OPEC News

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

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.

China appeared on Saturday to be adopting a more nuanced investment approach in Africa amid stiff criticism that its aggressive quest for natural resources has ignored local human rights violations.

Venezuela was once the exploited banana republic, and Canada a respected member of the Group of Seven industrialized countries.

In this Oct. 19, 2009 file photo, Jessica Szmauz, of Ipswich, N.H., fills her Jeep with gas at a fueling station, in Waltham, Mass.

Iraq on Tuesday finalized a deal with a British-Chinese consortium to develop its biggest oil field, a deal marking a milestone moment in the OPEC nation's push to lure foreign investors sorely needed to revamp its battered oil sector.

Oil rose above $79 a barrel on Tuesday after data showed U.S. factory orders in September expanded at a quicker pace than expected, signaling potential for more fuel demand in the world's biggest energy consumer.

A phone call claiming the presence of a bomb in a Kuwaiti school on Monday forced the evacuation of students and the faculty, the state KUNA news agency reported.

Posted By STONERS 3 hours, 22 minutes ago in Business & Finance The Organization of Petroleum Exporting Countries raised crude-oil production last month to the highest level in 10 months as members took advantage of higher prices, a Bloomberg News survey showed.

Saudi authorities have discovered a large arms cache near Riyadh linked to 44 militants whose arrest was announced in August, state television said on Sunday.

Five months after Venezuela nationalized dozens of oil service contractors in Zulia state, the once-bustling industrial dock on Lake Maracaibo is nearly abandoned, and the 16 red flags raised to celebrate the takeovers are already tattered and faded.

CHINA'S Sinopec Group and OPEC member Kuwait yesterday signed a preliminary pact to build a mega refinery and petrochemical complex in south China's Zhanjiang, an industry executive said.

'Sometimes the price of oil has no correlation to demand and supply,' Abdullah bin Hamad al-Attiyah said today in Ras Laffan, Qatar.

Some in the OPEC have since last week been raising the prospect of an output increase, a sign they are concerned the rallying oil price could hamper economic recovery.

The Organization of Petroleum Exporting Countries would intervene if oil prices were to reach $100 a barrel, according to the group's president and Kuwait's oil minister.

In a recent interview posted here , Professor Nouriel Roubini said: I worry that oil is going to go up above $100 for reasons that have nothing to do with the fundamentals of supply and demand.

Oil fell for the third day to below $80 a barrel on Monday, as investors continued to take profit from last week's one-year high on renewed concerns about the strength of the global economy.

In a recent interview posted here, Professor Nouriel Roubini said: I worry that oil is going to go up above $100 for reasons that have nothing to do with the fundamentals of supply and demand.

Improbably, Russia's oil sector has emerged as one of the country's few growth industries.

The blogosphere is abuzz with reports of the dollar's looming demise. The greenback has fallen against the euro by nearly 15 percent since the beginning of the summer.