OPEC News

Ecuador's President Rafael Correa addresses the National Assembly during his inauguration ceremony in Quito May 24, 2013.

Venezuela's state oil company PDVSA will receive a revolving credit line of at least $1 billion from oil services giant Schlumberger, the OPEC nation's oil minister said on Friday.

A tighter oil market in the second half of 2013 will boost some energy stocks, which have trailed the rest of the equity market though the rally, said Charles Whall, co-manager of Investec's $1 billion-plus energy fund.

Last week the Department of Energy gave approval to the Freeport LNG export terminal.

Indonesia's energy regulator says the country's oil production target next year is too optimistic, and wants it scaled back between roughly 4 percent and 8 percent, domestic media reported on Thursday.

Canadians Won't Pay More at the Pumps This Summer - Gasoline Prices Predicted To Be Similar to Last Year's Prices /CNW/ - Canadians can expect to pay about the same for gasoline this summer as last summer, while the price of natural gas could see an increase along with electricity prices, depending on where you live, said the National Energy Board ... (more)

The Organization of Petroleum Exporting Countries will keep crude shipments little changed into early next month as abundant inventories cap demand, tanker tracker Oil Movements said.

We all know that OPEC colludes to keep oil off the market and prices high. Or do we? There is actually remarkably little agreement on whether OPEC is any good at what it aspires to do.

Crude oil prices fell below $100 for the first time since mid-2012 in April on seasonal factors and softening market fundamentals.

Indonesia's energy regulator says the country's oil production target next year is too optimistic, and wants it scaled back between roughly 4 percent and 8 percent, domestic media reported on Thursday.

The IMF said a drop in oil output and lower crude prices would likely result in smaller fiscal surpluses in 2013.

You can make a coherent, logical argument for cars that don't burn gasoline without once mentioning global petroleum supply.

An analysis of financial and production metrics of the 50 largest publically traded oil companies by Bernstein Research reveals that cost inflation has not abated for producers.

PTT Plc Prepare investment expansions in Asean to support AEC According to the analyst meeting yesterday, PTT is preparing for overseas investments in ASEAN in order to support the AEC in 2015; most of the investments are mega projects in the countries which have higher petrochemical and petroleum demands than domestic supplies, so these projects ... (more)

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.