nigeria stock exchange building in the central business district in Lagos April 10, 2013.

A recording released by Venezuela's opposition purportedly revealing graft and conspiracy in the ruling Socialist Party has stirred a new political storm in the OPEC nation's already traumatic transition after the death of Hugo Chavez.

Around 80 percent of workers at Kuwait's main, state-run oil services company are on strike calling for better pay, a union official said on Tuesday, the latest sign of wage pressures in the Gulf Arab country.

The National Iranian Petrochemical Organization has made a proposal to Turkey and Egypt to form an international petrochemical association similar to the Organization of Petroleum Exporting Countries with Iran at a D8 meeting in Tehran.

West Texas Intermediate crude swung between gains and losses near the highest level in a week.

Venezuela's recent designation of an acting head of its diplomatic mission in the United States shows the OPEC nation's desire to restore full diplomatic relations, the foreign minister said in an interview broadcast on Sunday.

Saudi Arabia , Kuwait, and Venezuela reduced crude oil exports in March from the previous month while West African members of the Organization of Petroleum Exporting Countries increased shipments, according to official data.

News of the future was, in my youth, something that one found by crossing the palm of a lady in a dark tent with a piece or two of silver at one of the fairs that came to town.

The attacks in Benghazi on Sept. 11, 2012, that captured our nation's attention continue to spur debate on the stability, or lack thereof, in the region.

The single, easiest way to keep track of all the stocks that matter... Your own personalized stock watchlist! It's a 100% FREE Motley Fool service... In its recently published medium-term review of the oil market, the International Energy Agency forecast that the U.S. will account for a third of new global oil supplies over the next five years, an ... (more)

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 .